It was a good week for the market and a good month. Surprising, because in early October a major uptrend line on the S&P 500 was being tested and the technical indications suggested a breakdown. A breakdown suggested a major move lower. Instead, the S&P rallied right through October and finished the month and 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 »
While the action that played out on the charts of the major market averages on Friday may seem at first bullish, there were some underlying technical issues. The Dow Jones Industrial Average was up over 500 points early in Friday’s session and finished out the day 319 points higher. The S&P was up about 2%… Read More »
RightView Trading was featured once again, on the “Off The Charts” segment of Mad Money tonight. Jim Cramer and his team always do a fantastic job of bringing the two dimensional pictographs to life. We greatly appreciate their work. Tonight’s piece was a follow-up to a February segment where we examined the broader market averages.… Read More »
The weekly chart of Proofpoint (PFPT) shows several attempts over the last two years to break above the $130 level. Another attempt is underway. Watch for a confirmed breakout which could potentially be the start of a new bull phase. Shares of Delta Airlines (DAL) have been declining since August this year. More recently they… Read More »
The S&P 500 index spent most of the month of August consolidating in a 4% wide channel between 2940 and 2820. This month it broke above resistance and traded up to the area of the July highs. A closer look at the S&P 500 daily chart shows new resistance in the 3030 to 3020 area.… Read More »
Thursday on Twitter we pondered the possibility that a bullish morningstar reversal pattern could be forming on the $SPY daily chart. The only piece of the pattern missing was the third and final large bodied up-day candle. That was exactly what we got at the end of Friday’s strong session, with the formation of a… Read More »
Federal Reserve Chairpersons never reveal very much about the Board’s economic policy between formal board meetings. Chairman Powell may break that tradition when he speaks at 1:00 PM today. The markets will wait and whatever they are given in the way of new, or regurgitated information, they will attempt to use to further reiforce their… Read More »
The iPath Short-Term Futures ETN (VXX) tracks an index with exposure to futures contracts on the CBOE Volatility Index with average 1-month maturity. It resets daily so traders should use it as a short term and not a long term trading vehicle. That said, a bullish morningstar reversal pattern has developed on the VXX weekly… Read More »
Bond yields continue to reflect a risk-off environment. It has been that way for a long time but when that docile dynamic starts to reverse, it could accelerate quickly. Traders should be prepared to profit from the machinations of the “bond vigilantes,” and higher yields. Jeffrey Gundlach, of DoubleLine Capital has been warning about corporate… Read More »