Chartology

Crude Oil Drilled In Early Thursday Selloff

Light Sweet Crude Oil Futures (CL) for November delivery are trading aggressively lower Thursday morning to as low as $88.18/bbl, pushing the commodity -5.1% versus last  close for its largest running weekly drop since the week of 12/30/2013’s -5.89% rout from $100.15 to $94.31. Today’s bearish continuation occurs in the 12th negative week of the 16 that have elapsed since Crude peaked at it’s Bearish Shark Potential Reversal Zone (PRZ) near $108,

Chart: 10 Year Yield Falling Into Fibonacci Support

The 10 year yield continues to dip lower and is now in the ‘meat’ of Fibonacci support at 2.47%-2.43%. Only a break below 2.30% would suggest that another leg higher in bond prices is getting underway. Remember bond prices and yields move in opposite directions. The move lower in yields this morning likely coincides with a weak tone to the the S&P 500, so we will want to see how

Emerging Markets Fall Sharply In September to Un-Remember

September wasn’t kind to the Emerging Markets (EEM). After ripping higher throughout much of the summer, EEM has been punished by what appears to be a shift in capital flows, as the US Dollar has risen smartly while US Equities have held up pretty well. All told, investors watched the Emerging Markets fall 7.77 percent in September. That’s pretty unreal considering that was the performance for a single month. And although

Will Palladium’s Price Drop Pull The NASDAQ Down?

There is something very broken with Palladium. The drop in price has accelerated into September and created one scary chart for traders. This shouldn’t be entirely shocking, though… at least, if you have been following my thoughts and analysis on this subject. The continuous liquidation comes on the heels of my late August post on BartsCharts.com, wherein I highlighted the completion of Palladium’s pattern higher. Since that time, it’s been

Is The Russell 2000 Top In? Or Do Higher Targets Loom?

The Russell 2000 (RUT) has been consolidating for the past several weeks in a wide range. And since the other major US equity indices have been headed higher, you could also say that it has been underperforming. Needless to say, this has several investors concerned, as the Russell 2000 is made up of small cap stocks and often is indicative of investors risk tolerance. Currently the Russell 2000 is sitting on

S&P 500 Technical Update: Lower Support Levels in Focus

The price action in the equity markets over the past few days has been choppy, to say the least. The S&P 500 (SPX) is trading sharply lower today, and this comes on the heels of yesterday’s relief rally – a rally that had some traders feeling bullish again. So, now what? Well, as a firm believer in technical and intermarket analysis, I think active investors should be aware of key S&P 500

US Dollar Strength Continues: Weekly Close Important

The US Dollar has continued to punish those that bet against it. It has been overbought for some time but as most seasoned investors know, overbought can stay overbought for longer than one thinks. This week the US Dollar Index (DX) broke through the July 8, 2013 weekly high of 84.965. This has put the market on notice and may signal more near-term upside. But, for that to happen, we’d

Why Tesla’s Stock (TSLA) May Be Headed In Reverse

Tesla Motors has been dominating news headlines lately and has become a darling of the stock market. Recent news included a software update for Tesla owners that allows them to map out a route based on current traffic congestion. Amazing stuff really. Other features for Tesla Model S owners include remote start from an iPhone and the ability to raise suspension when going over ridges or bumps. This latter feature

Emerging Markets Update: EEM, BRICs Nearing Critical Juncture

Well, that didn’t take long. In just under 6 weeks, the Emerging Markets ETF (EEM) has corrected nearly 6 percent. Today alone, EEM declined 1.52%. A stronger dollar, Russian sanctions, and worries about global growth (i.e. the Euro zone) have likely played a role in stalling the Emerging Markets rally. To be fair, though, the pullback is still within the bounds of what might be expected after rallying nearly 25 percent

3 Reasons Crude Oil Is Ready To Reverse Higher

The commodities sector has been hit hard by a stronger US Dollar and Crude Oil hasn’t been spared. But perhaps the decline in select commodities like Crude Oil is nearing an end. On September 15th, I wrote a piece for See It Market arguing that it was time to cover short positions in WTI crude oil futures (or related exchange traded products). Since that post, three key pieces of technical