Today the Dow Jones Industrial Average accomplished a key milestone. It broke back above and into the very important resistance range that has defined a top for the DJIA several times before. If the DJIA is able to hold a weekly, monthly and then quarterly price breakout into this range, then it implies that the … Read more
The sp500 today did not confirm yesterday’s potentially bearish hanging man candlestick (sigh). Instead the bear forces which almost seem non existent as of late were not even able to print a lower low compared to yesterday’s low. There is now only one trading day left in October 2010 or 6.5 hours of trading which … Read more
Here is a quick chart zoomed in a little bit of the 70 year channel line in the DJIA and the 3 year 2007 channel line. The problem comes in with how precise the 70 year channel line should be drawn and which precise highs and lows should be connected. That decision can result in … Read more
Today was the most important day in the market since the historic April 2010 top was put in. It was an extremely important day today. My weekend post entitled an extremely important chart of the sp500 was correct in that I was pointing out a very very important juncture we were in at the market … Read more
This long term monthly candlestick chart of the Sp500 is quite important. It shows that we are a very important battle line now in this long running debate between new bull market or bear market continuation point. That is exactly where we stand right now according to the chart below. We stand at a point … Read more
The NDX 100 appears to be coming close to completion of the large head and shoulders bottom formation identified in previous months here at BestOnlineTrades.com. The current September monthly candlestick on the NDX 100 looks very strong. In fact it is the strongest monthly candlestick going back several years. It is still unclear to me … Read more
The market reaction off of the up trend line in force since March 2009 has so far been touched 3 separate times. The more times a trend line is touched the more it tends to validate that trend line. Key also is the observation how the market reacts off of an uptrend line. The way … Read more
Yesterday we touched a very important long term up trend line. The up trend line that has been in force since the March 6, 2009 low. This long term up trend line has now been touched 3 times including yesterday. The line represents the bullish trend. Despite all the sideways price action over the last … Read more
I just pulled up two weekly charts one on top of the other. Apple Inc. and the Powershares QQQ Trust. If I look at these two weekly charts with a simple up trend line without looking at any indicators at all it appears to me that both of them look toppy. It looks like Apple … Read more
The Market Vectors Gold Miners ETF monthly long term candlestick chart looks very constructive right now. The GDX has pretty much been left for dead for almost a year now. The argument has been that because the mining stock index has not broken out to new all time highs, that we should assume it is … Read more