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 »
Markets are up ~1.75% from the Friday engulfing close of two weeks ago. This marks a lack of downside momentum as well as a trepidation from bulls to send it all the way back to the ATH. The lack of upside followthrough to make a bar to bar higher high on Friday is notable as… Read more »
Markets fell a whopping 3.11% peak to trough on Friday. The selloff catalyst was an update from Donald Trump’s Truth Social that announcing massive 100% retaliatory tariffs on China in response to rare earth export controls. On Sunday evening, it was discovered to have been a miscommunication between President Xi and President Trump. The tone has… Read more »
In an almost poetic way the S&P gained 0.75% last week, producing much of the gain on Wednesday when the government shutdown officially went into effect. Historically aggregated market performance is quite literally 0% during a shut down with half of the cases being positive and half of the cases being negative. So cast aside… Read more »
The S&P 500 closed the week unchanged after pulling back and bouncing almost perfectly off of the daily 20 SMA and FOMC low. The precision of the bounce strikes me as an indication that stronger sellers are still not getting active in this market. Powell Induced Pullback The pullback started last week with Powell giving… Read more »
The S&P 500 closed the week up another 0.6% after just a few hours of FOMC volatility. Note that the cash market did not make a new all time high on Friday due to dividend payout, however the /ES futures did. Although it might feel like markets are getting extended here, there is nothing in the… Read more »