Tuesday, February 21st, 2017

SPX rallied back up on ben Bernanke’s testimony before Congress and retraced almost 78.6% on Fibonnaci retraqcement levels. This is a very significant move and if it continues we shall see this market retake the pivot highs of 1530 in few sessions. Banks are the best of breed along with some major stocks in motion […]

Have not seen a sell program that strikes at 12 noon or 3:00 PM all this year. I was wondering what happened to those good old fashioned sell offs? Those ugly candles and red on the screen. When the dust settles all is well and we are back at the buying table. The market clearly […]

After grinding higher day after day which seemed like eternity, the SPX finally broke down and closed just above the 21 day moving average. This  rally has been six weeks old since the start of 2013 and there has been  no rest in between. This was not an unexpected move. You probably knew it would […]

Relentless is the word. This market is relentless in the pursuit of higher ground. Right after the President’s day SPX makes new highs at 1530. It is a tough tape. You cannot short it because it comes back and its hard taking longs because its filled with fear and caution. These markets can stay that […]

Here is what the market has been doing. Trucking higher without a break. It has frustrated bears and bulls are the same time. But the trend is still up and intact. Today was the day SPX dropped to its 10 moving average and than quickly reversed higher. This shows power in the move and when […]

MARKET UPDATE posted 02/11/13 SPX traded in a narrow range and stayed below the highs making a inside day on the charts. Friday was a big day and today all quiet and confined to narrower range. The big candle is overshadowing the smaller candle here. Most of the indexes followed in the same steps and […]

SPX continues to grind higher. The haphazard formation of Megaphone  like pattern has clearly resolved to the upside with today’s move.  Usually these patterns are bearish in nature and lead to lower prices. The earnings season is almost over, and now the attention focuses back on the economy and Europe and other fiscal matters. What […]

SPX has gradually splattered all over the place. We had one big day down and moved to the 10 day line and than a reversal move  and than a hammer close today. There is  possibly a formation of a  broadening top chart pattern or megaphone pattern.  These patterns are bearish in nature and usually resolve […]

The SPX definitely reversed after putting an impressive rally on Friday with a bullish engulfing candle. This was a cause of no concern as it was expected that such move was due and this could be the pullback bulls and bears may be looking for the last two weeks. RUT also drove down from the […]

Today’s non -horrible jobs report put the indexes back on the roll again. The non farm payrolls data was in line of expectations of 157,000 jobs which is what the market has been getting for the last three months. The last two months payroll numbers were also revised upwards. But the unemployment rate notched up […]