We mentioned earlier in the session on Twitter that we would keep a close eye on the Apple close. Price was pulling back after being higher and it was forming an upper wick on the daily candle. Unfortunately for the bulls it continued to pull back and closed right about where it started, at the… Read More »
Last week could have been a transitional period for the major market averages. The Dow Jones Industrial Average rolled over and sliced through its 50 day moving average, accelerating lower in Friday’s session. The decline in the S&P 500 Index began on Tuesday and picked up speed as the week progressed closing below its 50… Read More »
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 market got a scare in the last two hours of trading on Monday. There was a sharp drop in equity prices on news that some businesses in California were being closed again and of renewed US/China tensions in the East China sea. The broader market dropped sharply and the Volatility Index jumped closing the… Read More »
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 »