MEMBERS ONLY
Gone fishing
I will be on vacation the first two weeks of April. The next posting to Art's Charts will be on Monday, April 19th. See you then - refreshed and rejuvenated!... READ MORE
Archived News
MEMBERS ONLY
SPY forms third indecisive candlestick
SPY hit 117 eleven days ago and then stalled the last 10 days. Daily ranges were relatively wide from March 19th until March 26th (six days). The daily range narrowed this week with three indecisive candlesticks. This is hardly surprising considering the four day trading week, the Good Friday employment... READ MORE
MEMBERS ONLY
Juniper slows to a crawl
After surging above 30 in early March, Juniper slowed to a crawl the last six days. Notice that Bollinger Bands (10,2) are contracting and the Standard Deviation is at its lowest point since early February, which is when the surge started. Click this image for details... READ MORE
MEMBERS ONLY
SPY continues to stall
Yesterday I showed a rising price channel extending from August and SPY was consolidating near the upper trendline. No change on that front as SPY continued its stall with another relatively narrow range day. Monday's high-low range was the narrowest in seven days (NR7). This is the range... READ MORE
MEMBERS ONLY
New highs still outpacing new lows $BA
A look at the predefined scans page shows new 52-week highs outpacing new 52-week lows by a wide margin. In fact, new lows are quite minimal, which is hardly surprising considering the current rally is some 55 weeks old. The Aerospace group is well represented with Boeing (BA), General Dynamics... READ MORE
MEMBERS ONLY
SPY hits channel trendline
I will start with the chart shown in yesterday's Market Message. There is no new price action so the analysis has not changed. SPY hit the upper trendline of a rising price channel and stalled over the last two weeks. Stalling is not the same as weakness though.... READ MORE
MEMBERS ONLY
Shanghai Composite breaks resistance
It's been a long time coming, but the Shanghai Composite ($SSEC) finally broke above 3100 resistance. The index has been lagging the S&P 500 the last six weeks as it traded flat. Today's break above 3100 takes the index to its highest level since... READ MORE
MEMBERS ONLY
Uptrend continues as bullish sentiment increases
There is really no change on the daily chart. SPY remains in a medium-term uptrend with a higher low in February and higher high in March. The ETF is also in a short-term uptrend with a sharp advance from the February low. Since moving above 116 eight days ago, the... READ MORE
MEMBERS ONLY
Shooting stars popping up
Shooting star candlesticks are popping up after a couple of volatile days. A CandleGlance view of Thursday's most active list shows shooting stars in the four most active stocks. GE and S formed shooting stars on Wednesday. C and BAC formed shooting stars on Thursday. Click here for... READ MORE
MEMBERS ONLY
Medium-Term Evidence Remains Bullish
There is no change in the Stock Market Summary this week. All indicators are in bull mode, but there were some signs of less strength this week. The NYSE AD Volume Line did not exceed last week's high. Nasdaq Net Advances dipped to their lowest (negative) level since... READ MORE
MEMBERS ONLY
SPY gives up early gains
Trading is turning rather volatile, which is just one more sign that a pullback or corrective period may begin soon. SPY first crossed above 116.5 seven days ago. Since this first cross, the ETF has dipped to around 115 and surged above 118. Yesterday's close at 116.... READ MORE
MEMBERS ONLY
SPY stalls within uptrend
As with the end of February, SPY is currently stalling within an uptrend. The ETF moved above 116 six days ago and has traded on either side of 116.5 the last six days. The pink ovals show periods with a red candlestick, recovery candlestick and a subsequent gain. The... READ MORE
MEMBERS ONLY
Staples breaks flag trendline
After a sharp decline with a gap in early March, Staples (SPLS) retraced 50-62% with a rising flag over the last 2-3 weeks. The stock broke the lower flag trendline with a sharp decline on Wednesday, but firmed at support around 23.5 on Thursday. Click this image for details... READ MORE
MEMBERS ONLY
Techs, healthcare and utilities lead lower
The Market Carpet shows the technology, healthcare and utilities sectors leading the market lower on Wednesday. The average decline for stocks in these sectors was 1.13%, 1.01% and .96%, respectively. Only financials were up with the average advance per stock running .13%. Click this image for details... READ MORE
MEMBERS ONLY
A new high for SPY
There it is again. After one long red candlestick, SPY opened weak and closed strong. This intraday reversal was followed by further gains on Tuesday as the ETF moved above 117 for the first time since September 2008, which was when Lehman declared bankruptcy. The pink circle shows the prior... READ MORE
MEMBERS ONLY
Industry leaders since early February
The John Murphy industry group PerfChart shows banks, biotechs, retail and semis leading the market higher since early February. Oil services and pharmaceuticals are lagging the S&P 500. Click this image for details... READ MORE
MEMBERS ONLY
Bulls refuse to relent
Even after a high-volume bearish engulfing on quadruple witching Friday and weak open on Monday, the bulls refused to give up the trend and pushed stocks higher immediately after the open. One day does not a trend change make. Selling pressure has been very limited since the early February low.... READ MORE
MEMBERS ONLY
Banks and Semis Shine
From the Free Charts page, the most active list for the NYSE shows strength in three banks (C, BAC, WFC). The most active Nasdaq list shows strength in two semis (INTC, AMAT). The CandleGlance link at the bottom of these tables shows all 10 with small candlestick charts. Click this... READ MORE
MEMBERS ONLY
High volume and overbought conditions
Stocks fell on Friday with the highest volume since early February, which was the scene of the last reversal. High volume sometimes marks a turning point. Stockcharts.com provides volume figures for the S&P 500, Dow Industrials, Nasdaq 100, Nasdaq and NYSE. The first three are the most... READ MORE
MEMBERS ONLY
North American Currencies show strength in 2010
The Perfchart below shows the performance trends for 10 currency ETFs in 2010. The North American and commodity currencies are strong, while the European currencies are weak. First, notice that the DB Dollar Bullish ETF (UUP), Mexican Peso ETF (FXM) and the Canadian Dollar ETF (FXC) are up. Strength in... READ MORE
MEMBERS ONLY
A rough week for energy
The Sector Market Carpet shows gains across eight of the nine sectors over the last four days. The energy sector is the only one not sporting a gain this week. Notice that the "bottom 5" performing stocks come from this sector as well. The finance is the strong... READ MORE
MEMBERS ONLY
Medium-Term Evidence Remains Bullish
There is no change in the Stock Market Summary this week. All indicators are in bull mode with no signs of weakness within the market. After a sharp advance the last three weeks, the major index ETFs are short-term overbought and ripe for a pullback or consolidation. RSI for the... READ MORE
MEMBERS ONLY
String broken, but not uptrend
The S&P 500 ETF (SPY) finally broke its string of advances with a small decline on Thursday. And I do mean small. DIA, QQQQ and IWM were up fractionally on the day. The sectors were mixed with five down and four up. Net Advances and Net Advancing Volume... READ MORE
MEMBERS ONLY
IBM forms second bearish engulfing
For the second time in three weeks, IBM made the bearish engulfing scan and confirmed resistance at 129. The stock first hit resistance here in early March. The bearish engulfing has yet to be confirmed as the stock stays range bound the last five days. Watch 127 down and 129... READ MORE
MEMBERS ONLY
The runaway train continues
The S&P 500 ETF (SPY) continued higher with a close above 117. Even though the ETF closed up on the day, the candlestick was indecisive with a small body and relatively equal upper/lower shadows. Since the breakout at 108, I count six indecisive candlesticks. It is clear... READ MORE
MEMBERS ONLY
$XME nears January high
Materials and Energy related ETFs have been lagging the broader market because many remain below their January highs. That may be changing. The chart below shows the Metals & Mining SPDR (XME) surging towards its January high with a move over the last two days. Click this image for details... READ MORE
MEMBERS ONLY
SPY makes it lucky 13
The S&P 500 ETF (SPY) made it a lucky 13 with another advance on Tuesday. There are, hundreds, if not thousands, of indicators and drawing techniques available to the technical analyst. Chances are that one of these indicators or drawing techniques will pick the exact top. Our job... READ MORE
MEMBERS ONLY
Short-Term rates rising ahead of Fed
Even though the Fed is unlikely to raise rates today, the bond market is already doing some of the Fed's work. The 3-month T-Bill Rate ($IRX) bottomed at the end of November and surged over the last two months. Despite this big move, $IRX is still low by... READ MORE
MEMBERS ONLY
SPY up 12 days straight
The S&P 500 ETF (SPY) put another notch on its belt today with the 12th straight gain. As far as I can tell, September 1995 was the last such occurrence, after which SPY moved into a seven week trading range. I posted a chart of September 1995 in... READ MORE
MEMBERS ONLY
Pulte hits retracement resistance
Pulte Homes (PHM) is hitting resistance from broken support and the 62% retracement around 11.8. The stock hit this resistance zone twice in February and formed a lower high in March. Also notice that PHM is underperforming the S&P 500 over the last few weeks. Click this... READ MORE
MEMBERS ONLY
SPY up 11 days straight
With Friday's advance, the S&P 500 ETF (SPY) is now up 11 days straight and 20 of the last 25 days. It is an almost historic run. The ETF was up 12 days straight on September 13th, 1995. After the September 1995 run, the ETF went... READ MORE
MEMBERS ONLY
Breadth continues to expand
NYSE and Nasdaq breadth continues to expand and back up the current rally. From the breadth charts page at Stockcharts.com, we can see the NYSE AD Line ($NYAD) and Nasdaq AD Line ($NAAD) moving sharply higher the last five weeks. Also notice that the cumulative Net New Highs lines... READ MORE
MEMBERS ONLY
MT Evidence shows sea of green
All stock market indicators are in bull mode. Before moving to the details, note that two indicators have been removed. The McClellan Oscillators were removed because they are redundant breadth indicators. The AD Lines represent a purer picture of the advance-decline metrics. The intermarket indicator has been removed because I... READ MORE
MEMBERS ONLY
SPY goes 10 for 10
With Thursday's advance, the S&P 500 ETF (SPY) is now up 10 of the last 10 days and 19 of the last 24. This is an amazing string of advances. In fact, I would say it is starting to look like a melt-up, which is the... READ MORE
MEMBERS ONLY
SPY goes for 10 of 10
With a move into positive territory today, the S&P 500 ETF (SPY) is trying to make it 10 up days in a row. The ETF is also trying to make it 19 up days out of the last 24 days. Truly a remarkable run. Resistance from the January... READ MORE
MEMBERS ONLY
SPY challenges January high
There was another challenge to the January high as the S&P 500 ETF (SPY) gained around 1/2% to close at 114.97. For all intents and purposes, SPY has reached the January high. However, it has yet to exceed the January high. As noted in Wednesday'... READ MORE
MEMBERS ONLY
Profunds Sector Carpet
Even if you do not trade or invest with Profunds, the Profunds market carpet provides an excellent means to track sector/industry action. The Profunds Mutual Funds sector carpet shows 19 funds with the top/bottom five listed on the right. Over the last five days, only the Precious Metals... READ MORE
MEMBERS ONLY
SPY stalls near January high
After moving sharply higher in early trading, stocks turned lower in the afternoon and finished mixed on the day. All major indices finished fractionally higher, but the sectors were mixed with three up, five down and one unchanged. With the afternoon selloff, shooting stars formed in the S&P... READ MORE
MEMBERS ONLY
Cisco surges ahead of announcement
Cisco (CSCO) surged above resistance and recorded a new 52-week high ahead of Tuesday's big announcement. Notice how CSCO started its move with a volume surge in early February. While the new 52-week high is bullish, the stock is getting a bit frothy and the news is now... READ MORE
MEMBERS ONLY
SPY stalls near January high
After a gap and surge above 114 on Friday, the S&P 500 ETF (SPY) stalled with a small doji on Monday. This is hardly surprising given potential resistance near the January high and short-term overbought conditions. SPY is up over 7% since mid February and up over 3.... READ MORE