ARO Stalls with Possible H&S Looming. ARUN Hits Key Retracement with Wedge Pattern. Plus CHRW, FAST, 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 Nasdaq 100 ETF (QQQ) got a lift from Apple on Wednesday, but could not hold its early gains as sharp losses in Broadcom (BRCM) and Panera Bread (PNRA) weighed. The chart below shows QQQ gapping down last week and holding this gap the last four days. Notice that the... READ MORE
Stocks meandered again on Tuesday with the Dow Industrials SPDR (DIA) closing slightly higher and the S&P 500 ETF (SPY) edging lower. Large techs were under pressure ahead of Apple earnings as QQQ fell around 3/4 of a percent. Apple moved higher after hours and may provide... READ MORE
The Home Construction iShares (ITB) broke out with a gap in mid July and this breakout is still holding. The ETF pulled back into the gap zone, but never completely filled the gap to negate the breakout. The indicator window shows RSI moving into the 50-60 zone and stalling. A... READ MORE
Stocks meandered in quiet trading on Monday. The Dow Industrials SPDR (DIA) lost a fraction, while the S&P 500 ETF (SPY) gained a fraction. SPY and IWM remain in short-term uptrends. QQQ is showing the most vulnerability with a support break last week. This support break is holding... READ MORE
AAP Consolidates after Breakouts. AMX Stalls at Range Resistance. Plus NIHD, NVDA, VRSN 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 to think for ourselves when it... READ MORE
The Retail SPDR (XRT) surged from late June to mid July and then embarked on a rather narrow consolidation. Notice that the ETF traded between 80.3 and 81.6 since July 11th. The overall trend is up, and this favors an upside breakout or continuation higher. Adding a little... READ MORE
Stocks started the week in strong uptrends and short-term overbought conditions after big gains the prior three weeks. This did not deter buyers as the S&P 500 ETF (SPY) and the Russell 2000 ETF (IWM) broke consolidation resistance levels mid week. The Nasdaq 100 ETF (QQQ) was hit... READ MORE
The Russell 2000 ($RUT) is leading the market higher with a breakout on July 8th and a series of 52-week highs the last two weeks. This key small-cap index was one of the first of the major indices to break above its May high. Even though the index is looking... READ MORE
The Consumer Discretionary SPDR (XLY) and the Finance SPDR (XLF) were the first two sectors to reach 52-week highs this month. With big moves over the last few days, the Healthcare SPDR (XLV) and the Industrials SPDR (XLI) join the club. Chart-wise, new highs make these four sectors among the... READ MORE
With big moves over the last three weeks, the indicator summary improved since its last tally (21-June). The AD Volume Lines hit new highs, the Nasdaq AD Line hit a new high and Net New Highs surged. The finance and consumer discretionary sectors are leading the nine sectors. Even though... READ MORE
Big tech misses are weighing on the market as stock futures trade modestly lower after hours. Both Google and Microsoft missed on their revenue estimates. Even though the short-term and long-term trends for the market are up, stocks are overbought after big moves the last 3-4 weeks and these misses... READ MORE
The Finance SPDR (XLF) surged to a fresh 52-week high with leadership from Morgan Stanley (MS), Bank of America (BAC) and JP Morgan (JPM). The CandleGlance chart below shows these three hitting 52-week highs. It is hard to argue with upside leadership from the second biggest sector in the S&... READ MORE
Earnings season is turning rather mixed with financials showing strong results and techs more mixed. Morgan Stanley is the latest big financial player to report strong results. Intel, on the other hand, reported weak results with its fourth straight quarterly decline in revenues. Google and Microsoft on are on deck... READ MORE
AEO Breaks Down and Shows Relative Weakness. IVZ Forms Pennant after Support Break. Plus BRCM, LULU and MON. Download MP4 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... READ MORE
Patternson Energy (PTEN) has been lagging the market and the energy sector the last few months, but shows signs of life with a high volume surge and pennant. A pennant breakout would signal a continuation higher and target a move to the next resistance zone. Note that this is an... READ MORE
Today is just like a Fed day because Chairman Bernanke begins his two day testimony before Congress. I would not expect any fireworks from his prepared testimony, but we could see markets react if there are any surprises during the question and answer session. Overall, major index ETFs remain in... READ MORE
The animated chart below shows Apple at a key resistance zone right now. A double bottom could be forming, but the stock is in a long-term downtrend and stalling in the middle of the three month range. A move above 435 would open the door for a double bottom resistance... READ MORE
Trading turned a bit mixed on Monday as stocks digested recent gains ahead of earnings and testimony from Fed Chairman Bernanke. This is a big week for earnings with Goldman Sachs, Coca-Cola and Yahoo! reporting on Tuesday. Wednesday and Thursday are the biggest days though. Bank of America, IBM, Intel... READ MORE
AMGN Breaks Resistance with 7-day Advance. PLCM Forms 11 month Base. Plus DNDN, JBLU and R. 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 to think for... READ MORE
The Uranium-Nuclear ETF (NLR) caught a bid last week and broke resistance to forge a 52-week high. Notice that a series of rising troughs (green line) preceded this breakout. The indicator window shows MACD confirming strength with a 52-week high of its own. Click this image for a live chart... READ MORE
Good morning Wall Street! After a little sand and sun, I am back in the saddle and ready to tackle the markets. Stocks and oil are running with the bulls as global economic prospects improve. Treasuries extended their downtrends as non-farm payrolls continued to improve. Money moving out is Treasuries... READ MORE
The Utilities SPDR (XLU) is consolidating at a potential support level and traders should watch the consolidation high for a breakout. First, notice how broken resistance and the Fibonacci retracements mark support in the 36-36 area. This is a good spot for a bounce, but a breakout is needed to... READ MORE
Gold is medium-term oversold and ripe for a bounce, but the long-term trend remains down with a target in the $1000 area. There are two big moves defined by two sets of retracement lines on this chart. The first extends from the 2001 low to the 2011 high (±250 to... READ MORE
After a plunge from mid May to mid June, the Technology SPDR (XLK) bounced back to the 31 area to reach its first resistance area. First, broken support turns into resistance here. Second, the Fibonacci retracements tools show a cluster in the 31-31.33 area. Notice that these Fibonacci retracements... READ MORE
The Semiconductor SPDR (XSD) is consolidating within an uptrend as broken resistance turns first support in the 51 area. A small wedge or pennant formed the last five weeks and a break above 54 would signal a continuation higher. The indicator window shows XSD relative to SPY. Notice how XSD... READ MORE
After hitting a new high in mid May, the S&P MidCap 400 SPDR (MDY) fell back towards its April lows in June. Combined with the 38.2% retracement, these lows mark support in the 200-202 area. MDY has yet to fully recover from last week's plunge... READ MORE
Programming note: I will be on vacation from June 28 to July 12 (Friday to Friday). This is the all important two-week family vacation. My contributions to Art's Charts and the Market Message will resume on Monday, July 15. This will be the pause that refreshes! Thanks in... READ MORE
ABC Extends Long Consolidation. ALL Challenges Support Break. Plus DOX, MCK and NYT. 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 to think for ourselves when it... READ MORE
Wal-mart corrected with the rest of the market over the last two months and retraced 50-61.80% of its prior advance with a falling channel. The correction stopped just short of broken resistance in the 72 area as prices surged back above 75 the last few days. Also notice that... READ MORE
Programming note: I will be on vacation from June 28 to July 12 (Friday to Friday). This is the all important two-week family vacation. My contributions to Art's Charts and the Market Message will resume on Monday, July 15. This will be the pause that refreshes! Thanks in... READ MORE
With a move below 1570, the S&P 500 broke the blue Bullish Support Line and a new Bearish Resistance Line has been drawn (red). Looking at price action, there is a lot of support in the 1535-1540 area and this is the next target. Notice the three O-Columns... READ MORE
Stocks moved lower again on Monday with broad-based selling pressure. The decline was, however, contained because the major index ETFs gapped down, bounced and then moved lower in the final hour. All sectors were down with the Industrials SPDR (XLI) and Finance SPDR (XLF) leading the way. The defensive sectors... READ MORE
AFFX Returns to Support and Firms with Good Volume. ARUN Shows Relative Strength in June. Plus CHKP, FB, IPI 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
Weakness in stocks and strength in the Dollar weighed on oil as Spot Light Crude ($WTIC) and Brent futures fell sharply. The chart below shows Brent Crude ETF (BNO) breaking wedge support with a plunge below 77. The indicator window shows August Brent (^BQ13) falling and testing the wedge trend... READ MORE
Chinese equities were hit hard on Monday with the Hang Seng Index ($HSI) falling over 2% and the Shanghai Composite ($SSEC) plunging over 5%. A surge in overnight repo rates (Chibor) is to blame. Note that the US experienced a similar rate surge just before the Lehman collapse. While I... READ MORE
The stock market peaked on May 22 and all sectors are down since then. The S&P 500 is down 4.09%, but the Consumer Staples SPDR (XLP), Healthcare SPDR (XLV) and Utilities SPDR (XLU) are down more and showing relative weakness. XLU is down a whopping 7.79%... READ MORE
With weakness throughout June, three indicators were downgraded to bearish in the indicator summary. It is a rather strange trio though. Net New Highs are considered bearish because NYSE Net New Highs plunged to their lowest reading in over a year. The VIX surged above 20% to show the most... READ MORE
Stocks were hit hard with the major index ETFs falling over 2% on the day. Even though this decline looks massive on a short-term basis, it is relatively small on a six to twelve month timeframe. All sectors were down with the defensive sectors leading the way lower, which is... READ MORE
The stock market is down sharply on Thursday, but there are a few green shoots on the sector Market Carpet. In the technology sector, notice that Redhat (RHT), Citrix (CTXS), JDS Uniphase and Juniper (JNPR) are up so far today. In fact, the technology sector is holding up relatively well... READ MORE