This centerline is again amazing me (use the 5 min Russell 2000 image below to see this). Today the market tanked down over 2% and then paused for about an hour right over the centerline (green zone in the image below), But what was support, quickly became resistance as … in a flash prices rocketed […]
If you saw in my previous intraday comment, I watched as price fell to the centerline and bounced aggressively from there. Unfortunately I did not act on the reaction and spent the rest of the day watching price rocket up. In fact, from this bottom to the close … the Russell 2000 gained 2.6%, even […]
Amazing that the centerline that I wrote about many times over the past month has once again been respected. Notice on the right side in the IWM 15 minute chart below, how today’s price dropped over almost 3% from yesterday’s high ($75.29) to a low of $73.13 today, and then aggressively bounced from there almost1.5% […]
Although the market has been progressively rising, I am still not convinced of the movement. Over the past four days, we have had a net gain of 1.45%, but intraday (if you bought at the open and sold at the close) you would have lost 1.50%. All of the gains have been from opening (overnight) […]
mixed signals today. I was hoping for a nice follow through day today which we didnt get as the market were mostly flat to slightly down. Having some time to consolidate the gains is normal, but there are still many troubling signs on the table that have yet to be resolved. My gut says that […]
See my last post (below) for today’s comments, but I also wanted to add some additional comments after performing my end of day analysis. I actually just lightened up on my positions in preparation for tomorrow. Although I’m not bearish at this moment, I have a number of indicators flashing sell signals. As I mentioned […]
Wow … I think that is all I have to say. Market was up over 4% today with strong news over a joint international banking effort to help the euro stay in existence. Many traders spent most of the morning skeptical and were shorting this market, but I assume in the last hour they were […]
in my last post (2 trading days ago due to the shortened Thanksgiving trading week), I suggested a bounce would be coming and today we clearly received it. I think Thanksgiving week with the low volume associated with it delayed the bounce, but it came today and it came big … up almost 3% on […]
Although most of my end of day indicators are confirming this downtrend with little indication of a turn around, one of my indicators related to the VIX is flashing a strong buy signal. Although I will not be acting on this signal, I would expect a bounce tomorrow and possibly Friday as well. Granted with […]
I wrote a few weeks ago about a candlestick pattern called an “island top” which is a bearish pattern. Today we completed the pattern, by opening and closing completely below the trading range of the previous month.Things look pretty bearish, but it is completely news driven related to the Super Committee lack of ability to […]