The major stock market indices all broke out of complex inverse head-and-shoulders formations early this week. And based on the size of these bullish patterns, they could have additional upside in the near term. Yet I’m still bothered by the non-traditional and trajectory lacking potential double bottom. Whether this comes…
We know there’s something going on in the Dow Jones Industrials… Since there will be a follow up post coming, we’ll call this part I. What a rip it’s been since Six Hundred- Sixty Six on the S&P 500. Let’s look though, at the most widely followed US stock market…
Broad Stock Market Futures Outlook for April 20, 2018 Resistance levels held for us yesterday and a fade into support deeper than the day before. Today, we are in a retrace of some of this deep support action. Profit taking may take the dips a bit deeper for now. Yesterday’s lows…
The month of March has produced some major turning points for the Nasdaq Composite over the last 20 years. The Nasdaq topped in March of 2000 and bottomed 9 years later in March 2009. Is it possible that 9 years after the major bottom, we put in a major top…
The commodities space has dealt investors a difficult hand over the past decade. Back in 2010/11, the Thomson Reuters Equal Weight Commodities Index peaked following a fast and furious move to the upside. Since then, Commodities have been a mess. Failed rallies and rangebound trade have caused frustration across crude…
Broad Stock Market Futures Outlook for April 18, 2018 Solid earnings continue to present, Yemen missiles and API drawdowns in inventories have the indices we watch moving into higher resistance once again. These are all key levels of profit taking but there are no setups for short action at this time as…
Broad Stock Market Futures Outlook for April 17, 2018 Higher lows prevailed to give us higher highs as buyers push us into regions not seen since mid-March in solid earnings releases. Resistance watches are still the order of the day as momentum holds bullish. How well we bounce off pullbacks will be the…
I’m often asked whether I’m bullish or bearish on a certain market. I always like to remind people that the market can go in three directions, listed in order from least painful to most painful: up, down, and sideways. You would think a down market would be the most painful,…
Stocks have been see-sawing and whipping around the past couple weeks, but one thing remains… Stocks are holding on above key price support across several stock market indices… for now. The chart below looks at 8 different stock market indices and where there respective price support levels currently lie. The…
This is a 1-hour chart of the S&P 500, QQQ’s, Midcap’s (MDY), and Russell 2000 (RUT). All of these key stock market indices are tracing out potential complex inverse head-and-shoulders (H&S) price patterns. The Russell 2000 (RUT) has poked its head above the neckline while the others are right at or right…