The S&P closed another shortened holiday week down just 1.25% after gapping down on Monday below the prior ATH level at 689. Not the worst thing, noting we have higher lows still in play, and a hold of the 50 SMA (blue). Price also remains above the two bear engulfer highs at 675. This is the… Read more »
The S&P closed the shortened holiday week up 0.94% at a brand new record high and supporting evidence unchanged from the week prior. * January 01 – New Years Day – Markets Closed Full Day There isn’t much going on with the fundamental narrative as the holidays are in full effect. This week will be,… Read more »
The S&P closed down just 0.75% on the week after recovering from a fairly volatile range break that overshot the key 675 support zone and 50 SMA. Although an overshoot, the low from Wednesday may now act as the higher low in the trend count, keeping the daily direction up. This starts to setup a look… Read more »
The S&P continues to trade in a very two sided range. Friday, price rejected an opportunity to make new record highs. This sets up decent odds of testing the moving average stack and critical support over the prior engulfer highs from 10/10 and 11/20 near 675. Notice however, daily range has meaningfully expanded post FOMC. The… Read more »
The S&P was incredibly two sided last week, yet was able to grind out a gain of roughly 1% and close just off the all time high by 0.6%. The trend has flipped back to up. So long as buyers hold a higher low over the gray shaded area, it appears the larger down trend threat… Read more »
The S&P closed out an impressive holiday week up 3.12% but most importantly, reclaiming the top of the bearish engulfer highs. Note also the break of the resistance trendline that would more classically define the downtrend. At this point, it would seem that the only thing left for bulls to do this week is set… Read more »
The S&P continues to struggle gaining bullish traction living below its 20 SMA and now 50 SMA on the daily timescale. The trend is confidently down in the short term. From peak to trough, the S&P has fallen about 5.63% which is in line with the magnitude of a garden variety pullback. On average, we… Read more »
Markets are still off of the highs by about 2.5% as of last Friday’s close. Most importantly the market closed back under the top of the bearish engulfer high after undercutting the 50 SMA… again. It’s not the end of the daily trend, but we’re certainly seeing a change in tone coming from a daily… Read more »
— Before we get into the details, I just want to say we have seventeen swing charts listed at the bottom… huge uptick in available setups this week. Okay, here it goes… — Markets have continued to pullback and are off the highs by roughly 2.75% as of Friday’s close. More notably, the overshoot of the daily… Read more »
Markets had a heck of a gap up Monday morning on the walking back of China tariffs from 100% to 10% after Trump’s visit with Xi. However after all was said and done, markets only closed up 1.2% from the bear engulfer high, vs a peak of 2.33% intraday on Wednesday ahead of the FOMC.… Read more »