The Dow, S&P 500, and NASDAQ Composite, have dropped down this morning to areas of support on their weekly charts. These areas are delineated by uptrend lines drawn off the August 2017 low and the lows of February and April this year. The NAZ is currently in the process of testing its trend line. Unfortunately,… Read More »
Carter Worth,of Cornerstone Macro, on a classical signal that’s showing more pain ahead for stocks. He breaks down what the transport sell-off means for the broader market on CNBC’s “Fast Money.” Chartmaster breaks down what transports sell-off means for market from CNBC.
The market is opening relatively flat this week. That could be a good thing from a technical perspective. On October 18, we noted that a series of eveningstar candles formed on the daily charts of the major market indices. This pattern represents a transition from bullishness to bearishness. By the the end of that week,… Read More »
After Wednesday’s close we posited on Twitter: $COMPQ $QQQ – Did today’s price action form a bullish hammer candle or a bearish hanging man candle? The opening and closing range of both the hammer and the hanging man is situated in the upper range of the candle, and each has a long tail or shadow.… Read More »
There was a clear sign that a bounce-back rally was in the cards after the sharp market sell-off. Last week’s sell-off took the number of stocks in the S&P 500 Index that were above their 50 day moving average down to just 15%. That is an extremely low percentage indicative of a broadly oversold condition.… Read More »
In strongly trending markets overbought/oversold oscillators like the Stochastic oscillator are not very helpful. But in markets that are seeing some volatility or are trading sideways they can be very useful in a technical analysis. The S&P 500 index has been moving jumping around its 200 day moving average for the last four days. At… Read More »
The market dropped sharply in the last week of January and the first week of February this year. It experienced a similar sell-off in the first two weeks of October. But if history repeats we should see a bounce in the Dow Jones Industrial Average, the NASDAQ, and the S&P 500 next week. The math… Read More »
What do you do when you run out of support levels? Apparently, you bounce and bounce hard. The Dow Jones Industrial Average is set to open 368 points higher as this is being written, the NASDAQ Composite could open up156 points, and the S&P 500 Index about 41 points above its close on Thursday. We… Read More »