US Markets

S&P 500 At Resistance: What’s Next For Stocks?

The relentless grind higher continues for the S&P 500 (SPX – Quote), as the broad equity index recorded a record high closing of 2072.83 heading into the holiday. What’s interesting about that closing price is that it aligns perfectly with a key resistance level for the S&P 500: The 1.272 Fibonacci extension at 2073. I posted about this key resistance level last week following the Chinese central bank rate cut.

Chart Focus: Gold Futures Near Weekly Resistance

It’s been a wild ride for Gold prices of late. After a big selloff into early November, Gold futures have rallied back to $1200/oz. But let’s step back for a moment and recap the price action. Just over 3 weeks ago I did an article on Gold Futures. In that article the highlights were: A  current daily target of 1150.60. A weekly target of 1138.10. The significance of the 1179.40 support level. 3 levels

Corn Prices Push Higher: Chart Update

Corn prices are trading higher today and have pushed Corn back up to the recent price highs around $3.85. Prices are a bit higher since my last update on the Grains sector. In that post, I highlighted key resistance levels for the sector and pointed to $3.65/70 as an interesting pivot for Corn. Here’s an excerpt from that post (speaking generally about the Grains): In order for any asset to

Ford Stock (F) Nearing 2 Important Price Levels

Perhaps Ford (F – Quote) investors were biding their time for the launch of the new aluminum body F-150. Or perhaps this is just an oversold bounce? Time will tell. Last month, with the stock trading at $13.78, I wrote a post highlighting how oversold Ford stock price was and why investors should have it on their watch list. Here’s an excerpt from that post: So what makes this an interesting setup? Well, a

Chipotle Stock: Will Elliott Wave Pattern Slow CMG?

The story of Chipotle (CMG – Quote) is amazing… yes, they only make burrito’s but Chipotle stock is at $657/share AND it’s the story of the American Dream. We’ll get to that high share price in a minute, but first let’s celebrate Chipotle’s background (from Wikipedia): “…Founder Steve Ells, attended the Culinary Institute of America in Hyde Park, New York. Afterward, he became a line cook for Jeremiah at Stars in San Francisco.[16] There, Ells observed the popularity of

Crude Oil Prices Pop And Fade: How Far Can The Rally Go?

The big news of the morning is the global effort to ease continues with China’s rate cut and Mario Draghi’s strong words, “It is essential to bring back inflation to target and without delay.” Crude Oil (WTI – Quote) certainly has gotten the message ahead of OPEC’s key Thanksgiving Day meeting next week. As we speak, Crude Oil has broken a 1 month downtrend and is attempting to regain an important

U.S. Stock Market Trending Higher But Momentum Slowing

The major US stock market indexes were little changed in the last week, except for the NASDAQ Composite which was up 1.2%. The S&P 500, the Dow Jones Industrial Average and the NASDAQ have surged off their mid-October lows and have set new all-time highs. The Russell 2000 has not. Year-to-date, the S&P 500 is up 10.36%; the DJIA 6.38% and the Russell 2000 is barely positive at 0.91%. The iShares

Is Citigroup Stock Poised For A Breakout?

Today, I want to focus Citigroup (C) stock. And more specifically Citigroup stock chart. In the daily chart (below) you can see the classic looking cup and handle pattern setup brewing. The $54.00 – $54.50 level being the cup resistance line, then the handle/bull flag taking place in the last week or so. And notice how the handle is forming on relatively low volume, which I like to see. One cautionary note for

Chart Of The Day: The S&P 500

Well, this chart isn’t going to be flashy. And in fact it may be downright boring. Let’s take a look at the S&P 500 chart from the past few weeks, focusing on the past week or so in general. The S&P 500 has traded in a fairly narrow range for the past 6 days, leaving behind a trail of slowing momentum. Will this underlying weakness lead to a pullback in stocks next

Is Natural Gas Setting Up For A Tradable Rally?

Natural Gas has gotten plenty of attention with volatile moves during the latest polar vortex. Prices are down 12% this week as of this writing. Is the rally over? Or was the recent move higher the first leg of a larger move?  Let’s dig in. Looking into the chart, a few things stand out. First, there is a major confluence of support around the 3.90-3.95 area. This is the most