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Same story here on the SP 500 Monthly...20 MA continues to provide support on dips. No signs of topping on the oscillators.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]mhcayiay[d19970520,20061220][pb50!b200!b20!f...
KLAC reports Thursday....will she do a LRCX out of this base? Stay tuned....
http://stockcharts.com/def/servlet/SC.web?c=klac,uu[w,a]dhcayiay[d20010307,20061231][pb50!b200!f][vc...
MRVL forming a nice high tight pennant....likely waiting the the BRCM report Thursday for resolution.
http://stockcharts.com/def/servlet/SC.web?c=mrvl,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc...
Keep an eye on ESRX here....forming a nice tight high level base. MACD is nearing the Zero Line and look for a reversal around that area for confirmation.
http://stockcharts.com/def/servlet/SC.web?c=esrx,uu[w,a]dhcayiay[d20050618,20061218][pb50!b200!f][vc...
Hi Freep
The pattern was posted intraday and I made a slight adjustment in the pattern based on the close. Its a pattern in the making so its uncertain whether it will form a channel or wedge or ending diagonal. I think we have a decent shot of one more push lower in our patterns before taking out the downtrendlines for a move up into the Fed.
The second anchor point is still in flux but I think you get the general idea here....if we fall back down into the patterns and get some bullish divergence per MACD we should run once we take out the downtrendlines.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!lp14,3,...
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14][J5...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9][J5503512...
Transports up 105 and nearing all time highs...
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dc][pb50!b200!b20!f][vc60][iub14!l...
Russell breaking to all time highs here...
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!f][vc...
GRMN clearing its 50 day in a nice base here...
http://stockcharts.com/def/servlet/SC.web?c=grmn,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc...
GVA nearing a key pivot break...
http://stockcharts.com/def/servlet/SC.web?c=gva,uu[w,a]dhcayiay[d20050507,20061231][pc50!c200!f][vc6...
Bullish Wedge or Diagonal taking shape on the 60 minute Naz chart amongst others.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!lp14,3,...
VXN 3 year downtrendline breakout the past week....
http://stockcharts.com/def/servlet/SC.web?c=$vxn,uu%5bw,a%5ddhcayiay%5bd20030121,20060121%5d%5bpb50!...
I suspect you've not drawn that upper trendline correctly....why isn't it connected through all the prior tops suggesting a breakout now....what do you say if we clear your 2333 with gusto??? Virtually little or no price resistance above 2333 until the 2900 area on the chart you've posted.
Semis up nicely thanks to LRCX and AMD both up nearly $4ish. Looks like INTC is going to be left behind once more. Strong moves in stocks like KLAC/QLGC/NVLS ah.
>>>I see today as a nice "low volume" consolidation that actually sets up a "gap up" on Tuesday morning...>>>
Shoreco yep...not sure about a gap but pretty sure we put in the low on this move today. Bullish falling wedges broke out late day as I expect another test of the recent high soon. We will form some nice continuation triangles on the 60 minute charts/bull flags on the daily before taking off for higher levels including 560ish on the SOX.
Here are the 15 minute charts...note bullish divergence at our lows today.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]ghcayiay[d7][pf][vc60][ila12,26,9][j62125780...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ghcayiay[d7][pf][vc60][ila12,26,9][J638388...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]ghcayiay[d7][pf][vc60][ila12,26,9][J6686994...
AJ got to like those falling wedge patterns....nice setup....check out QSII.
http://stockcharts.com/def/servlet/SC.web?c=qsii,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc...
TECH nearing a key pivot break...
http://stockcharts.com/def/servlet/SC.web?c=tech,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc...
PANL getting close to a potential pivot break...
http://stockcharts.com/def/servlet/SC.web?c=panl,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc...
ASF setting up in a nice tight high level symmetrical base...
http://stockcharts.com/def/servlet/SC.web?c=asf,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc6...
WSM setting up in a potential cup/handle pattern here.
http://stockcharts.com/def/servlet/SC.web?c=wsm,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc6...
AZO setting up in a bull flag pattern back to what appears to be a potential 50/200 bullish cross. Tight risk/reward entry setting up here.
http://stockcharts.com/def/servlet/SC.web?c=azo,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc6...
>>>I wouldn't let LG's question get under your skin , he "lives to needle" , hehe....
I'm sure that AJ loves to have your contributions here ...keep you charts coming TP.
We're all in the new year now , that's all anyone needs to know, and if they don't like your charts , they can do something daring & post some charts of their own !>>>
Mars well stated....unfortunately there are always a few out there who don't seem content unless they are picking at something.
Tea enjoy viewing your charts regardless of whether or not I agree or disagree with your view. Keep the charts coming and keep in mind that the "ignore" feature works well :))
>>>I think the SPX gets very close to its ATH sometime this year.>>>
Shack this monthly inverse h/s jives with your take with a pattern projection of close to or near the ATH's on the SP 500. Notice all the indicators are trending not topping. 20 MA has provided nice support on pullbacks.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]mhcayiay[d19970520,20061220][pb50!b200!b20!f...
Small caps look ready to make another significant upside move....
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!f][vc...
>>>But Tea -- can't the VIX go up due to increased volatility involving upside? That has happened in the past, I believe, particularly with the VIX at such low levels.
There are stocks breaking out all over the place, across myriad sectors. It could be the sign of a top, but it's just as likely a sign that we're just starting a meaty move.>>>
Freep similar setup to what occured in the 95-96 period when VIX readings were at similar levels and rose with the market on balance into the late 90's.
http://stockcharts.com/def/servlet/SC.web?c=$vix,uu[w,a]dhcayiay[d19940307,19991231][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]dhcayiay[d19940307,19991231][pb50!b200!f][vc...
Jim agree on your parabolic take here...so many are conditioned to sell breakouts that my guess is due to rampant skepticism it sticks this time especially in light of our index patterns. The fact that most of the indices broke out made 4 week corrective moves to major support and got it all back and more in less than a week is bullish. Our recent shakeout move served to draw in shorts/shake out longs so that the maximum miss the move.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!b20!f...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!b20...
Looking for 11,500-12k on the Dow this year.
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]whcayiay[d20030102,20061231][pb50!b200!f][v...
AJ its possible....I do expect volatility to pickup significantly the next couple of weeks. Literally everything is tightening up into tight coils on my sector charts which suggests movement.
Check out this Bank Chart....price is getting very compressed and so is the stochastic. Some energy is building in many groups here for a significant move.
http://stockcharts.com/def/servlet/SC.web?c=$bkx,uu[w,a]dhcayiay[df][pb50!b200!b20!f][vc60][iub14!la...
Here is the biotech sector chart.
http://stockcharts.com/def/servlet/SC.web?c=bbh,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc6...
AJ ill take a pony LOL. We have a lot of resistance here very near term. Dow 11k, Naz right here which I think will clear but the 1280 SP 2 year rising resistance line may be the toughest to clear. I personally moved most longs to cash to see how things resolve here. Will pay up if necessary.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[e,a]dhcayiay[d20010827,20061227][pf][vc60][iub14...
SOX looks like a cup/handle formation that should head to 560 where some price resistance comes into play.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,2...
AJ this looks like a bullish setup on the Dow....bull flag pattern forming just under key 10,950-11k resistance.
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]whcayiay[d20030102,20061231][pb50!b200!f][v...
Hello AJS...best wishes to you as well. I do expect 560 on the SOX in time. Some very important holds today on the early lows with many bullish hammers in the group.
First note the bullish breakout and near perfect backtest of key support on the NDX and Nasdaq...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!b20...
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!b20!f...
Both patterns look like they are setting up in bullish fashion. Per the SOX although it broke 486 it still is in a bull flag pattern back to the 50 day. The SOX gapped up 4 times off the recent lows thus some give back had to be expected. Sort of has that cup/handle look to it here...
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[d20050307,20061231][pb50!b200!f][vc...
Best Regards....Robb
I would not write this market off yet. The transports which have led this overall bull move continue to ascend to all time highs breaking out of a triangle yesterday similar to which the Dow is forming just under major 11k resistance. Volume in the pattern is expected to be light...should we breakout look for an upswing in volume.
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[d20041209,20051231][pb50!b200!b20!...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]dhcayiay[dd][pc200!c50!c20!f][vc60][iub14!l...
60 minute view...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]ehcayiay[pf][vc60][ila12,26,9][J51768488,Y]...
Seasonality remains quite favorable over the next 2-3 weeks historically.
Also consider per Investors Intelligence that the bull bear spread is 37%. I've found that this area or greater tends to correolate with toppy conditions as you can see in the 2nd chart below.
http://www.vtoreport.com/sentiment/sentiment.htm
Chainik thanks for your continued COT updates....appreciated.
We're nearing some major resistance areas on many of the indices.
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[w,a]dhcayiay[d20030707,20051231][pf][vc60][ila1...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[e,a]dhcayiay[d20010827,20051227][pf][vc60][iub14...
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]whcayiay[df][pf][vc60][ila12,26,9][J62084118...
Happy Holidays!
Perhaps this pattern on VLO...take the triangle at its widest point and add it to the pivot point and it nears AJ's objective.
http://stockcharts.com/def/servlet/SC.web?c=vlo,uu[w,a]dhcayiay[d20050307,20051231][pb50!b200!f][vc6...
Hi michael....VLO looks bullish where XOM looks neutral to bearish based on its sector chart. Here's my VLO take...
http://stockcharts.com/def/servlet/SC.web?c=vlo,uu[w,a]dhcayiay[d20050307,20051231][pb50!b200!f][vc6...
SHLD looks neutral here to my eye...forming a lateral range...would not form a bias until this breaks either the resistance/support lines on volume.
http://stockcharts.com/def/servlet/SC.web?c=shld,uu[w,a]dhcayiay[d20050307,20051231][pb50!b200!f][vc...