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SOX broke rising support line to the downside today...
http://stockcharts.com/h-sc/ui?s=$sox&p=D&st=2005-06-23&en=2006-12-23&id=p0856321790...
Meanwhile the OIH broke out to the upside on the close...
http://stockcharts.com/h-sc/ui?s=oih&p=60&yr=0&mn=1&dy=10&id=p58480744884&a=...
Oil acting well after the inventory numbers....check out these bases on the OIH and XLE 60 Minute charts.
http://stockcharts.com/h-sc/ui?s=OIH&p=60&yr=0&mn=1&dy=10&id=p58480744884&a=...
http://stockcharts.com/h-sc/ui?s=XLE&p=60&yr=0&mn=1&dy=0&id=p27632011714&a=7...
>>>>What is your opinion of CSCO here?
Do you agree that it could break above $22 resistance after the earnings tonight with the target of $24 shortly after?>>>>
Hi AJS...CSCO broke out of a double bottom pattern with a 23.5-24 objective but earnings are always a crap shoot. The only stocks I will hold into an earnings report are those in major bases which appear to be under accumulation which looked to be the case with PCLN. CSCO could go either way.
WTIC put in a nice support hammer yesterday...
http://stockcharts.com/h-sc/ui?s=$wtic&p=D&yr=1&mn=0&dy=0&id=p74922680242&a=...
APA setting up in a nice base here...
http://stockcharts.com/h-sc/ui?s=APA&p=D&yr=1&mn=0&dy=0&id=p18166498889&a=76...
Sorry yes meant the 530-5 level.
SOX key pivot in the pattern looks to be at/around the 430-5 level...
http://stockcharts.com/h-sc/ui?s=$sox&p=D&st=2005-06-23&en=2006-12-23&id=p0856321790...
42.25 looks like the key pivot for the qqqq's on the 60 Minute. May form a flag just below the breakout area.
http://stockcharts.com/h-sc/ui?s=QQQQ&p=60&yr=0&mn=1&dy=10&id=p45408902512&a...
The QQQQ's/NDX held its long term uptrendline before the push off late last week.
http://stockcharts.com/h-sc/ui?c=$ndx,uu[w,a]dhcayiay[d20050402,20061231][pb50!b200!b20!f][vc60][iub...
Dow Weekly...
SP 500...
Tea I've been using the All Combined COT for the SPX, Dow, R2K, SP 400 w/Minis. This has been a pretty good indicator. I like studying the trends and in this case the Commercials are at their least net short stance in about 4/5 months and vice versa per the Small/Large Specs.
http://www.marketswing.com/L3charts/All_COT.htm
Looks like the commercials were on the wrong side of the market this time and are covering up some of their positions while the large specs flip short.
Commercials are now at their most bullish stance on Total Combined Contracts in about 4 months. Meanwhile the Large Specs (considered the dumb money) are now at their most Net Short/Bearish stance seen in about 5 months. Also the Small Specs are at their most bearish stance seen in 5 months.
In addition, Investors Intelligence figures show a 15% bull/bear spread which is a spread that has been seen at/near bottoms in recent years.
Dow uptrend is in acceleration mode...
http://stockcharts.com/h-sc/ui?s=$INDU&p=W&yr=3&mn=6&dy=0&id=p94435143330&a=...
These look like legit breakouts...
http://stockcharts.com/h-sc/ui?s=$spx&p=60&yr=0&mn=1&dy=0&id=p90756928950&a=...
http://stockcharts.com/h-sc/ui?s=$wlsh&p=60&yr=0&mn=1&dy=0&id=p80639215308&a...
http://stockcharts.com/h-sc/ui?s=$indu&p=60&b=3&g=0&id=p10772741332&a=51768488&a...
Perhaps the "few believe therefore it is" theory....per Investors Intelligence bull/bear spread is back to 15% where it was at the October low.
Posted this base a while back....strong volume breakout.
http://stockcharts.com/h-sc/ui?c=pcln,uu[w,a]dhcayiay[df][pb50!b200!f][vc60][ila12,26,9][J73269250,Y...
How about some good news for some balance...
http://stockcharts.com/h-sc/ui?s=$TRAN&p=D&st=2005-08-24&en=2006-12-24&id=p393596499...
HHH looks like its also nearing an objective entry point-nice tight risk/reward with bullish divergences on most oscillators. Will be interesting to see how things play out. Many key groups are tightening up here.
http://stockcharts.com/h-sc/ui?s=HHH&p=D&yr=2&mn=6&dy=0&id=p60616110565&a=49...
Tea I think its going to come down to which way does this index break in the days ahead per the NDX/Nasdaq....
http://stockcharts.com/h-sc/ui?s=$SOX&p=D&yr=1&mn=0&dy=0&id=p19347410622&a=4...
This still has a bearish tilt near term...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]ehcayiay[pf][vc60][ila12,26,9!ub14][j517684...
Tea can't argue...there'll likely be major support for this market no worse than the $41 area on the QQQQ's due to the open interest in the options market.
Huge puts over calls at the $41 strike for May on the Quad Q's. Don't expect we'll see much below that level over the next few weeks.
60 Minute SPX triangle breakdown...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14][J55...
Burk the Nasdaq lost the 6 month uptrendline and 50 EMA yesterday and backtested both levels today. Thats normally a bearish short term setup. I think the Dow and SP are going to play some catchup soon based on the intraday charts.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20050402,20061231][pc50!c200!f][...
Same AJ on the Dow 60 Minute...short the Diamonds here at $114.00
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]ehcayiay[pf][vc60][ila12,26,9!ub14][j517684...
Some large triangles taking shape on the NDX and Naz 60 minute charts....these can break either way.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14!lp14...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d30][pf][vc60][iub14!la12,26,9!lp...
Gotta play what you see...nice breakout in the BKX today to all time highs.
Nasdaq now up 39 off todays lows...60 minute signals are powerful tools.
Burk yes and the 60 minute charts back that up. Looking for upside near term.
AJ yep you beat me to it on the NDX here are some others...
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14!lp14...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d30][pf][vc60][iub14!la12,26,9!lp...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14][J55...
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14][J5...
Looks like an A-B-C complete on many indices.
Burk not a bad risk/reward entry in that triangle or on the QQQQ's. Note the bullish divergence on some of the oscillators (i.e. the histogram, stochastic, rsi) at todays lows.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]ehcayiay[d30][pf][vc60][ila12,26,9!ub14!lp14...
Tea that pattern is not an Inverse H/S pattern but rather a Continuation H/S Pattern which is a very common continuation of trend pattern.
Here is one example I posted a few weeks back.
http://stockcharts.com/def/servlet/SC.web?c=flr,uu[w,a]dhcayiay[d20050807,20061231][pb50!b200!f][vc6...
>>>plexxus: So far, your "Thin Zone" is proving to be less porous than expected, no?>>>
LG correct. Seems that 5 year price resistance on the SP 500 at 1315 stopped that index cold as well as the market. We'll have to see how our price patterns setup here. Seems in general we are range bound here between 2300 bottom and 2375 topside. The bulls got some cold feet on that 2nd test based on the oscillators.
Burk one other price pattern that deserves mention here is that on the NDX/QQQQ's. A large symmetrical triangle is taking shape on that index. Lots of indecision in the current market as seen here.
http://stockcharts.com/def/servlet/SC.web?c=qqqq,uu[w,a]ehcayiay[d40][pb20!f][vc60][ila12,26,9][j691...
Hi Marc...
Wide and loose swings recently have marked the recent price action which can sometimes occur at tops. Seeing some broadening patterns form on some intraday charts. Its been difficult to trade in general in light of some of the recent earnings whipsaw thus your cash position has been a good one!
Regards,
Robb
Hi Burk...if that pattern plays out yes that projects to 1290-95 area.
Potential downside setup on the SPX on the 15 minute...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]ghcayiay[d10][pf][vc60][ila12,26,9][j5901948...
Not the greatest risk/reward entry here on various indices.
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[w,a]dhcayiay[d20050402,20061231][pc200!c50!f][v...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]dhcayiay[d20050707,20061207][pc50!c200!f][v...
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]dhcayiay[d20050402,20061231][pc50!c200!c20!f...
I moved to cash the past couple of sessions to watch how our current range breaks. Pretty strong support at the 2300-2325 area and obvious resistance at our double top at 2375. Oscillators were diverging negatively at our double top. Good time to sit back and let the market show its hand here. Third tests of major supports/resistance areas are often successful/fatal. Lets see how this tight range plays out rather than anticipate.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20050402,20061231][pc50!c200!f][...
Gold looks like favorable technicals...Zeev and I have been talking about the setup here for the past week or so. Would be cautious chasing it here but it looked like a good risk/reward entry in the mid to high $9's as we had discussed.
Good Trading!
Zeev I think FORD is starting to move on technicals. The stock has been forming an inverse h/s pattern currently in the right shoulder and just needed some volume. I wouldn't put any weight into old news releases or any calls for a buyout. Now the key will be whether or not we can clear out that $11.75 resistance area this time or not. Either way just plan on holding the position for the duration.