After a rough start at the beginning of the year, Quadra Mining (QUX.TO) may be finding its feet with a high volume breakout. The stock surged to a 4-week high on the highest volume in four weeks. The indicator window shows RSI also breaking out to its highest... READ MORE
There are some well-defined short-term trends working over the last three weeks or so. Interest rates are moving up as bonds move lower. Oil is moving higher and the Dollar is moving lower. Stocks are trending up with small-caps leading the way. While we cannot always assume... READ MORE
Despite relative weakness in airlines and $108 oil, the Dow Transports surged to a fresh 52-week high on Friday. The chart below shows the Average finding support around 4900 from late February to mid March and then surging around 10% the last 2-3 weeks. Admittedly, there is an... READ MORE
Despite a rather broad market rally early Friday, Intel ($INTC) was under pressure with a sharp decline that broke flag support. The mid March gap proved too tough and this flag break signals a continuation lower. Click this image for a live chart... READ MORE
After a whipsaw in mid March, the indicator summary is back on its positive track with more strength this past week. The Nasdaq AD Line surged over the last 11 days and the NYSE AD Line hit a new 52-week high. Furthermore, the Cumulative Net New Highs Lines both... READ MORE
No change. Stocks remain strong. SPY is up over 5% the last 11 days. Small indecisive candlesticks formed after Wednesday's gap up, but the gap is holding. Even though potential resistance from the February-March highs is close and stocks are short-term overbought, there is simply no... READ MORE
The sector PerfChart shows the relative performance of the nine sectors. Relative performance equals the sector gain less the gain in the S&P 500. Year-to-date, the energy sector is the only standout performer. Of the other eight, seven are relatively weak and only the industrials sector... READ MORE
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... 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... 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... 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... 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)... 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... 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... 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... 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... 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... 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... 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... 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... 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... 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... 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... 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... 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... 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... 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