The Dreaded Eveningstar Pattern Has Formed On the Major Market Index Charts

By | November 18, 2020

Back on November 9th a large wick shooting star candle formed on the Dow Jones Industrial Average daily chart and the $&P 500 Index chart. A large dark engulfing candle formed on the NASDAQ Composite daily chart. These candles suggested a broader market pullback was in order. There was a brief decline, but not the… Read More »

The Bitcoin Chart And Adjusted Fibonacci Retracement Levels

By | October 26, 2020

Bitcoin has been making a steady series of higher highs and higher lows since it established its March low. In the process, it has also completed the right side of an inverse head and shoulders pattern. This pattern projects a considerably higher price target. But there is another interesting technical dynamic on the weekly chart… Read More »

The Next Level Of Key Support On The Dow Jones Industrial Average Chart

By | October 26, 2020

Poor start to trading this week. The talking heads are out with a number of fundamental reasons for this morning’s downturn, that they didn’t see coming on Friday. What concerns technical analysts is not so much cause but effect. Simply, how information or misinformation plays out on the charts. The pictographs are where the truth… Read More »

H&S Top On The NASDAQ Chart – Identical To The One In Early September – That One Sparked A 12% Decline

By | October 15, 2020

At noon on Wednesday I Tweeted out “am I the first to call double top?” I attached this weekly chart of the NASDAQ Composite chart. The Tweet was tongue-in-cheek but as it turned out two hours later in another tweet, I noted a possible head and shoulders pattern forming on the daily NASDAQ chart. It… Read More »

Hasbro – Technical Analysis On Multiple Timeframes – Part One

By | October 8, 2020

Hasbro (HAS) is not a stock that gets a lot of regular attention. It doesn’t come up on my equity screens very often. Stocks like Electronic Arts (EA) and Take-Two Interactive Software (TTWO) certainly have, as the shift from hands-on play to virtual gaming has continued. So, when Hasbro appeared on one of my long… Read More »

Dow Industrials – Conjoined Head And Shoulders Patterns

By | October 7, 2020

Last month a head and shoulders pattern formed on the Dow Jones Industrial daily chart. The neckline of the pattern around the 27500 level was intersecting with the rising 50 day moving average. A break through those support levels projected a return to the 2600 area and had the potential for a much deeper loss.… Read More »

Potential Head And Shoulders Top Forming On The Dow Chart

By | September 18, 2020

The previous post looked at the possible formation of a bear flag on the NASDAQ Composite daily chart. It implied a decline that retraced 50% of the previous March/September rally range. Another bearish reversal formation is under construction and near completion on the Dow Jones Industrial Average chart. A classic head and shoulders pattern has… Read More »