The sp500 is trading in a somewhat narrow trading channel and appears to be bound for the top of the channel before any new extended correction takes hold. There is an important resistance band near 1290 that may also contribute to slowing price momentum. A successful 3rd touch of the bottom portion of the up … Read more
AGM Federal Agricultural Mortgage Corp. has quite a nice trading structure and today I went long AGM at 16.83. AGM closed nicely into and above a key trading range as shown in the chart below and I think it has a good chance at moving to the top of the tradeable void between 17 and … Read more
The UUP ETF is currently in somewhat of an interesting juncture. The UUP US Dollar Index ETF has recently made a second attempt to break back up and through the neckline resistance level that defines a somewhat large head and shoulders topping pattern. This neckline level of 23.5 on the UUP is key resistance. We … Read more
The on balance volume indicator still is not able to confirm the current mega rally in the SPY ETF to new 52 week highs. While the SPY ETF moves to new 52 week highs, the on balance volume indicator struggles to exceed the April 2010 highs. I have shown this indicator one or two times … Read more
The sp500 today continues to trickle higher on some of the lightest volume levels of the entire year. The MACD histogram is showing a bullish triple P setup which would be confirmed with a close above today’s price high. The RSI is close the 70 level and could mean a move above it into the … Read more
There is still no short signal according to my work. We appear to be in a sideways market that is simply consolidating the upwards burst in price action that occurred in early December 2010. This upwards burst in price action represented the completion of the handle portion of the much larger cup and handle formation … Read more
Today on two occasions I started to write a post about how it seemed a BOT Short signal was appropriate. But then in each case I deleted the post and decided not to submit it. I was writing the second post right near the close of market but then was not able to send it … Read more
The sp500 continues to trickle higher into new ground. I do not think that we can call today a shooting star reversal in the sp500 because the topping tail was very small on the candlestick today. In addition, by the end of the day no retracement was done into the previous days candlestick. Still, it … Read more
After looking at the yearly price chart of the sp500 I decided that 1470 is a much better target than 1550. At this point I would think it quite foolish to target 1550 based on how the yearly chart looks. It just would not be worth the risk given the significance of the potential overhead … Read more
The sp500 today barely made much ground but still held recent levels which in my opinion should be treated as a bullish sign, especially after the shooting star reversal of 2 days ago. The long side continues to look like the right side to me and I do not expect to change my opinion for … Read more