Looks like the market is singing Stairway to Heaven-but the temptation to use the stairway up, elevator down phrase is way too tempting so instead I will write, day 3 of follow through in the S&P 500 breakaway gap pattern!…
S&P 500 confirmed the breakaway gap with a relatively healthy digestion day-shown perfectly with a doji candle if you are a fan of Japanese Candlesticks. That’s SPY.
NASDAQ, not to scare anyone, could have posted a reversal candle only the …
Last breakaway gap in the S&P 500 was back in April 2013, which was good for a rally that lasted the following 14 trading days until a textbook reversal candle ended the fun.
Tuesday, we saw another potential breakaway gap …
An incredibly orderly and logical (almost transparent) conclusion to last week. NASDAQ achieved distance from the 50 DMA, The Russell 2000s cleared the 200 DMA, and the S&P 500 closed on new highs!
Of course the week ended well on …
I began this week thinking that investors would be satisfied by the end of this week if NASDAQput some distance between it and the 50 DMA and the small caps cleared the 200 DMA (or at least looks like they …
The market responded well to what sounded like double talk to me. Fed: “We can stimulate to improve the employment number without spiking inflation” The other Fed: “We will begin weighing options to raise rates, pull back stimulus.”
We all …
The small caps look terminal but, they are holding the key point of reversal from May 15th and if Tuesday typifies the 2014 action, Wednesday, we might see an up day-even possibly a move to the 200 DMA and beyond.…
Turnaround Monday but selectively, concentrated in certain NASDAQ stocks such as TSLA, NFLX, TRIP advisor to name a few.
NASDAQ itself breached the 50 DMA to close with an unconfirmed bullish phase. Anxiety certainly dissipates when the leaders that have …
Actually not a bad ending to last week with both the weaker indices NASDAQ and Russell 2000s(confirmed reversal candle after Thursday’s rough start) one small push away from taking out the overhead moving averages (QQQ in better shape). S&P 500 …
I for one, am thankful for Thursday’s action, other than having to endure tweets by all the “smart” analysts who “knew” this was coming, even though most were merely “talking” the divergence train and not so clear about what it …