Have a chart you’d like my technical take on? Email Rob@rightviewtrading.com or “tweet” to @rightviewrob. I’ll take a look and post on the site.
Short term: the 5, 10, and 20 day moving averages are trending down, but a bullish morningstar reversal pattern has formed on the daily chart in the area of the August low. Intermediate term: the 50 day moving average is trending down, but a bullish hammer candle formed on the weekly chart at a key… Read More »
There has been a lot of talk about the volatility in the market and the daily reversals, but the moves on the S&P 500 chart have come within clearly defined parameters. The August breakdown was signaled, after a close below the horizontal channel support line the index had been trading in since February, and the… Read More »
We’ve all become familiar with the triangle pattern that formed on the S&P 500 chart over the last month. Friday’s range touched resistance and closed on support, and now the integrity of the uptrend line looks to be in jeopardy. An eveningstar pattern has formed on this chart again, similar to the one that helped… Read More »
Of course, the S&P 500 closed right on the uptrend line, its overall range neatly positioned between triangle support and resistance. The market is maniacal, but its short-to-intermediate term direction could be determined by a confirmed break from the narrowing range of a triangle consolidation. A candle reversal pattern has formed, volume spiked, and the… Read More »
A bearish shooting star (or gravestone doji) formed after yesterday’s volatile session on support at 1990, and that level has been badly broken at this point in today’s session. The uptrend line drawn off the August and September lows is now the next level of support. If the index can get back above the 1990… Read More »
Everyone is familiar with the hammer candle. It has a narrow opening and closing range situated at the top end of a wide overall range, and is considered a bullish reversal candle in a down trending market. The expression is “hammer” out a bottom. The reverse of a hammer candle is called a shooting star… Read More »