The broad market indices continue to make new highs taking the track of the SPDR S&P 500 ETF (SPY) from the lower left of the chart to the upper right. There is currently no strong technical evidence which suggests a dramatic shift in that trend, but there are two less popular indicators that suggest an… Read More »
This big bank a must-buy as financials rally: Technician from CNBC. The financials and particularly the money center banks have been an underperforming sector of the stock market this year. The technology space, the S&P 500 index, and the DJIA, as represented by the S&P Select SPDR ETF’s, have all bested the financials by a… Read More »
The iShares Russell 2000 ETF (IWM) has been making a series of higher highs this year in a widening triangle pattern. As the pattern has progressed, the highs have been incrementally higher but the reversions back to support have become deeper and require larger advances in price. The 7% pullback that followed the July high… Read More »
It was a strong day for the averages and a notable transition in sentiment over the last four sessions. The charts show Thursday’s large down candles which were followed by two small doji candles, and then today’s large up candles. They look like modified morningstar formations, which are bullish reversal patterns, that have formed at… Read More »
Intel (INTC) shares continued lower on a strong up day in the broader market. The stock has pierced below both its 200 day and 50 day moving averages, but is approaching support in the $34.50 area. If it fails, the next level of support is in the $33 area at the 2017 and 2016 lows.… Read More »
The nearly-200% move in the metals and mining sector that began in early 2016, peaked in February of this year and has been followed by a period of consolidation. This constructive recovery process may be over and the sector may be preparing for the second rally phase. The SPDR S&P Metals and Mining ETF (XME)… Read More »
Just when it looked like the rally in the high yield bond market was nearing an end, Chair Yellen’s recent dovish tones may have come to the rescue. The weekly chart of the SPDR Barclays High Yield Bond ETF (JNK) shows the merging trend lines of a rising triangle nearing their apex. Last month the… Read More »
Carter Worth the head of technical analysis at Cornerstone Macro with several bearish observations on the tech sector – the news is not all bad.