The feeble but positive bounce on the daily charts of the major market stock indices on Thursday created individual doji candles on their weekly charts. A doji as we all know is a closing print at or near the opening price of a stock. Thursday’s session finished right about where the indices opened on Monday.… Read More »
The bottom line is that five large technology stocks cannot support this market forever. They will yield under the weight of their own market cap and take down a vulnerable looking broader market with them.
Everbridge (EVBG) is a software company located outside Boston. It’s platform and software applications address critical event management and it serves enterprises and government agencies. Here’s a link to an interview with the commpany’s CEO and a description of their “Covid-19 Shield.” The daily chart shows the stock price consolidating this month in a rising… Read More »
Back in February this year my technical take on the market was featured on an “Off the Charts” segment of Mad Money. I noted that there was an interesting bearish divergence going on between the S&P 500 Index and the S&P 500 Equal Weighted Index. The familiar S&P 500 Index is dominated by five major… Read More »
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 »
Johnson and Johnson’s (JNJ) Chairman and CEO Alex Gorsky said Monday on CNBC’s “Squawk Box” that human testing of its experimental vaccine for the coronavirus will begin by September. If the vaccine is effective the company said it could be available for emergency use in early 2021. That seems a long way off but it… 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 »