S&P 500 Index – Support and Resistance Trend Lines On The Daily Chart

By | November 20, 2018

The nearby levels of support on the daily S&P 500 chart are becoming fewer and farther between. The futures indicate today’s open will take out the November low. There is a bit of a support vacuum below that level until the 2640 October closing low. Below that level is the October intraday low at 2603… Read More »

Russell 2000 Death Cross – First Time 50 DMA < 200 DMA In 2½ Years

By | November 19, 2018

The Russell 2000 chart is the first of the major index charts to experience a death cross. This is when the 50 day moving average crosses below the 200 day moving average. It can signal a major shift in the momentum of a stock from uptrend to downtrend. The NASDAQ Composite Index is close to… Read More »

The Technology Sector SPDR – Weak Volume Equals Lack of Conviction

By | November 10, 2018

In the month of October the technology space, as represented by the Technology Sector Select SPDR Fund (XLK) dropped over 10%, and moved below its 200 day moving average for the first time in more than two years. Nearly all the major players in the sector were hit and hit hard. Over the last three… Read More »

Repeating Pattern On The SPY Chart Projects 6% Downside

By | November 9, 2018

A pause in price action on Thursday was not unexpected after the strong rally on Wednesday. The pause, however, could be the second leg of a three-day bearish reversal pattern possibly under construction on the SPDR S&P 500 ETF (SPY) chart. This would be the same bearish pattern that marked the October 16 SPY high… Read More »