Stocks corrected the last two days with relatively mild selling pressure. The Russell 2000 ETF (IWM) lost .62% and the S&P 500 ETF (SPY) fell just .22%. IWM continues to show relative weakness over the last six weeks. The sectors were mixed with six down and three up.... READ MORE
Under Armour (UA) is currently in a long-term uptrend, but the stock stalled over the last three months with a head-and-shoulders pattern taking shape. The right shoulder is under construction with a bearish engulfing marking the high. The September-November lows mark neckline support in the 75-76 area. Click this image... READ MORE
Stocks traded relatively flat the first part of the day and then got hit with selling pressure in the afternoon. Techs led the way down with the Nasdaq 100 ETF (QQQ) losing around 1%. Eight of the nine sectors were down with the Consumer Discretionary SPDR (XLY) and Energy SPDR... READ MORE
CAT Extends Post-Gap Consolidation. COF Shows Relative Weakness as Wedge Forms. Plus DOW, FB, MOVE, NVR, PEG, RDC Individual charts are below the video. Sorry but your browser doesn't support HTML5 video. Click here for iPad/iPhone Version **This chart analysis is for educational purposes only, and should... READ MORE
There was a time when LinkedIn (LNKD) and Tesla (TSLA) were joined at the hip and led the momentum crowd. Both stocks surged from January to September and then corrected from early October to mid November. This relationship appears to be changing as Tesla sank to new lows for the... READ MORE
The bulls continue to press their case as the major index ETFs scored modest gains for the week. It is not as if buying pressure is especially strong. Buying pressure, however, is clearly stronger than selling pressure. In fact, selling pressure is pretty much non-existent. The Nasdaq 100 Equal-Weight ETF... READ MORE
When a major index records a new high, I go straight to the key breadth indicators to see if these highs were confirmed. Breadth indicators are sometimes called "internal" indicators because they measure what is happening inside a specific index or ETF. We can see what is happening... READ MORE
Coal stocks were hit with selling pressure after the TVA announced the closing of eight coal-fired power plants. The 60-minute P&F chart shows BTU breaking Quadruple Bottom support and sporting a downside price objective of 18.65. Note that chartists can change the period settings and price fields... READ MORE
There is no change in the indicator summary as the bulk of the evidence remains bullish. We saw new highs in SPY, RSP and MDY this week. The NYSE AD Volume Line also hit a new high. Net New Highs surged as buying pressure picked up in November. Volatility remains... READ MORE
Stocks got a bounce, but there were some pockets of weakness in the market. Get this. The Russell 1000 iShares (IWB) moved higher, but the Russell 2000 ETF (IWM) edged lower. We can blame this on the growth component because the Russell 2000 Value iShares (IWN) was up .22%, but... READ MORE
After a bullish engulfing on Tuesday, Zynga (ZNGA) surged to triangle resistance with high volume on Wednesday. Overall, chartists can make a bullish case for this internet-mobile gaming company. A higher low formed in August and the stock surged above the July high with good volume in September. The subsequent... READ MORE
Video for Art's Charts: BAX Bounces off Support with Good Volume. BIIB Hits an Interesting Juncture. Plus CNL, MAS, SIAL, TE, WFC Sorry but your browser doesn't support HTML5 video. Click here for iPad/iPhone Version This commentary and charts-of-interest are designed to stimulate thinking. This... READ MORE
Trading started mixed on Wednesday, but stocks caught a midday bid and raced higher to close strong. The Nasdaq 100 ETF (QQQ) and the Russell 2000 ETF (IWM) led the way. All sectors were up with the Consumer Discretionary SPDR (XLY) leading (+1.58%). Strength in Macy's boosted... READ MORE
BAX Bounces off Support with Good Volume. BIIB Hits an Interesting Juncture. Plus CNL, MAS, SIAL, TE, WFC Individual charts are below. Sorry but your browser doesn't support HTML5 video. Click here for iPad/iPhone Version **This chart analysis is for educational purposes only, and should not be... READ MORE
It was a big day for stocks as the ten most active stocks on the NYSE and Nasdaq advanced. As the Free Charts page shows, both exchanges went ten for ten. Bank of America (BAC) led the NYSE with a 2+ percent gain. Facebook (FB) led the Nasdaq with a... READ MORE
It was another mixed day for the major index ETFs. The Nasdaq 100 ETF (QQQ) edged higher, while the S&P 500 ETF (SPY) edged lower. Six of the nine sector SPDRs finished lower with the Finance SPDR (XLF), Energy SPDR (XLE) and Utilities SPDR (XLU) leading the way.... READ MORE
The Nikkei 225 ($NIKK) broke above wedge resistance with a surge to 14589 and extended its long-term uptrend. First, note that the long-term trend is up after the big surge from November to May. Second, this triangle represents a consolidation and the breakout signals a continuation of the uptrend. Third,... READ MORE
Stocks meandered in slow trading on Monday. The Nasdaq 100 ETF (QQQ) edged lower and the S&P 500 ETF (SPY) edged higher. The sectors were mixed with fractional gains and losses. The Retail SPDR (XRT) stood out with a 1% surge that neared its prior highs, while the... READ MORE
BRCM Firms at 50-62% Retracement. DF Forms Bull Flag after Surge. Plus DHI, FNSR, TSO Video is at top. Individual charts are below. Click here for iPad/iPhone Version **This chart analysis is for educational purposes only, and should not be construed as a recommendation to buy, sell or sell-short... READ MORE
Spot Copper ($COPPER) has gone nowhere the last three months and a narrowing consolidation is taking shape. The pink lines show the Bollinger Bands narrowing as volatility contracts. This is confirmed by the bandwidth indicator, which is trading near seven month lows. Traders should watch range for a break to... READ MORE
The bulls went on a run after non-farm payrolls beat expectations and prior months were revised higher. Strength in employment put tapering back on the agenda and weighed on bonds. Taper-talk also weighed on gold as the Dollar surged and held last week's breakout. Despite Friday's... READ MORE
There are bearish engulfing patterns and then there are BEARISH ENGULFING PATTERNS. With a strong open and weak close on Thursday, the Dow SPDR (DIA) formed the latter. This is the second bearish candlestick pattern in two weeks. A follow through break below the early November low would confirm this... READ MORE
This article can be found in the Mailbag blog (click here).... READ MORE
The bulk of the evidence remains bullish, but this uptrend is getting long in tooth and the market is ripe for a correction. Note that the majority of technical indicators have been positive for a year now, which is the longest stretch since I began this table. Even though the... READ MORE
Things that make you go hmm.... Stocks declined and a few media reports blamed a better-than-expected GDP report. Also note that October same-store retail sales were up 4%, which ain't bad considering all that shutdown stuff. The reasoning suggested that strength in the economy would lead to Fed... READ MORE
There is not much historical data for Twitter (TWTR) because it opened for trading just today. However, there are already signs of support near the opening price. The 1-min chart shows TWTR opening at 45.10, surging to 50 and then falling back to the 45 area. Notice how the... READ MORE
It was a strange day on Wall Street. The Dow Industrials surged over 100 points, but the Russell 2000 fell .43%. The Consumer Staples SPDR (XLP) and Utilities SPDR (XLU) led the market higher, but the Technology SPDR (XLK) also showed relative strength with a 1.01% gain. Strength in... READ MORE
LNKD Forms Bear Flag at Support. MDR Surges with Huge Volume. Plus MOVE, STX, WIN, YELP Video is at top. Individual charts are below. **This chart analysis is for educational purposes only, and should not be construed as a recommendation to buy, sell or sell-short said securities** Click here for... READ MORE
Facebook (FB) came across the bullish engulfing scan twice in the last four days. The stock fell to support last week and then formed a big bullish engulfing pattern on high volume. After a pullback on Friday-Monday, the stock opened weak on Tuesday and closed strong to form another bullish... READ MORE
Stocks edged lower on Tuesday with the major index ETFs ending with small losses. The S&P Midcap SPDR (MDY) fell .63% and the S&P 500 ETF (SPY) lost .32%, but the Nasdaq 100 ETF (QQQ) bucked the selling with a fractional gain (+.11%). Eight of the... READ MORE
Carmax is making a move as it bounces off support and breaks wedge resistance. Support in the 46-47 area extends back to the July low. The breakout is valid as long as it holds and I would watch 47.6 for the first signs of failure. The indicator window shows... READ MORE
Stocks rebounded on Monday with modest gains in the major index ETFs. Small-caps led the recovery as the Russell 2000 ETF (IWM) gained 1.15% on the day. Those looking for a rally excuse can point to the beginning of the month phenomenon because Monday was the second trading day... READ MORE
BBBY Consolidates After Big Gap. BOOM Turns Volatile on High Volume. Plus EBAY, GTIV, IGT, IMMR, PMTC, RLGY Video is at top. Individual charts are below. **This chart analysis is for educational purposes only, and should not be construed as a recommendation to buy, sell or sell-short said securities** Click... READ MORE
The Market Carpet shown here focuses on the US industry groups from the Market Summary Market. Chartists can focus on a particular section of a Market Carpet by double clicking a square. Notice that the DJ US Paper-Forest Products Index ($DJUSFR) is the best performer over the last five days.... READ MORE
Stocks finally took a breather last week as small-caps led the correction. The Nasdaq 100 ETF (QQQ) and S&P 500 ETF (SPY) corrected with trading ranges, while the Russell 2000 ETF (IWM) corrected with a 2.13% decline. The sectors were mixed last week with the Finance SPDR... READ MORE
Basic Elliott wave teaches us that there are two types of price movements: impulse and corrective. Similarly, Dow Theory teaches us that there are primary price movements and secondary price movements. Impulse and primary moves are in the direction of the bigger trend. Corrective and secondary price moves run counter... READ MORE
This PerfChart shows ten ETFs that cover the intermarket picture. Notice that nine of the ten moved higher with stocks and gold leading the way. Oil was hit the hardest with a 5+ percent loss. In a surprise, the Dollar and the Euro both gained. Dollar strength can be attributed... READ MORE
The indicator summary remains firmly positive, but stocks stumbled this week with small-caps and financials weighing on the market. After big runs the last three weeks, the major index ETFs are again short-term overbought. However, these runs produced new highs to affirm the overall uptrends. Also note that the AD... READ MORE
Stocks were mostly weak on Thursday, but selling pressure was modest and there were a few pockets of strength. The Russell 2000 ETF (IWM) led the way lower with a .58% decline. The Nasdaq 100 Equal-Weight ETF (QQEW) managed a .03% gain on the day. Seven of the nine sector... READ MORE
LinkedIn (LNKD) was hit with a high volume decline on Wednesday, but managed to firm near a support zone on Thursday. Support stems from the mid August and early October lows. The indicator window shows the Aroon indicators converging below 30. This convergence suggests little directional movement over the last... READ MORE