The month of November was been a positive one for the broader market, but it was also one that sent a number of mixed signals. The first week saw a sharp jump in the indices followed by a gap even higher to start the second week. But that gap-up day turned decidedly negative by the… 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 »
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 »
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 »
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 »
Yesterday we took a look at the Hasbro (HAS) weekly chart. The weekly charts put the daily timeframe in perspective and often suggest entry and stop loss levels. I have done my own anecdotal studies of weekly charts over the many years I have been trading. I found that I have a higher degree of… Read More »
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 »
Funny fundamentals often translate to tricky technicals.
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 »
There is always an event that we look back and say, “Yes, that marked the top.” The much celebrated Snowflake initial public offering may be such an event. It may not be a long term top but the charts suggest we could see a significant pullback. Take a look at the seven month charts of… Read More »