Monday’s market decline was brutal. The Dow Jones Industrial Average was down over 1,000 points. The S&P 500 Index opened below its 50 day moving average and below a long term uptrend line on the daily chart. The S&P did attempt a bit of a recovery in the Monday session around 3:00 o’clock in the… Read More »
The S&P 500 index gapped higher last Friday but, as I noted in the previous post, the initial move faded and the close was well into the day’s lower range. That pull back formed a spinning top candle. A spinning top and also the doji candle, is a candlestick whose close is at or near… Read More »
What happened in the last hour of trading today? Pretty much the opposite of what happened in the first hour of trading. The S&P 500 index gapped up 22.97 points at the open on Wednesday. It continued higher in the first hour of the session. After a brief pullback around noon it rallied to a… Read More »
NVIDIA (NVDA) shares gapped lower at the open on June 25th, taking the stock price back below the 50 day moving average. It traded under the average but above a nearly one year uptrend line for the next nine days. On Monday NVIDIA shares gapped higher at the open, leaving behind the nine day consolidation… Read More »
(This post is a follow-up to an earlier Apple post.) Someone did not want Apple (APPL) shares to close out the week on their lows. The stock was bought aggressively in the last ten minutes of trading on Friday, quickly altering the appearance of the weekly candle. Instead of a large bearish looking dark filled… Read More »
The good news is that Tesla (TSLA) shares are up a percent at this point in the session; the bad news is they had been as high as 4.5% shortly after the open. They could reverse once again and close higher on the day, but it is a familiar pattern. The initial enthusiasm about a… Read More »
The last five sessions have seen initial weakness in the market followed by some level of recovery. The question today is: Will the initial level of strength be followed by some level of deterioration?
It is always a pleasure to join Bob Lang of ExplosiveOptions.net on one of his Thursday afternoon webinars. Bob’s actionable option analysis is second to none, and he is a great guy. Listen in as we talk charts, the technicals, and trading strategies. What Are the Best Stock Charts Right Now? – Webinar Recap
It did look like the market was in bearish transition, but like I said in the linked article, “Watch for a breakdown from these daily support levels as confirmation of the reversal action on the weekly chart.” Confirmation is crucial in technical trading. The Dow Jones Industrial Average was testing the support line of a… Read More »
At 1:50 on Wednesday, the first of two high wick or long upper shadow candles formed on the ten minute SPDR S&P 500 (SPY) chart. It looked like a tradeable pullback was coming, similar to the one that followed the eveningstar reversal pattern that formed just after 11:00 and took price back to the VWAP,… Read More »