Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
RIMM halted
Top of wedge tag and reversal today....will be interesting to see where our next low sets up.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20041203,20051203][pb50!b200!b20...
Here's the daily OSX...rising wedge break to the norm...
http://stockcharts.com/def/servlet/SC.web?c=$osx,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
AJ noticed the mid cap growth sector broke to multi year highs last week.
http://stockcharts.com/def/servlet/SC.web?c=$djusgm,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,...
Small cap growth group trying to make the move here...
http://stockcharts.com/def/servlet/SC.web?c=$djusgs,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,...
2170 a major pivot upcoming....our 2 month downtrendline in our handle.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20041203,20051203][pb50!b200!b20...
QCOM breaking to 4 year highs...
http://stockcharts.com/def/servlet/SC.web?c=QCOM,uu[w,a]dhcayiay[d20011230,20051230][pb50!b200!f][vc...
Semi's looking good here...lets watch that 485/90 pivot.
http://stockcharts.com/def/servlet/SC.web?c=netl,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]dhcayiay[d20010602,20051202][pb50!b200!b20!f...
http://stockcharts.com/def/servlet/SC.web?c=klac,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=mrvl,uu[w,a]dhcayiay[d20041230,20051230][pb50!b200!f][vc...
SOX 485-490 area a major pivot area for the bulls. Should that clear market will ramp imo.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[d20010914,20051214][pb50!b200!f][vc...
Possible inverse h/s setting up on the 60 minute charts...may need a dip tomorrow to set a better right shoulder around that 2140/45 area. Pattern projects to 2220.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!b20!f][vc60][ila12...
Marketwatcher thanks for your take. Until our handle or triangles break to the upside there's potential for further back and forth action. Just respect key trendlines should we make an upside break. Gotta run take care and best of trades.
LOL will do AJ...lets see if I can hold out on fumes in the interim <g>
BTW this was the one chart I was quite concerned about...the Banking Index but even there we are getting a likely false neckline break and reversal soon based on bullish divergence under RSI and Stochastic.
http://stockcharts.com/def/servlet/SC.web?c=$bkx,uu[w,a]dhcayiay[de][pb50!b200!b20!f][vc60][ila12,26...
The Mid Cap Growth Sector broke out to fresh 4 year highs today as well...the small and mid caps are still working here.
http://stockcharts.com/def/servlet/SC.web?c=$djusgm,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,...
Anyway I'm off for some zzzzzzzz's. Good chatting and catch up with you soon.
Robb
AJ check out the CMF divergence at our recent price lows...a significant bullish divergence now in place.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20041203,20051203][pb50!b200!b20...
Also consider this bullish flag back to major support on the SMH...
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[w,a]dhcayiay[de][pb50!b200!f][vc60][ila12,26,9][J...
AJ thanks for the update...what appeared as a small h/s pattern has morphed into a symmetrical triangle....
http://stockcharts.com/def/servlet/SC.web?c=$wtic,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][iub14!la12,...
Taken in light of your backtest of support odds favor an upside resolution. Bearish patterns in bigger picture bullish trends are subject to failure and vice versa in bearish big picture trends. I better go fill up my tanks now <g>
>>>This move does not look impulsive, at least relative to the impulse moves during the earlier phase of the bull.>>>
This weeks move looks impulsive to me in the Transports...the thing is we are still very much consolidating in our bases and I expect the impulsivity you are looking for will be seen once we break out of our bases on the indices.
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]whcayiay[df][pb50!b200!f][vc60][ila12,26,9]...
AJ indices continue to setup well here...
http://www.siliconinvestor.com/readmsg.aspx?msgid=21753582
CSU ripe for a breakout next week...
http://stockcharts.com/def/servlet/SC.web?c=csu,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
Tuna nice triangle setting up on IMAX....lets see how this plays out over time.
http://stockcharts.com/def/servlet/SC.web?c=imax,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
Five weeks of losses gotten back in this current week...a sign of internal strength.
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]whcayiay[df][pb50!b200!f][vc60][ila12,26,9]...
Telecom group breaking out here...
http://stockcharts.com/def/servlet/SC.web?c=$xtc,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
Homebuilders look ready to head higher....bullish divergence at price lows within this bullish falling wedge pattern.
http://stockcharts.com/def/servlet/SC.web?c=$djushb,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][iub14!la1...
Some nice bases taking shape as follows...
Transports...
http://stockcharts.com/def/servlet/SC.web?c=chrw,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=mrtn,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
Other Groups...
http://stockcharts.com/def/servlet/SC.web?c=hydl,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=slb,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
http://stockcharts.com/def/servlet/SC.web?c=bucy,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=cwt,uu[w,a]dhcayiay[d20041226,20051226][pb50!b200!f][vc6...
http://stockcharts.com/def/servlet/SC.web?c=mkty,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=synt,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][J59016750...
Check the setups list for other ideas...
Michael sometimes its better to be lucky than good <g>
Hey Bud...thanks for the note :) The transports the past couple of days has kept open the bullish thesis. Take a look at my setups list over the weekend...some very nice looking bases setting up in the group. If the $TRAN clears the 3800 level the pattern projects to the 4300 area.
Best of trading to you!
Robb
AJ agree...many of the indices have that big picture cup/handle (or inverse h/s) look here. One thing that fools many sharp traders is that when you are forming a triangle or handle its natural for the divergences to pullback some...often to or around the zero line while in consolidation. Pattern recognition takes precedence.
Also if you study my setups list many stocks like IBM and EBAY are currently testing major long term downtrendlines...should these start to clear I think that'll have additional bullish implications.
Did you catch BSC today....major break to all time closing highs. PRU continues to setup well.
http://stockcharts.com/def/servlet/SC.web?c=bsc,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,26...
http://stockcharts.com/def/servlet/SC.web?c=pru,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
Scan my list when you get time over the weekend...some nice looking bases taking shape.
AJ selected groups are still performing here but our 60 minute charts do hold a bearish tilt here on the close. These patterns could break up but its somewhat bothersome how they are forming at/near key supports ala churn. Perhaps we hold up into quarter end then look out.
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]ehcayiay[d63][pb50!b200!b20!f][vc60][ila12,...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[d63][pb20!f][vc60][ila12,26,9][J502...
RIMM reports tonight....forming a large triangle on the weekly....could go either way. No position...
SYNT nice looking pattern in play....tails off the 50 day area.
http://stockcharts.com/def/servlet/SC.web?c=synt,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][J59016750...
Stick with the best groups....rails, brokers, healthcare, etc...
If there are no bulls around you know its time to get long...transports looking solid here.
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
Brokers as well...
http://stockcharts.com/def/servlet/SC.web?c=bsc,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,26...
7 week down channel breakout in the transports today...
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
Hey Tuna...to get you back in the swing of things here are some bases to keep watch on.
http://stockcharts.com/def/servlet/SC.web?c=cxw,uu[w,a]dhcayiay[d20041226,20051226][pb50!b200!f][vc6...
http://stockcharts.com/def/servlet/SC.web?c=bsc,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,26...
http://stockcharts.com/def/servlet/SC.web?c=csu,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
http://stockcharts.com/def/servlet/SC.web?c=odsy,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=ci,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc60...
AJ how's this....pattern still needs one more move lower to start setting up some bullish divergence under price lows. Looks like a bearish rising wedge taking shape within the pattern.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!b20!f][vc60][ila12...
Agreed one more push down in this pattern and its likely complete for a move back up through the downtrendline.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!b20!f][vc60][ila12...
AJ where the rubber meets the road. Wouldnt be surprised to see a gap down over these uptrendlines or a long hammer down and reversal. Perhaps that A-B-C is back on here.
Fun day in the brokers/railroad stocks today....two to keep an eye on once we firm back up.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!la...
LOL AJ....seems like its been quite reliable to me....whatever works!?!?!?
Yep I'm in....nice looking continuation pattern in place.
http://stockcharts.com/def/servlet/SC.web?c=pru,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
CME ramping too...
http://stockcharts.com/def/servlet/SC.web?c=cme,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][J...
BSC should eventually break out of this base...
http://stockcharts.com/def/servlet/SC.web?c=bsc,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,26...
>>>Plexxus -- serious question for you and AJ. Since you guys call lots more H+S and inv. H+S's than I ever see... why is it that the Compq chart you just posted isn't being labelled as an H+S top right here? The pattern fits, and what I usually see you guys labelling is the pattern, as the indices don't show volume. I'd note that the QQQQ doesn't have the exact same pattern, but does show that volume at the "head" was light, which is what you'd look for.
Anyway, that's kinda beside the point. I'm just curious what your rules are for labelling. Does a positive divergence overwhelm the pattern? Something else?
Thanks!
the freeeeeep>>>
Hey Freeeep
Your question is an excellent one and I'll attempt to answer it below...
In general I tend to play the primary big picture trend and on the daily Comp chart we're forming a triangle pattern on most indices in uptrends. Odds favor triangles that form in uptrends to break to the upside. As such I will then study for bullish divergences on the intraday charts for points of entry on shorter term plays. In general in bullish market trends bear patterns are apt to failure and vice versa in bearish trends. I'm strictly going with the odds here based on all the evidence available. Per your pattern if we take out that downtrendline around 2150ish I'd consider exiting short term shorts. Sometimes patterns fail and sometimes divergences do as well as I'm sure you're well aware. Strictly going with the bigger picture bias here based on pattern recognition which is to the upside.
Hope that helps...Robb
Bullish divergence on the 60 min Comp chart at recent price lows. Tomorrow should be interesting post Fed.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!f][vc60][ila12,26,...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d40][pb50!b200!b20!f][vc60][ila12...
Potential H/S top setting up on the $WTIC...
http://stockcharts.com/def/servlet/SC.web?c=$wtic,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][iub14!la12,...
Dow may be ready for a pivot break soon out of this base...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]dhcayiay[dc][pb50!b200!b20!f][vc60][iub14!l...