On Today’s Calendar: nothing More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic Potential swing trades: See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules. Potential day trades: (From Briefing.com) Gapping Down In reaction to disappointing earnings/guidance:...
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This was certainly one of the ugliest days I’ve ever seen and that’s confirmed by the list of worst one-day percentage declines. This was the second worst day in 20 years on both the S&P 500 and Nasdaq — second only to days just a few weeks ago. I don’t have stats on the Russell 2000 but today’s 12% drop *has* to be one of its worst days ever. If the Dow had d...
I guess it’s back to reality today since we’re back to the 2% gaps at the open… On Today’s Calendar: 10:00 — Construction Spending 10:00 — ISM Index More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic Potential swing trades: See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also be sure to check ...
The market has had a very big run over the last 5 sessions — the S&P 500 is up 19% from the November closing low. Unfortunately the rally has put the indices in short-term overbought conditions and near their longer-term downtrends. Add in the declining volume on the rally and you have a pretty good case for the market to roll over. The Guppy Multiple Moving Averages (below) show the...
We should expect much lighter volume for the rest of the week. (Remember that Friday is a half day.) It wouldn’t surprise me at all to see a rally attempt. We often see that happen during these holiday weeks. If that does happen, I’d expect it to be reversed next week when all the players are back. I think the best scenario for the bulls would be to just keep the market going sidewa...
Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze — a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let’s see if the bulls can keep up the buying pressure… On Today’s Calendar: 10:00 — Consumer Confidence More Calendars: U...
Friday’s strength has carried over into this morning. It’s a promisig start to the week but the indices are also gapping right into resistance zones. Given the probable light volume this week we may have to take whatever happens with a grain of salt. On Today’s Calendar: 10:00 — Existing Home Sales More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic ...
We’ve got a gap up for a change. If I were trading today — I’m not b/c of options expiration — I’d be watching for the October low on the Dow. It would be a good sign for the bulls if it can climb back over that level but it’s probably more likely that it becomes resistance. On Today’s Calendar: nothing More Calendars: U.S. Earnings | Conf. Calls | Surp...
The test of the Dow’s October lows seems to be the first order of business this morning. Brace yourselves… On Today’s Calendar: 10:00 — Leading Indicators 10:00 — Philadelphia Fed More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic Potential swing trades: See one of the recent ‘Chart Reading‘ posts for some potential swing candidate...
This is certainly the season for the bears. They were able to break the 2008 lows on the S&P 500, Nasdaq and Russell 2000. The Dow has somehow managed to hold above its October intraday low and I’m sure everybody will be watching that level in the coming days. That Dow low holding seems to be the last hope for the bulls in the short term — and that would be nothing but hope. Th...