The market traded in a narrow range all day continuing a pattern that began in the last half of Friday’s session. The thirty minute chart shows the contracting ribbon of Bollinger bands and the Bollinger bandwidth indicator at the bottom of the chart, which is at a level not seen since late April and which… Read More »
The S&P 500 head and shoulders pattern neckline has been broken but only an intraday basis and that is important to remember, because a rally into the close today that creates a hammer candle at this key technical level will completely reverse the appearance and the interpretation of today’s movement in the index. That said,… Read More »
The talk on CNBC is that the proximate cause of today’s intra-day reversal was the result of comments made by Carl Icahn this afternoon on their network. Let’s go to the charts…. Ok, no argument from me. Tomorrow may be a good time for some positive push-back by a Federal Reserve Governor.
The market was higher early in Tuesday’s session building on Monday’s gains, but that momentum shifted dramatically around noon. The ten minute S&P 500 SPDR (SPY) chart shows the decline in price and an increase in volume that began midday. The reversal and weak close formed high wick, narrow opening and closing range doji or… Read More »
Facebook (FB) gapped higher on the open Thursday and continued higher for the first 30 minutes of the session. Then it formed a gravestone doji star and came off its high, spending the rest of the session moving sideways. A gravestone doji is a candle that has a high upper wick and narrow opening and… Read More »
The U.S. Dollar Index traded in a two year channel from late 2012 to late 2014, and after breaking pattern resistance accelerated above its 2009 and 2010 highs, going parabolic into early 2015. It’s pulled back off the highs but the volatility continues, with price reverting around the 50 day moving average, and Friday’s action… Read More »
Shares of Shake Shack (SHAK) have been shaken up pretty good so far this month. The 60 minute chart shows large percentage moves over one and two day periods that would test the internal fortitude of the most committed investor, or the skills of the most nimble trader. The generalized result of all this movement… Read More »
The daily Exxon Mobil (XOM) chart is thing of beauty. In one pictograph it reveals the probabilistic character of charting and why it is an art form and not a science. The downtrend trend line that formed after the decline off the August highs to the October lows was broken to the upside and retested,… Read More »