Stocks remain strong. SPY is up 5.68% the last 10 days. A small indecisive candlestick formed after a gap up on the open. Even though potential resistance from the February high is close and stocks are short-term overbought, there is simply no let up in buying pressure. The turnaround... READ MORE
ABX Forms Bull Flag. AEO Surges to Resistance. FLEX Flexes its Muscles. Plus AMRK, BSX, LLY and STT. ----------------------------------------------------------------------------- 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 India Sensex Index ($BSE) is celebrating India's semi-final win in the Cricket World Cup with a breakout over the last few days. Actually, the breakout occurred before the win. Stocks tend to lead major sporting events by a few days (joke). Click this image for a live... READ MORE
"Don't fight the Tape" is an old Wall Street adage. It is as true today as it was when Jesse Livermore traded in the bucket shops. First and foremost, the overall trend on the daily and weekly charts is up and has been up for some... READ MORE
On the P&F chart, the Russell 2000 ETF affirmed support around 77 with a sharp reversal the last two weeks. This reversal was strong enough to forge a Quadruple Top Breakout as the current X-Column broke above the equal highs of the prior three X-Columns. Click this image... READ MORE
BSX Forms Long Triangle. ENR Gaps Up off Support. FITB Consolidates near Support Zone. Plus HBI, IBOC, SLAB and TRMK. ----------------------------------------------------------------------------- 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
The medium-term trend has been up since early September and the short-term trend turned up again with last week's break above 130. After a 4.51% run the prior seven days, the S&P 500 ETF (SPY) became short-term overbought and is now showing signs of indecision.... READ MORE
After surging above its October high, Garmin moved into a consolidation and volatility contracted. Notice how Bollinger Band Width moved below the January low and to its lowest level in months. This volatility contraction could foreshadow a volatility expansion. Watch support and resistance for the first direction clue. Click this... READ MORE
With a 4.51% run the last seven days, the S&P 500 ETF (SPY) is short-term overbought and showing signs of indecision. Chartists do not need a momentum oscillator to figure out that SPY is short-term overbought. This 7-day rally is the strongest since the first week of... READ MORE
The year-to-date commodity PerfChart shows Silver and Oil as the big winners. Both are up more than 15%. Gold is also up, but barely as it finished 2010 near $1420. A surge over the last two weeks brought Copper back to its 2010 high. Click this image for a live... READ MORE
Even though the indicator summary turned negative last week, I still viewed the recent decline as a correction within a bigger uptrend. We have yet to see a major topping pattern evolve and the market was entitled to a correction after a big run from late August to February. With... READ MORE
It was small-caps powering the market higher on Monday and techs powering stocks higher on Thursday. Even though these two key groups are playing tag-team, the market is benefitting from strength in both groups this week. As a result, the S&P 500 ETF (SPY) broke above short-term resistance... READ MORE
After a gap down and weak open on Wednesday, the stock bulls found their wind and pushed stocks higher. At the same time, the bond bulls lost their wind as the 20+ year Bond ETF (TLT) moved sharply lower. Click this image for a live chart... READ MORE
The bulls simply refuse to give up. SPY opened lower with a gap below 129, but the bulls quickly entered the market and pushed stocks higher. SPY surged back to Monday's high, DIA exceeded Monday's high and tech stocks showed relative strength on Wednesday. With yesterday&... READ MORE
ABT Bounces off Key Retracement. ACI Challenges Resistance. MSFT Breaks Wedge Trendline. Plus ATVI, DELL, F, XLF, XRT ----------------------------------------------------------------------------- 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
Even though the S&P 500 and the S&P 500 ETF (SPY) track quite well over the medium-term and long-term, daily candlestick action can be quite different. The S&P 500 is an index that prints a price seconds after the market open. More often than... READ MORE
The Retail SPDR (XRT) held up quite well in March as broken resistance turned into support at 47.5 the last few weeks. After a surge in early February, a falling wedge evolved and the ETF established resistance at 49.10 this week. A move above this level would break... READ MORE
On the daily chart, SPY surged from ±125 to ±130 with two black candlesticks and a small white candlestick. There were three strong opens, but the ETF moved lower after the first two gaps (Thursday-Friday) and barely advanced after Monday's gap. As noted yesterday, this is uninspiring candlestick... READ MORE
Sometimes the 50-day SMA works like a charm for support/resistance and other times not. Cheesecake Factory (CAKE) appears to be in the former category. The stock formed a rising wedge in March, met resistance at the 50-day last week and turned lower the last four days. Click this image... READ MORE
SPY surged over the last three days, but the last three candlesticks show hesitation that could foreshadow a test of last week's lows. Looking back at November, we can see a gap and then a test of the mid November lows with a pullback later that month. The... READ MORE
CCJ Trades 25% of Float. CL Surges off Gap Support. CRM Firms at Key Retracement. Plus DHI, F, NVDA, RHT and 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... READ MORE
Intuit (INTU) surged on Friday with a nice gap on the highest volume of the month. With a higher low forming around 48, the overall uptrend remains in place. As they say on the London Tube: mind the gap. This gap is bullish as long as it holds. A move... READ MORE
Even though the indicator summary turned negative on Friday (minus 3) for the first time since September 3rd, the decline over the last four weeks is still considered a correction within a bigger uptrend. This 6% decline follows a 13.5% advance since late November and a 30% advance since... READ MORE
With big declines on Wednesday, the Nasdaq 100 ETF (QQQQ) and the Russell 2000 ETF (IWM) both became oversold and hit potential support zones. The first chart shows QQQQ hitting support around 54 after an 8+ percent decline the last few weeks. This decline pushed the Commodity Channel Index (CCI)... READ MORE
After falling off the cliff the last few weeks, the DJ Stoxx 50 Index hit support from a familiar retracement. The decline to around 2460 retraced 62% of the prior advance. There is also support in this area from the October-November lows. The European stock index bounced off support on... READ MORE
After a positive run from September 3rd, the indicator summary turned negative this week with six indicator downgrades. At this point, I still view the recent decline as a correction within a bigger uptrend. However, we do not know how this correction will unfold or how long it will last.... READ MORE
The analysis in this daily report on Art's Charts is short-term oriented, which can be from a few days to a few weeks. Medium and long-term analysis can be found in the Market Message, which is produced by John Murphy and myself. The Friday indicator summary on Art&... READ MORE
After breaking resistance with a surge in early February, the Retail SPDR (XRT) returned to the breakout with a decline the last few weeks. This decline is tracing out a falling wedge pattern. Support is at hand from broken resistance, but a move above wedge resistance is needed to reverse... READ MORE
AMGN Holds Trendline Break. ANF Forms Small Pennant. FFIV Battles Support. Plus DHI, NVDA and OLN. ----------------------------------------------------------------------------- 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... READ MORE
There is no change to the short-term evidence, which remains bearish. However, the major index ETFs are oversold again and near support levels that could give way to a bounce. The first chart shows the Nasdaq 100 ETF (QQQQ) hitting the 62% retracement mark and support from broken resistance around... READ MORE
John Murphy's Intermarket Study PerfChart shows money moving out of stocks and commodities over the last two weeks. Weakness in the CRB Index gave a little lift to the Dollar and a flight-to-safety provided a serious lift for bonds. Click this image for a live chart... READ MORE
The S&P 500 ETF (SPY) opened with a huge gap down, but rallied after this gap to form a long white candlestick. Notice that the ETF opened in the 38-50% retracement zone and closed above the 38% retracement mark. This move reinforces the 128 area as the first... READ MORE
The Home Construction iShares (ITB) opened weak with a gap below 13, but recovered its early losses and closed with a 1.07% gain on the day. Not bad considering the circumstances. The overall trend since mid January remains down, but there is a big support battle raging around 13.... READ MORE
There is no change in the overall assessment. The majority of short-term evidence remains bearish. Bearish evidence started building when RSI on the 30-minute chart plunged below 30 on February 22nd. Bearish evidence expanded as Nasdaq breadth indicators turned bearish on February 23rd and NYSE indicator followed suit on March... READ MORE
Charts: AWR Bounces off Support. ERTS Forms Bull Wedge. WHR Forms Bear Flag. Plus HOG, IR, SCMR, THQI and USG ----------------------------------------------------------------------------- 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
Unsurprisingly, the ProShares Short Dow 30 Fund (DOG) moved lower as the market trended higher from September to February. As with November, the ETF is making another reversal attempt as it broke the late August trendline and Aroon(Up) surged above 90. This positive develop remains in force as long... READ MORE
The majority of the short-term evidence remains bearish. Bearish evidence started building when RSI on the 30-minute chart plunged below 30 on February 22nd. Despite a few sharp bounces, the indicator never made it back above 65 and remains in bear mode. Bearish evidence expanded when short-term breadth broke down... READ MORE
After a sharp decline the first four days of the week, the Gold Miners ETF (GDX) quickly firmed on Friday with a bullish engulfing taking shape Friday afternoon (1:18PM). Also note that this pattern formed with a low at the 62% retracement mark. Despite the promise for a bounce,... READ MORE
The indicator summary is a medium-term vehicle designed to measure an array of indicators. The sum total identifies periods of strength when positive and weakness when negative. This sum total is not a leading indicator and not immune to whipsaws. The sum total will not turn negative until there is... READ MORE
The final piece of the short-term puzzle finally came through as SPY broke support with a gap and sharp decline. RSI was already in bear mode after a plunge below 30 and three failures below 70. Breadth turned bearish on Monday as the 10-day SMAs for Net Advances (NYSE/Nasdaq)... READ MORE