Chartology

Corn Prices Over $4 Dollars: Can The Rally Continue?

After another leg down in September and early October, Corn prices bottomed and have been rallying ever since. I’ve covered Corn quite a bit recently and my last post looked at Corn’s breakout over $3.70. With Corn prices above $4.00, it’s time for a quick update. In the chart below, the first thing that stands out to me is the nice rounded bottom. That’s a very bullish pattern and it

Is Apple’s Stock (AAPL) A Buy On This Pullback?

The big drop in Apple’s stock price on December 1st was a near-term warning. Not only for Apple (AAPL – Quote) investors, but for the broader market. Surprisingly, the NASDAQ 100 (NDX – Quote) absorbed that down day pretty well and appeared (on the surface) as though consolidation was an easy game into the first week of December. But that consolidation gave way to deeper pullback, and AAPL led the way lower. Apple’s

Pre-Market Chart Watch: Russell 2000 Ready To Breakout?

Volatility has returned to the markets and with it has come increased beta. This likely has many traders rejoicing, but considering the big move yesterday and pre-market move higher today, it may depend on directional bets. That said, the iShares Russell 2000 ETF (IWM) is nearing an important juncture. Just two days ago, the Russell 2000 was sitting on the brink of a deeper correction, holding near the intersection of

Correlation Watch: Crude, Oil Services, and The Loonie

Why am I looking for SUPPORT in Crude Oil and the Oil Services Index (OSX)? Because, as you will see, they correlate nicely to the US Dollar (USD) vs. the Canadian Dollar (CAD/Loonie) and as a spot FX trader/investor I like to see as many correlations as I can. It’s that simple… Am I trying to “catch the falling knife of crude?”  No Am I trying to “make a great call?”

S&P 500 Technical Support Update

It took just 6 days to wipe out nearly 100 points on the S&P 500 (SPX – Quote). With all eyes looking forward to a “Santa” rally, many were caught off guard. For the record, the Santa rally typically doesn’t start until next week, so we may still get one… albeit from lower levels. Here’s one of my tweet’s from last Thursday that summed up the action heading into Friday: Bears

Could Crude Oil Prices Fall To $45 Per Barrel?

All eyes on Crude Oil prices. The downturn has been relentless and traders are now trying to figure out where the bottom will be. Normally, I only chart Crude Oil Futures on a daily basis, but with the recent collapse in futures prices I wanted to apply my Fibonacci method to some longer time frame charts to ascertain where the price of Crude Oil may be headed. If you follow

GoPro Stock (GPRO) Nearing Important Price Support

On October 2nd, I wrote a research note about GoPro (GPRO). What made the note so interesting was that the geometry and PATTERNS in play pointed to a pullback. While our count differed slightly, the geometry worked well – GoPro’s stock reached a short-term top shortly after our post (and within a dollar of my target). Fast forward to today and GPRO shares are quickly approaching a key price level that will

Is Alibaba Stock (BABA) Ready For Its Next Move?

Alibaba (BABA) impressed most market participants with its strong IPO pop, but then declined into the low $80’s. A nearly 50 percent rise then took place from mid-October to the November peak at $120. Many were expecting some kind of pullback in Alibaba shares, and that indeed took place through the balance of November and into December, bottoming at $101.20 just a few days ago. As you can see in

Chart Focus: Why The Small Caps Are Important To Watch

As I type this quick research note, the US equities markets are set to open lower. In fact, the last I looked, The iShares Russell 2000 (IWM) was trading around 114.85 in pre-market (down almost a percent). And this has the small caps index near two levels of technical significance that could alter the path for equities in December. First, there is a band of support that forms across the November 19 (114.37),

Did Tuesday Provide A Bullish Signal For Stocks?

Major indexes find themselves at a critical juncture. On one hand, longer-term patterns are clearly bullish, the October recovery was such a statistical outlier that it probably reflects tremendous buying support in the market, and we have a (much weaker than is usually assumed) bullish seasonal tendency for the remainder of this month. On the other hand, macro news does not appear to be constructive, and, more troubling, European and