The action today in the indices was not exactly bullish looking on a short term basis. This looked like bearish engulfing today on most indices. However volume was quite light, but typical for a Monday this time of year. The short term bearish engulfing action today ended up closing right near a short term uptrend … Read more
I am recommending that SYNC be put on the top of trader’s watch lists as a focus stock that could benefit from strong earnings momentum and rapid growth the second half of 2012. SYNC is not my idea but I know of it from another newsletter writer who happens to be very enthusiastic about its … Read more
The last several days in the tape action of USA stock markets have been nothing short of extraordinary. The USA Stock market has used a medium time frame bullish divergence in price versus RSI and MACD histogram to generate a persistent rally higher. This rally is likely to remain persistent in the weeks ahead from … Read more
If the USO ETF can manage to close much higher today above 31.67 then I think it would help to confirm the chance that the USO has made a bottom here. But this is a tough call in this zone. The USO has completed an important Fibonacci pattern but 31.67 is really the last level … Read more
Today’s action in the stock market was absolutely huge. Today’s action was a clear demonstration of the power of the bullish divergence. This was a shorter term bullish divergence of the most powerful variety and led to enormous price advance and typically leads to sustainable ‘running’ price advance. In other words, this should mean that … Read more
The ERX Triple Energy ETF looks like it is almost done completing an important bullish butterfly pattern. If the pattern is valid then we should see price showing final bottom action right now between the 30.06 and 34.42 range. Price on June 5th, 2012 has shown a small bullish engulfing of a previous bullish hammer … Read more
The short term technical analysis of the sp500 suggests that any trading and closing prices at or higher than 1293 will be a problem for the bearish case in the near term. Today the sp500 engulfed yesterday’s small reversal hammer candlestick and sets up a short term bullish tone. In addition there is a bullish … Read more
Today the sp500 broke with strong conviction the previous low set on 5/18/2012. This was a decisive bearish close very close to the lows of the day and in my mind shows clearly that we are in a continuation downtrend for the next several weeks. There are a few issues however. The downside volume in … Read more
I have been studying the sp500 structure and the current apparent rising bear flag we have seen form over the past week or two. As much as I would like to focus 100% on the technical analysis setups in the stock market and individual stocks, the reality is that sometimes there exists important forward looking … Read more
The sp500 is still looking very weak and now the bounce scenario seems on very shaky ground. The FXE Euro ETF also violated very important pattern completion points on the downside today and because of that could open the door to much lower FXE targets. The UUP US Dollar Index was strong again today and … Read more