There is no change in the indicator summary. Stocks held their gains this week and there was not much movement. Led by strength in the finance sector, the NYSE AD Volume Line moved above its November high. The November lows mark key support for the AD Lines and AD Volume... READ MORE
I am still watching the falling flag in the Euro. A falling Euro is potentially negative for stocks and the short-term trend is clearly down as long as the flag falls. On the Euro Currency Trust (FXE) chart, a move above 132.5 would break flag resistance and provide the... READ MORE
While the Networking iShares (IGN) trades near a 52-week high, Cisco (CSCO) flounders near a 52-week low. Who would have thunk it? Cisco is one of the top ten components in this ETF. This year's decline puts the stock at an interesting juncture: a key retracement on the... READ MORE
A surge in interest rates should be bullish for the Dollar, but the Dollar barely moved on Wednesday and Forex vigilantes could turn their sites on the Dollar. As noted in Wednesday's market message, bonds plunged because proposed legislation in DC would increase spending and decrease revenues. While... READ MORE
EK bounces on uptick in volume. GILD bounces off broken resistance. MOT breaks wedge resistance. Plus BSX, KFT, MOT, PEP. See the About Page for details on the commentaries in Art's Charts. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation... READ MORE
The Dow Industrials remains in an uptrend overall, but the senior Average is hitting some resistance from the November highs just above 11400. It is possible that a trading range takes shape after the sharp advance from 10000 to 11400. Key support is based on the lows extending from mid... READ MORE
While the relationship is not perfect, stocks and the Euro still have a pretty good positive correlation. This means both rise and fall together. The clear discrepancy is from 23-Nov to 30-Nov when the Euro fell sharply and SPY held support from its mid November lows. In a sense, stocks... READ MORE
Despite a bounce the last five days, the Utilities SPDR (XLU) remains an underperformer since September. Notice how the price relative peaked and moved lower the last 3 months. On the price chart, the ETF is running into resistance from broken support around 31.30. Click this image for a... READ MORE
On the daily chart, SPY formed a very small candlestick with the narrowest range in over a week. The most popular narrow range indicators are NR-4 and NR-7, which refer to the narrowest high-low range in four or seven days. A narrow range shows indecision that can sometimes foreshadow a... READ MORE
Natural Gas surges as cold hits $NATGAS. CHK bounces off support. NXY challenges resistance. Plus DLTR, EBAY, SUSS. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation to buy, sell, hold or sell short any security (stock ETF or otherwise). We all need... READ MORE
Except for technology, the offensive sectors are leading the market over the last two weeks. Relative to the S&P 500, consumer discretionary, industrials and finance are all positive on this relative strength PerfChart. Utilities, consumer staples and healthcare, which make up the defensive sectors are lagging. Click this... READ MORE
The positive correlation between stocks and the Euro remains in place. The Euro got an oversold bounce last week and this helped propel stocks higher. Strong economic numbers on Wednesday also helped the bullish cause. Even though the Euro is getting a bounce, rising interest rates in the US and... READ MORE
Point & Figure produce straight-forward charts that focus exclusively on price action. Columns of X's appear during an advance. Columns of O's appear during a decline. Nothing appears when prices are flat or move less than the box size or reversal amount. Point & Figure charts... READ MORE
The Nasdaq Point & Figure Triple Top Breakout scan featured over 200 stocks on Friday morning. The chart below shows Echostar (SATS) breaking resistance marked by five columns of X's, which previous reversed at 22. This breakout is P&F bullish with a price objective (PO) of... READ MORE
Today marks three full months that the indicator summary has been positive. After some whipsaws in the summer, this table turned positive on September 3rd and remains positive. Some signs of weakness appeared in November, but these were erased with this week's surge and breakout. Small-caps and mid-caps... READ MORE
There is no change on the daily or 60-minute charts. SPY built on its breakout with a 1.28% gains. Perhaps more importantly, the finance sector led the way with a huge move. Megabanks, regional banks and brokers led the way. On the daily chart, SPY held support around 118... READ MORE
The finance sector sprang to life on Thursday with a sea of green squares filling its portion of the Sector Carpet. M&I Corp (MI) is the top performer with an 11+ percent gain. Click a square to see the corresponding chart in the upper right. Click this image... READ MORE
A little bounce in the Euro, some positive economic news and bullish seasonal patterns pushed stocks sharply higher on Wednesday. Historically, December is the second strongest month of the year for stocks. This historic tendency got off to a good start with yesterday's big surge. This is interesting... READ MORE
$EFTC forms cup-with-handle. $GE bounces of key retracement zone. $PMCS surges off support with good volume. Plus $MCK, $PEP, $SYK, $V, $WY. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation to buy, sell, hold or sell short any security (stock ETF or... READ MORE
The Russell 2000 ($RUT) and small-caps are leading the market higher. The index is the first of the major indices to break above its November high. With today's move above 740, the index is also challenging its April high. Notice that CCI turned positive with the 18-Nov gap... READ MORE
It is as if the under-invested fund managers can smell the yearend. SPY gapped down and moved below 118 yet again on Tuesday, but the bulls pushed the ETF back above 119 in the afternoon. Even though SPY managed to fill the gap, it did not break above yesterday'... READ MORE
After a breakout in early November, Activision (ATVI) consolidated with a triangle over the last few weeks. The consolidation slowly narrowed with the stocks trading between 11.45 and 11.86 the last nine days. A break from this range will trigger the next signal. Click this image for a... READ MORE
On the daily chart, SPY broke channel support with a gap down in mid November and this break is holding. This short-term support break started a short-term downtrend that is considered a correction within the bigger uptrend. As far as downside targets, we can draw a falling price channel and... READ MORE
AVP consolidates after sharp decline. BBY gaps down. FAST breaks triangle resistance. Plus BXP, ITW, SPG, WM, X ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation to buy, sell, hold or sell short any security (stock ETF or otherwise). We all need... READ MORE
The Industrials SPDR (XLI) bounced over the last two weeks, but the rise looks like a bearish flag. Also notice that the ETF formed a harami on Wednesday-Friday last week and the Aroon Oscillator turned negative for the first time since mid September. A break below 21 would signal a... READ MORE
The S&P 500 ETF (SPY) remains in a short-term downtrend that is viewed as a correction within a bigger uptrend. Defining the length and the duration of this correction is an imprecise science. We can, however, set precise resistance levels to define the downtrend. This means the downtrend... READ MORE
The Canadian Dollar Index ($CDW) is showing strength with a higher low in November and big surge this week. Also called the "Loonie", the Canadian Dollar exceeded its summer highs in October and then consolidated several weeks. The overall trend here is up with the next resistance just... READ MORE
It is a strange situation. The anecdotal evidence favors the bears, but the stock market price action remains strong. The 10-year Treasury Yield ($TNX) surged back above 2.9% on Friday and the Euro/Dollar fell below 1.33. Rising yields and a weak Euro would normally be bearish for... READ MORE
The market carpet shows a sea of red over the last two days, but there are a few green squares to be found. There are six in the consumer discretionary sector and five in the technology sector. Big Lots (BIG) is up over 5% and New York Times (NTY) is... READ MORE
The bulk of the short-term evidence is bearish, but the medium-term evidence remains bullish. This means short-term weakness is viewed as a correction within a bigger uptrend. Keep in mind that this bigger uptrend holds the trump cards and these can be played at any time. There will most likely... READ MORE
Stocks moved sharply lower on Tuesday, but the Retail SPDR (XRT) bucked the trend and closed with small gain. The chart below shows XRT breaking flag resistance with a gap up four day ago and closing higher the last five days. ALso notice that the price relative recorded a 52-week... READ MORE
Despite the Irish bank bailout, the Euro declined on Monday and was down in overnight trading on Tuesday. Stocks and the Euro have been positively correlated since April as the Euro pretty much defines the risk on-off trade. Strength in the Euro favors the risk-on trade and stocks. Weakness in... READ MORE
AMAT forms falling flag. MDT firms at key retracement. MSFT finds support near broken resistance. Plus AFFX, CL, MMM, PPDI. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking. This analysis is not a recommendation to buy, sell, hold or sell short any security (stock ETF or otherwise). We... READ MORE
Irish stocks surged to resistance last week, but got cold feet on Monday and reversed course after today's bailout news. The chart below shows the Dow Jones Ireland Index ($IEDOW), which is updated throughout the day. The index broke above its Sep-Oct highs on Friday, but reneged on... READ MORE
The Finance SPDR (XLF) is leading the market lower on Monday as European debt concerns weigh. XLF broke resistance at 15 in early November, but failed to hold this breakout with a move back below 15. After a feeble bounce last week, 15 has become resistance once gain. The indicator... READ MORE
Ireland accepted an aid package and the Euro is getting a bounce this morning. It is not a huge bounce though. Euro strength could give US equities a lift as we head into Thanksgiving. It is a shortened week with three full trading days (Mon-Tue-Wed) and a short day on... READ MORE
Despite weakness in the Euro and European debt concerns, we have yet to see significant weakness or a breakdown in the DJ Euro Stoxx 50 ($STOX5E). This index is the Dow Industrials of Europe. There are 50 stocks representing 9 countries and 18 industry groups. French and German stocks dominate... READ MORE
After dipping earlier in the week, Nasdaq and NYSE 52-week highs bounced back with a surge on Thursday. A list of these market leading stocks is posted every day on the pre-defined scans page. There were 75 new highs on the Nasdaq and 91 on the NYSE. You can also... READ MORE
Even with a rather sharp setback the last two weeks, the indicator summary remains positive. Some indicators were on a verge of a change, but Thursday's rebound in the stock market kept them in bull mode. In particular, the volatility indices were on the verge of resistance breakouts... READ MORE
The Euro got an oversold bounce and bonds moved lower. Stocks also got an oversold bounce, but did not do much after the opening gap. SPY broke channel support with a gap down and long red candlestick on Tuesday. The ETF was oversold after this decline and firmed with a... READ MORE