A cup and handle base formed on the S&P 500 Index daily chart. Rim line resistance is situated in the 2660 area, which is also the 38% Fibonacci retracement level of this year’s range. The index closed right on the rim line on Monday and opened today about 3% higher. The Relative Strength Index, a… Read More »
The S&P 500 Index bounced up 20% from its Monday low to its Thursday closing high. It seemed primed for the bounce and in Tuesday’s article where we pointed out a bullish morningstar reversal pattern. But we also mentioned that a V-shaped recovery was not what many technicians wanted to see. Volatility is extreme and… Read More »
There was a powerful wave of buying that swept through the market on Tuesday. The major market indices were up over 10% in the session, closing on their highs. It was a relief to investors after a month of what seemed like indefatigable selling. In addition to the the positive price and money flow momentum… Read More »
Jim Cramer featured the technical work of RightView Trading on the “Off The Charts” segment of Mad Money exactly one month ago. Here is a recap of the piece from a follow-up article on TheStreet.com that day. It was another in a series of “Off the Charts” analyses that we did on the long term… Read More »
After the close on Monday I wrote about the bearish technical divergences that were present on the chart. The prior week RightView Trading was featured on the “Off the Charts” on Mad Money with Jim Cramer. In the segment we pointed out the bearish divergence between the Cap-Weighted S&P 500 Index, with a heavy concentration… Read More »
The man who coined the phrase “New Normal,” Allianz chief economic advisor Mohamed El-Erian, was on CNBC’s “Squawk Box” this morning. He repeated his warning made earlier this month about the economic impact of the coronavirus. His specific instruction today: “I would continue to resist, as hard as it is, to simply buy the dip.”
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 »
Normally market movement is related to a combination of causal fundamentals followed by a reaction that is technically triggered. The 1000 point drop in the Dow on Monday was the reverse. The movement was related to a technically tentative market condition that was triggered by the fundamental concerns over the coronavirus. The daily chart shows… Read More »
In June last year, the SPDR Gold Shares ETF (GLD) broke above long term resistance situated in the $130 level. This level was also rim line resistance of a shorter term cup and handle pattern on the weekly chart. The cup and handle pattern projected an upside target price measured by taking the depth of… Read More »
Again, self-explanatory and presented without commentary: Be sure and check out earnings dates.