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Make mine a Coors Light <g>
Probably due to this bearish pattern thats formed on the indices the past 3 sessions...
http://www.litwick.com/indicators/2213.html
Market seems like it needs a good flushout to locate levels where buyers will hold longer than the first 3 hours!
Setups list and indices updated here...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
EAP...the market had other ideas i guess <g>...the break semi's the past week or so hurt the technical picture....I went short when our retest area broke....covered late in the week and went back to the long side.
Index and setups list updated....Jim agree that IF we are to bounce its likely to be somewhere between 1190 and 1200 for a final move up in that wedge. See 1st chart on Page 2....
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Some mild bullish divergence set in on the MACD today on the 2100 print per the recent price high. Favoring an upside resolution in time. Need one more shakeout move to draw in more shorts and shake out the weak longs...TXN the tonic before an INTC upside surprise???
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]ehcayiay[d63][pb50!b200!f][vc60][ila12,26,...
Here are interesting looking setups...11 pages.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Some nice setups here for those interested...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Updated the setups list....also posted a 10 year Dow chart. Looks like significant resistance comes into play around 11,300-11,400 area.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Agree on the Semi's....take a look at the three charts below...
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][J...
http://stockcharts.com/def/servlet/SC.web?c=intc,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J46459508...
JJ agree...im targeting the 11,200-11,400 area on this move for the Dow and 1240-60 on the SP 500 based on pattern measurement. The markets often overshoot to the upside/downside at major turning points thus a mild overshoot wouldn't surprise me. I agree about the major shorting opportunity soon based on this being the 5th wave up on the indices. Many techs such as EBAY, CREE, etc are already putting in bearish 50/200 SMA crosses so my expectation is that they underperform during this period. I still think the semi's could surprise to the upside short term if they can set a higher low here at/above the 50/200 SMA area. We shall see.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][J...
http://stockcharts.com/def/servlet/SC.web?c=intc,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J46459508...
Nice chart JJ....agree with your take. The big picture on the SP 500 looks like a breakout and successful retest....now back up and out.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]whcayiay[d20001211,20051211][pb50!b200!f][vc...
Index charts updated....breakouts today in the SP 500 and Dow to multi year highs. Also a breakout in the Russell 2000 and in the Transports to all time highs.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936&cmd=show[s43986253]&disp=...
Looks like it may have started here....transports breaking to all time highs with the Dow and SP breaking to multiyear highs today.
Transports breaking to all time highs here...
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[h,a]dhcayiay[dc][pb50!f][vc60]&pref=G
Setups list updated after todays day of indecision in the markets....still a lot of nice looking setups.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
James thanks!
AJ with the NVLS news would be nice to see SMH pull off that 35 area and put in yet another higher low say around the 33 area. I'd feel quite confident that that next attempt would take out 35 which would project to the 40ish level.
BTW was looking at the bigger picture of the Nikkei here...looks like a major bottom in the works.
http://stockcharts.com/def/servlet/SC.web?c=$nikk,uu[h,a]dhcayiay[d19990301,20050301][pb50!b200!f][v...
Hi AJ
Yeah...I was long RIMM in the 75's and basically broke even on my last play in the issue. It ran and turned tail at the 50 SMA where I should have exited but I suppose hindsight is always 20/20 <g> The stock will fight some headwinds in the 50/200 day areas. If the Nasdaq clears 2087 the 50 SMA and the 2100/2105 price resistance she should be off to the races. Somewhat a play on rotation into the brokers/tech here versus oil many of which reversed on volume today. I am looking to position in some semi's in tomorrow's dip.
Setups list updated for those interested. The indices are forming some very interesting patterns currently. Would tread very carefully if playing the short side intermediate term.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Hi AJ
Looks like we've got some nice looking bearish flag patterns on the 60 minute charts that tagged resistance today...namely the SP at 1193 the 50 SMA...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]ehcayiay[d30][pb50!b200!f][vc60][ila12,26,9]...
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[h,a]ehcayiay[d30][pb50!b200!f][vc60][ila12,26,9...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[h,a]ehcayiay[d30][pb50!b200!f][vc60][ila12,26,9...
AJ i picked up some shares yesterday in RIMM on the dip as we spoke about the move to 74-75 over the weekend. Right shoulder looks about set here imo.
Check out INTC...took out its 8 month downtrend line today on volume....200 sma looming just above.
http://stockcharts.com/def/servlet/SC.web?c=intc,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J33346413...
Lets see how this massive triangle plays out...as you know I've got a bullish bias based on other indicators.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]whcayiay[df][pb50!b200!f][vc60][J44640932...
INTC took out its 8 month DT line today on volume...if it clears the 200 sma should see 25 soon.
http://stockcharts.com/def/servlet/SC.web?c=intc,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][J33346413...
AJ nice going.....I like the look of the 60 minute RIMM chart as well which looks like a bullish inv h/s pattern is in the making. Measures to 90ish...wouldnt be surprised to see one more shakeout move to the 74-5 area first.
http://stockcharts.com/def/servlet/SC.web?c=rimm,uu[h,a]ehcayiay[d30][pb50!b200!f][vc60]<i[j44635....
AJ...imo probably the most important chart to watch in the days and weeks ahead is the SOX weekly. Should we take out the 430/445 area we should really run which would allow the Comp to play some catchup. Here's the view...
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]whcayiay[df][pb50!b200!f][vc60][J44640932...
Setups list updated....the Weeklies look most interesting. SOX weekly is nearing a major pivot point at 430ish.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
The index and setups list have been updated. Take a look at the bigger picture SP 500, Comp, and SOX weekly charts. Might also want to take a look at the one year chart on KLAC.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
AJ see the post ahead of this one....sent it to myself by mistake...grrrrr.
Here's a bigger picture look on the SP...classic backtest of our breakout level. Very nice breadth today especially on the NYSE.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[h,a]whcayiay[d20001211,20051211][pb50!b200!f][vc...
Hey AJ...
Finally got our breakout moves out of those inverse h/s patterns on the SOX and SMH that I sent you last weekend...here are the updates. Looking for 430ish on the SOX on this move.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]ehcayiay[d30][pb50!b200!f][vc60][ila12,26,9]...
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[h,a]ehcayiay[d30][pb50!b200!f][vc60][ila12,26,9][...
Take a look at the one year of KLAC....looks like a bigger picture bullish H/S pattern in the making.
http://stockcharts.com/def/servlet/SC.web?c=klac,uu[h,a]dhcayiay[dd][pb50!b200!f][vc60][j44047292...
Regards...Rob
Hey AJ...thanks for the note! Normally I expect a full retrace of the move but I think its highly likely that the market is starting the process of forming some type of triangle, cup/handle, etc. given the recent volume which looks consolidative. We'll just have to watch how the market sets up here in terms of many of the patterns that are in that falling wedge type of setup. Many will likely mirror the market.
Good Trading!
Setups list updated for those of interest. Many nice setups and/or breakout moves in the energy and homebuilder groups today.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
Hi AJ...Semi's look like they're trying to bottom out here. Keep watch on these next week.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]ehcayiay[d20][pb50!b200!f][vc60][ila12,26,9]...
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[h,a]ehcayiay[d20][pb50!b200!f][vc60][ila12,26,9][...
QCOM also broke through its 20 month uptrend line today....IMO its seen its high for this bull cycle and will have trouble clearing the bottom of its gap on any bounce up before the next leg lower.
http://stockcharts.com/def/servlet/SC.web?c=qcom,uu[h,a]decayiay[de][pb50!f][vc60][ila12,26,9][J3265...
AJ I agree overall with your take...these falling wedges often turn into bullish inverse head/shoulder patterns. If that were to occur I'd expect an early move in the week to the 2110 area give or take then a mild dip to form a right side shoulder. From there a move back above the neckline later in the week to about 2150.
Should the early bounce be weak that would be an indication that things are weaker than expected and that the pattern in that case would be less likely to play itself out. As always we shall see...
Setups list updated on pages 3-7...anticipating an up bias next week. Check out the 60 Minute Comp chart on Page 1...
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID897936
AJ this pattern has my attention...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[h,a]eecayiay[d30][pb50!f][vc60][ila12,26,9][J4...
Seems like AMD warns about every other quarter...no shock here imo given the pressure the sector has been under.
QCOM forming a nice looking cup/handle pattern...
http://stockcharts.com/def/servlet/SC.web?c=qcom,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][J39165001...
LOL Stowboat....I like #8 on your list....rumor has it he's been up 120 straight hours now <g>
Plunging as you'd expect with the SOX breaking both channel support and both 50 SMA/EMA's...
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[h,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,9][...