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Nice looking triangles taking shape on the SP and Wilshire Daily charts...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,2....
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,....
AJ excellent call today on the SP 500 neckline backtest and reversal.
Thanks AJ gotcha! eom
AJ what about an A-B-C off the top....with B just finished with a lower high in place with C now starting ideally with a decent flush below the 2100 area. First lower high now in place on the Naz off the 1890 low leads me to believe we could see a decent down push the next couple of weeks.
Neckline break on the SP 500 H/S pattern...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[pb50!b200!f][vc60][ila12,26,9][J576...
Short term still watching this pattern...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[pb50!b200!f][vc60][ila12,26,9][J576...
Jerry probably the most important chart to keep an eye on over the next many weeks is this 3.5 year on the SOX....massive triangle pattern in the making. Many such as BRCM and TXN have already broken out of their bases.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[d20010914,20050914][pb50!b200!f][vc...
AJ no question bear patterns are subject to failure in bull trends and vice versa. As always time will tell the tale. Keep up the excellent work.
Small h/s tops forming on most indices....here's the SP 60 minute.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[pb50!b200!f][vc60][ila12,26,9][J576...
Pattern measures to 1220-2.
AJ the past few times MACD has diverged we've gotten a pullback off the highs. Last time we were $62ish and came back to $56 before moving back out to new highs. The same could occur here but given the look of that wedge I think we likely head lower percentage wise this time before bouncing.
As always only time will tell for sure.
Keep watch on ENG....nice tight coil.
http://stockcharts.com/def/servlet/SC.web?c=eng,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
CYMI looks great :)))
AJ here's a slightly different look. Wouldnt be surprised to see us get back to the $57-60 area.
http://stockcharts.com/def/servlet/SC.web?c=$wtic,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][iub14!la12,...
GME setting up in a nice continuation h/s pattern...
http://stockcharts.com/def/servlet/SC.web?c=gme,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][J58380655,...
Check out this tight triangle in the making...nice reversal off the 50 day.
http://stockcharts.com/def/servlet/SC.web?c=mnta,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc...
Thanks your support is MUCH appreciated....most of my work is based on patterns. Mitch does a good job with EW Counts. We are nearing a major crossroads here per the market with everything tightening up.
Yep thats my public list. Just posted the big picture TXN and BRCM bases over the weekend.
AAPL backtest and breakout...
http://stockcharts.com/def/servlet/SC.web?c=aapl,uu[w,a]dhcayiay[d20041122,20051222][pb50!b200!f][vc...
AJ check out this 3 year triangle/base forming on BRCM.
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]dhcayiay[d20010602,20051202][pb50!b200!b20!f...
CYMI setting up as well...
http://stockcharts.com/def/servlet/SC.web?c=cymi,uu[w,a]dhcayiay[d20041231,20051231][pb50!b200!f][vc...
Dow setting up in a massive triangle that has a measurement of 1200 pts maximum upon breakout or breakdown. Bollinger bands tightest since 1995 so expect a major move soon.
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
AJ our 2160-2 gap caught us if you look left on the 60 minute. Our inverse h/s pattern broke out nicely today.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!f][vc60][ila12,26,...
AJ right shoulder looks nearly complete....we'll find out next week if this plays.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!f][vc60][ila12,26,...
Lots of stocks setting up in nice looking bases here.
AJ potential for an inverse h/s pattern on the 60 minute here.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d20][pb50!b200!f][vc60][ila12,26,...
Brokers perking up nicely...perhaps the Fed is nearing the end of their rate hikes.
http://stockcharts.com/def/servlet/SC.web?c=cme,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][J...
http://stockcharts.com/def/servlet/SC.web?c=gs,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc60...
http://stockcharts.com/def/servlet/SC.web?c=bsc,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,26...
TXN breaking out of a nice continuation pattern...
http://stockcharts.com/def/servlet/SC.web?c=txn,uu[w,a]dhcayiay[d20041210,20051210][pb50!b200!f][vc6...
DIOD/CYMI setting up again...
http://stockcharts.com/def/servlet/SC.web?c=diod,uu[w,a]dhcayiay[d20041210,20051210][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=cymi,uu[w,a]dhcayiay[d20041231,20051231][pb50!b200!f][vc...
Brokers doing well today....LEH breaking out of a continuation triangle...
http://stockcharts.com/def/servlet/SC.web?c=leh,uu[w,a]dhcayiay[d20041107,20051207][pb50!b200!f][vc6...
XBD setting up...
http://stockcharts.com/def/servlet/SC.web?c=$xbd,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][iub14!la12,2...
UNH setting up in a nice base/triangle...
http://stockcharts.com/def/servlet/SC.web?c=unh,uu[w,a]dhcayiay[d20041112,20051212][pb50!b200!f][vc6...
RIMM still in its 11 month triangle trying to breakout today.
http://stockcharts.com/def/servlet/SC.web?c=rimm,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][J58002239...
Small and Mid Caps breaking out of falling wedge patterns...
http://stockcharts.com/def/servlet/SC.web?c=$djusgs,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,...
http://stockcharts.com/def/servlet/SC.web?c=$djusgm,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,...
AJ likely so....QLGC gapping up and over the 200 after hours on news. Here are a couple of interesting bases setting up. Semi's continue to hold up well in general.
http://stockcharts.com/def/servlet/SC.web?c=pg,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][J5...
http://stockcharts.com/def/servlet/SC.web?c=usna,uu[w,a]dhcayiay[d20041112,20051212][pb50!b200!f][vc...
Not much to suggest this is much more than a bounce in an existing downtrend unless we take out levels discussed in the prior post.
RSI is now recycling back into mid range while the market holds its own. The time to get long that pattern was either late Friday when it was posted or early this morning once it made the break out of that falling wedge. Given the proximity of the 50/20 SMA's and our down channel resistance line on the 60 minute personally I'd want to see those clear before taking on any new longs here. RSI readings on the daily chart are still quite low. Volume on todays bounce remains quite poor in general.
These often retrace to the top of their wedges being 1223 on the SP 500 and 39.15 on the QQQQ's. Would also keep in mind the 50/20 SMA's in terms of resistance points. 20 SMA's are now declining so a likely place for a pause/reversal.
Will need to keep watch on our down channel as well seen here.
http://stockcharts.com/def/servlet/SC.web?c=qqqq,uu[w,a]ehcayiay[d63][pb50!b200!f][vc60][ila12,26,9]...
5 min QQQQ and SPX charts showing bullish divergence and falling wedge breakouts.
http://stockcharts.com/def/servlet/SC.web?c=qqqq,uu[w,a]ihcayiay[d10][pb50!b200!f][vc60][iub14!la12,...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ihcayiay[d10][pb50!b200!f][vc60][iub14!la12,...
AJ nice call on ELX...you've been bullish on the play for a while. Nice looking thin zone up to $25ish...what kind of pullback are you looking for into expiration? TIA...
SP Falling Wedge breakdown and backtest today.....
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]fhcayiay[d20][pb50!b200!b20!f][vc60][ila12,2...
AJ here's the short term inverse h/s pattern on the NDX....lets see how this plays out....agree with your bigger picture take. 1570/5 looks like a good place for this dip to hold if this pattern is to play out.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]fhcayiay[d10][pb50!b200!b20!f][vc60][ila12,2...
JCOM setting up in a nice triangle pattern...
http://stockcharts.com/def/servlet/SC.web?c=jcom,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
AJ agree...very common for these falling wedge patterns to turn into inverse h/s bottoms on the 60 minute charts before making their moves up and out.