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S&P/TSX Small Caps Weekly Chart - weekend review.
Some interesting points in this chart and also in a few other indicators that I use. The index is still right below resistance, but that candlestick (Nov 14 end of the week) shows that buyers stepped in to close the week just below the resistance.
CMF looks poised to cross into positive territory.
Both MACD and Stochastic show oversold on my other charts. On this one, the -DI line is weakening, selling is weakening.
We could see a Christmas rally starting. However, the S&P 500 weekly chart looks like the short-term rally in US stocks is weakening. That will make me a little cautious. I have a number of open Canadian Small Cap positions that I will be watching. During this next week, I will either close some of those, or open more depending on where the Small Cap index stands relative to that resistance line.
The S&P/TSX Small Cap Weekly - weekend review.
Nice recovery this past week. As the chart below shows, the index is coming up on resistance. CMF is still negative. The DI lines are still negative, for me. If in this coming week, the index can take out that resistance, it would be technically pretty positive. We'll see. Meanwhile, some of the small caps I have picked up over the past few weeks have been rewarding.
The S&P/TSX SmallCap Index Daily - stuck in the muck!
While below the border, there is a rally of sorts under way, this Daily Canadian Small Caps Index continues to look bleak. Negative CMF and if you look down at the +DI line, you can see weak buying. With such a large portion of these Small Caps influenced by oil and gold prices, this should be expected.
Patience and discipline!
The S&P 500 and Canadian Small Caps. The S&P 500 did rebound as anticipated after yesterday's negative candle had retraced about half of the previous day's positive candle. And that was good for the long positions I entered yesterday afternoon. But I expected better. The Canadian Small Caps were stagnant. Not helped by the drop in the price of gold.
Both charts here. The S&P 500 first. Note how the close was right at a Resistance Line drawn through the middle of a pack of long candles, and back to a high on June 9th.
Tomorrow may give a better indication of whether this little rally is going to be sustained. And whether the Canadian Small Caps are going to rally some from here.
Cush
The S&P/TSX SmallCap Index, Weekly and Daily - weekend review.
On the weekends, I usually begin with a look at the index weekly charts. I am trying to decide whether the tide is rising or falling, or about to reverse.
On the weekly chart below, we can see the effects of that Thursday rally. Without that rally, this chart would look bleak! As it is, the weekly close is right at that support/resistance line. CMF has been falling, but is still positive. Based on this Weekly chart, I remain cautious with long positions. This week may change that.
Below the Weekly, I have posted the Daily chart. That was a nice oversold rally on Thursday, but Friday showed a cautious market. The ADX line almost reaching 70 often signals a trend reversal. If so, we may rally from here, but I need to see a lot more confirmation. The CMF is still negative and ugly. Going to be another interesting week.
The S&P 500 Weekly - weekend review.
For what it's worth, I usually review a more complex chart, with more indicators and annotations, than the one shown below. This chart is simplified and shows some of the keys I watch for.
That may be a hammer candlestick, and that may signify a rally starting, but I remain very cautious with long positions here. The S&P 500 managed to close just at the support line shown on the chart. CMF is still positive and that's a good sign, however 4 weeks of declines with increasing volumes should give some concern. By next weekend, the picture may be clearer, and we'll know whether the tide is rising or falling.
The S&P 500 Weekly. As I usually do on the weekend, I am reviewing weekly charts.
Ready for a further collapse? Ready to resume the two year rally? I don't know. As I have said in the past, sometimes it is not that the charts are unreliable, it's that the charts are indicating the market is unpredictable.
It still looks unstable to me, so I will continue to be cautious with new positions. The chart on the SmallCaps that I will post next does not look bullish.
On this chart of the S&P 500, the CMF is still positive (a good sign) and price has hung in just above the 20MA. But it feels like we are walking a tightrope.
Candlestick review. I am re-reading my old TA textbooks, beginning with Steve Nison and John Murphy. I think I have learned a lot in 20 odd years of doing this, but it was time for a refresher.
I will post a few of these, for anyone else who is interested, and to give myself some practice. Please feel free to comment, especially if you don't agree with what I am seeing.
Here's a Morning Star, a bearish candlestick.
The S&P 500 has bounced/rebounded off the support level shown on the chart below. If you are long that's good news, but the 2000 level may offer resistance. We'll see.
I was watching a number of Canadian SmallCaps today and I would say they were anything but consistent or predictable. Even though there was a positive candlestick on the SmallCap index, I remain cautious. Trying to be patient and disciplined.
Weekly Index charts. On the weekends, I review several of the major index charts. The TSX Composite has some unhealthy signals for anyone long at this time. I am going to be cautious.
There is that ugly candlestick from last week, the high ADX (often signals a change of trend), the overbought Stochastic, and the increasing negative volumes for these three weeks of September.
Cush
TSX stocks. I follow and chart a list of 139 stocks on the TSX. Today, the intraday Summary of that list on StockCharts.com shows 21 of those 139 stocks are in the green. I will be watching from the sidelines today.
Cush
The S&P 500 Large Cap Index
I watch this index for market direction.
On the Daily posted immediately below, the declining MACD histogram along with the increased volume on a couple of negative days suggests to me we may be going to see a short term pullback. Couple that with the idea that September is often the weakest month of the year for stocks. I am being cautious.
I have also loaded the Weekly. It suggests we are still in an uptrend.
AAV.TO - I have been using the StockCharts Technical Rank (SCTR) for Toronto Stocks to create a pool of stocks to watch for entry and exit points.
If you are not familiar with the SCTR, there is an explanation here.
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:sctr
One of the first stocks that I got into and out of using this pool was AAV.TO The SCTR on this was above 90 when I bought and sold, and it still is.
Here is what it looked like on first a daily and then a weekly chart.
When to be in and when to be out, or long and short.
I have long thought that different indicators are better predictors for different stocks and when looking at different periods.
On the monthly Nasdaq chart below, I have a few different indicators that I use. Of the variety shown on this chart, I think the SAR was giving pretty good signals.
AFA.V last @ .28...........amazing move 2day
Mining Stocks to Watch This Week - PSR, NET.H, NGE, AFA
PSR.V - Closed @ .25 - Looking to reach a 52 new week high.
http://www.stockscores.com/quickreport.asp?ticker=v.psr
NET.H - Last @ .265 - Another stock looking to reach a new 52 week high
http://www.stockscores.com/quickreport.asp?ticker=v.net.h
NGE.V - Last @ .57 - Low floater has the potential to move on news.
http://www.stockscores.com/quickreport.asp?ticker=v.nge
AFA.V - Last @ .235 - Steady buying for two weeks.
http://www.stockscores.com/quickreport.asp?ticker=v.afa
Hi december, you are welcome to revitalize this board if you want to, but it is a board to discuss Technical Analysis. If you have some sort of Technical Analysis to support that claim, please do.
This is not a board to pump a stock for whatever reason.
Cush
LMA is next to rock
Hi Kastel. Thanks, and a Merry Christmas to you, too.
Got some great music in my stocking, including Pat Green.
I hope the profits keep coming "Wave on Wave" in 2004.
A safe and happy holiday to everyone and anyone who happens by.
Peace on Earth.
Cush
Cush have a merry Christmas. I don't post to ya much but I read your stuff. Thanks for your effots.
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