Will there be any follow through this week?
The market ended the week just above current resistance. If there is going to be any follow through, we should see it push back to all time highs. The rally last week was a bit…
Look at all the Fireworks!
That was an entertaining day. Unfortunately, most of the gains were baked in before the market opened. For anyone sitting on the sideline, they missed out on participating in the big show. I was one…
Start of Recovery or Dead Cat Bounce?
Stocks have a tendency to have more meaningful rallies during downturns. One of the reasons is short sellers don’t stay in their positions long and want to get out before a reversal happens. This leads…
Temporarily Oversold
The market blew through support on Friday and did not look back. It is likely we will have a bounce of some kind early next week. On the hourly chart, the market is still following…
Support and Resistance Lines
When people first look at charts, they often think it’s complicated or random. I certainly did a few years ago when I started to learn technical analysis. However, the lines from charts are often times…
Fighting to Hold the Line!
Interesting couple of days. There was clear market manipulation by President Trump going into the market opening on Monday morning. As a technical trader, I normally don’t care about the news as much as how…
Testing Support. How Low Will we go?
Friday was an interesting day. It was the first triple witching of the year and it did not disappoint! The last hour was very active as it took a nose dive and then climbed the…
The Triple Witching
This is an event that happens four times a year and is something that should be marked on the calendar if you pay regular attention to what the market is doing. The dates change every…
Testing Support
The market made its way down to 6550 today and bounced pretty much immediately to close at 6606. This may very well be the new battle ground level for a minute. It has pretty much…
This Chart is a Mess!
This chart looks like my middle child’s room. To quote a move line from The Replacements, “I’ve seen monkey shit fights at the zoo that are more organized than this!” At first glance, there is…