There is no change in the indicator summary. On the positive side, the NYSE AD Line is trading near a 52-week high, NYSE Net New Highs are positive and eight of the nine sector Bullish Percent Indices are above 50%. On the negative side, the AD Volume Lines remain weak,... READ MORE
Stocks moved sharply lower on Thursday's open when it became clear that European Central Bank (ECB) president Mario Draghi was not quite ready to act. Nevertheless, stocks firmed at midday and then edged off their lows in the afternoon. Perhaps the market is expecting an upside surprise to... READ MORE
Fiserve (FISV) gapped up last week, but then gapped down this week to forge an island reversal. The stock followed through with a support break at 68 and this short-term trend reversal is turning into a medium-term trend reversal. Click this image for a live chart... READ MORE
The S&P 500 ETF (-.36%) and Dow Industrials SPDR (-.19%) edged lower on Wednesday, but the Russell 2000 ETF (-1.65%) and S&P MidCap 400 SPDR (1.05%) moved decisively lower. Again, relative weakness in small-caps and mid-caps remains a major concern in the... READ MORE
ARO Stalls at 61.80% Retracement. FISV Forms Island Reversal. HRB Breaks Flag Support with High Volume. Plus ASEI, BBBY, LIFE 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
On Balance Volume (OBV) is a simple indicator that measures buying and selling pressure. Volume is added on up days and subtracted on down days. Even though the Dow Transports is holding above its June low, OBV sank to new lows and shows selling pressure. Click this image for a... READ MORE
Stocks continued to edge lower on Tuesday with small-caps and mid-caps leading the way. The Russell 2000 ETF lost .70% and the S&P MidCap 400 SPDR declined just over 1%. Eight of the nine sectors were down with the Technology SPDR bucking the trend. However, XLK gained just... READ MORE
The Russell 2000 ETF (IWM) and the S&P 500 ETF (SPY) parted ways over the last few weeks. IWM peaked in early July and zigzagged lower. SPY, in contrast, zigzagged higher with a move above the mid July high. This divergence means small-caps are showing relative weakness. Click... READ MORE
Stocks edged lower on Monday in listless trading. The Russell 2000 ETF (IWM) led the way down with a .64% loss, while the Nasdaq 100 ETF (QQQ) held most of its ground with a fractional .11% loss. Sector action was mixed with technology, energy, consumer staples and utilities slightly higher.... READ MORE
DHI Stalls above Resistance Break. KGC Breaks Wedge Resistance. MCHP Breaks Triangle Resistance. Plus ANF, CVS, DDR, UTX, XL 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
Stocks were weak on Monday with the Technology Sector (XLK) leading the market down. The average loss for a technology stock was .70 percent. Citrix (CTXS) was the big loser with a decline of 6.09%. The Consumer Discretionary SPDR (XLY) was also showing weakness. Click this image for a... READ MORE
There was one downgrade, but the indicator summary remains net positive. Net New Highs were downgraded to neutral because Nasdaq Net New Highs are showing weakness as the cumulative line moved below its 10-day EMA. NYSE breadth remains strong overall as the AD Line trades near a 52-week high and... READ MORE
Mario Draghi said the magic words and stocks answered with a powerful surge higher. The rally started on Thursday and extended on Friday. The Russell 2000 ETF (IWM) and Nasdaq 100 ETF (QQQ) led the charge with 2+ percent gains. All sectors were higher the Technology SPDR (XLK), Industrials SPDR... READ MORE
I am taking Friday off. Art's Charts will return on Monday with the Indicator Summary and normal commentary. Have a great weekend!... READ MORE
With a big surge above 1350 today, the S&P 500 reversed its falling O-Column and started a rising X-Column on the P&F chart. This reversal creates support from the prior two O-Columns and the rising Bullish Support Line (blue). A move below 1320 would break these... READ MORE
Stocks were mixed on Wednesday. The Nasdaq 100 ETF (QQQ) and S&P 100 ETF (OEF) moving lower, but the Russell 2000 ETF (IWM) and S&P MidCap 400 SPDR (MDY) edging higher. The sectors were also moved with the Consumer Discretionary SPDR (XLY) and Technology SPDR (XLK)... READ MORE
AMZN Tests Triangle ahead of Earnings. CTXS Gaps Down. JWN Hits Key Retracement. Plus BBBY, DRI, IDCC, NUE, SKUL 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
This blog entry has been updated to reflect new information. The Hindenburg omen almost triggered on July 23rd. First, notice that new highs and news lows as a percentage of total issues surged above 2.8%. Second, notice that new highs were less twice the number of new lows. The... READ MORE
Stocks were under selling pressure again on Tuesday with the Russell 2000 ETF (IWM) and S&P MidCap 400 SPDR (MDY) leading the way lower. Small and mid-caps are less diversified than large-caps and they have less overseas exposure. In other words, they are more domestically oriented. Relative weakness... READ MORE
The image below comes from the predefined scans page. New highs were outpacking new lows earlier this month, but the tide is shifting as new lows expand on the NYSE and Nasdaq. Click this image for a live version.... READ MORE
The major index ETFs were hit with strong selling pressure on the open, but managed to bounce after gapping down. Nevertheless, the major index ETFs finished with losses and the gaps held. Small-caps led the way lower as the Russell 2000 ETF (IWM) lost 1.60%. All nine sectors were... READ MORE
CCE Advances on Good Volume. FDX Reverses at Key Retracement. JPM Forms Falling Flag. Plus ECA, FCX, NVDA, WU 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
With the market shifting to risk-off mode the last few days, the Yen ETF (FXY) broke above trend line resistance. The Yen has been moving higher since early July and the Nikkei 225 ($NIKK) has been moving lower. In fact, notice that this seesaw relationship has been quite strong in... READ MORE
Stocks moved sharply lower on Friday with the Russell 2000 ETF (IWM) and the Nasdaq 100 ETF (QQQ) leading the major index ETFs down. Seven of the nine sectors were lower with the Finance SPDR (XLF) leading this group. The Energy SPDR (XLE) and the Utilities SPDR (XLU) managed to... READ MORE
The first chart shows the S&P Sector PerfChart for the one month time frame (22 trading days) and the second chart shows the three month timeframe (64 trading days). Note that these PerfCharts show relative performance, which is the amount the SPDR is outperforming or underperforming the S&... READ MORE
After a four day surge that carried the Dow Industrials SPDR (DIA) above 129, the ETF formed a doji to signal indecision on Thursday. Also notice that DIA formed indecisive candlesticks at the prior two peaks. A gap down and long black candlestick on Friday would form a rare evening... READ MORE
The indicator summary remains positive overall, but I downgraded the small-cap/large-cap indicator because small-caps are seriously underperforming the last two weeks. Even though the indicators remain net positive, I remain concerned because some key indicators are still bearish. The AD Volume Lines are bearish overall and the offensive sectors... READ MORE
Technology stocks led the market again on Thursday, but the finance sector weakened again and small-caps were also down on the day. Relative weakness in these two is not a good sign. At best, it points to a divided market that will trade sideways. At worst, it points to underlying... READ MORE
The Finance SPDR (XLF) led the market higher from early June to mid July, but stalled the last four days and started showing relative weakness. The indicator window shows the price relative (XLF:SPY ratio). Notice how this indicator broke support from the early July low and XLF is now... READ MORE
SWKS Bounces off Support with Good Volume. UNH Firms at Support Zone. Plus BDX, BX, CNX, MCD, MCO, MDT, ZION 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
The bulls simply refuse to buckle. Economic reports have been below expectations for months, earnings are less than stellar and the Fed stands ready to act. Perhaps the stock market is pricing in quantitative easing for August or September. Even though stocks advanced, the advance was not even and did... READ MORE
Stocks moved higher with the technology sector leading the charge on Wednesday. The Sector Carpet shows lots of green in this key sector. Also notice that four of the top five performers come from technology. The finance sector was the weakest with three of the five biggest losers coming from... READ MORE
Stocks were edgy on Tuesday as Fed chairman Ben Bernanke testified before congress. After an initial pop on the open, the major index ETFs dipped lower for around 40 minutes and then surged back into positive territory in the early afternoon. Tuesday's dip now provides a short-term support... READ MORE
Selling pressure hit the stock market after a weak retail sales report, but the major index ETFs managed to firm and finish with small losses. With another key economic report coming in below expectations, investors turned their attention to the prospects of more quantitative easing. Fed chairman Ben Bernanke testifies... READ MORE
AES Extends Flag Consolidation. ATVI Surges and then Forms Bull Flag. COV Breaks Wedge Trend Line. Plus ARO, DNR, GS, IACI, INTU, MRO 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 chart below shows four of the thirty CandleGlance charts for the Dow Industrials. Notice that big pharma is leading the way as Pfizer (PFE) and Merck (MRK) surge to new highs. The Healthcare SPDR (XLV) is also hitting a new high today. Click this image for a live chart... READ MORE
With oil bouncing over the last few weeks, Halliburton is tracing out a little head-and-shoulders bottom. Despite a potentially bullish pattern, the stock remains short of the breakout needed to confirm a reversal. Also note that a volume expansion is needed to confirm any breakout. Click this image for a... READ MORE
The risk-on trade took hold on Friday with stocks, oil and gold surging. All major index ETFs were up over 1%. Eight of the nine sector SPDRs were up over 1% with the Finance SPDR (XLF) leading the charge (+2.76%). JP Morgan was the big story of the day... READ MORE
The stock market bottomed on June 4th and moved higher the last 5-6 weeks. All major index ETFs are up since June 4th, but the Nasdaq 100 ETF (QQQ) sports the smallest gain. The PerfChart below shows QQQ up 2.8% and the rest up 4% or more. Note that... READ MORE
Despite a decline this week, the indicator summary remains unchanged and net positive. Even so, there are some glaring signs of weakness within the market. The AD Volume Lines failed at broken support and remain bearish overall. The Bullish Percent Indices for the technology and industrials sectors are below 50%... READ MORE