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RISING DOLLAR KEEPS DOWNSIDE PRESSURE ON COMMODITIES -- CRB INDEX LOSES ANOTHER FOUR POINTS AFTER FAILING TEST OF 200-DAY AVERAGE -- GOLD LOSES MORE GROUND -- COPPER SELLS OFF SHARPLY ALONG WITH CHINA -- S&P 500 ENTERS DOWNSIDE CORRECTION

by John Murphy,

Chief Technical Analyst, StockCharts.com

RISING DOLLAR PUNISHES COMMODITIES ... The rally in the dollar that started last Wednesday is continuing. Chart shows the Power Shares Dollar Index (UUP) rising to its 50-day average today, after bouncing off its 200-day line last week. That's keeping downside pressure on commodities. Over the weekend, I showed...   READ MORE 

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OVERBOUGHT APPLE WEIGHS ON OVERBOUGHT QQQ -- QQQ EQUAL-WEIGHT ETF LAGS APPLE-DOMINATED QQQ -- NETWORKING AND SEMICONDUCTORS LEAD TECHS LOWER -- MATERIALS AND UTILITIES SECTORS SHOW RELATIVE WEAKNESS

by John Murphy,

Chief Technical Analyst, StockCharts.com

OVERBOUGHT APPLE WEIGHS ON OVERBOUGHT QQQ ... Link for todays video. Selling pressure in the technology sector and Apple (AAPL) is weighing on the Nasdaq 100 ETF (QQQ) today. Chart 1 shows QQQ testing the steep trendline extending up from mid December. After a 20% advance (54 to 65), the ETF...   READ MORE 

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JUMP IN THE DOLLAR PUNISHES COMMODITY PRICES AND PREVENTS UPSIDE BREAKOUT IN CRB INDEX -- PRECIOUS METALS WERE HIT ESPECIALLY HARD -- CRUDE OIL IS OVERBOUGHT BUT STILL IN UPTREND

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR INDEX BOUNCES OFF 200-DAY LINE... An impressive upside reversal day on Wednesday enabled the Power Shares US Dollar Index (UUP) to bounce off its 200-day moving average as shown in Chart 1 (see arrow). That dollar turnaround was apparently the result of Mr. Bernanke omitting any mention of QE3...   READ MORE 

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PRICE RELATIVE CONTINUES TO SINK FOR RUSSELL 2000 -- IWM BREAKS CONSOLIDATION SUPPORT AS MDY HOLDS CONSOLIDATION -- DOLLAR FOLLOWS THROUGH ON REVERSAL DAY -- MCCLELLAN OSCILLATOR TURNS NEGATIVE AS NASDAQ ADVANCES

by John Murphy,

Chief Technical Analyst, StockCharts.com

PRICE RELATIVE CONTINUES TO SINK FOR RUSSELL 2000 ... Link for todays video. Relative weakness in small-caps remains a concern because small companies are the canaries in the economic coalmine. Smaller companies are less diversified and have less exposure abroad, which makes them more vulnerable to changes in the US economy....   READ MORE 

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COAL, METALS AND STEEL ETFS SHOW RELATIVE WEAKNESS -- DOLLAR FORMS BULLISH ENGULFING AT KEY RETRACEMENT -- GOLD FAILS TO HOLD FLAG BREAKOUT -- 7-10 YEAR T-BOND ETF FAILS AT RESISTANCE -- EUROPEAN FINANCE SECTOR HITS RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

COAL, METALS AND STEEL ETFS HAVE WEAK SCTR... Link for todays video. Signs of weakness are showing up in key parts of the materials sector. The Coal Vectors ETF (KOL), Metals & Mining SPDR (XME) and Steel ETF (SLX) have low SCTR scores (<30) and all three are trading...   READ MORE 

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WEAK DOLLAR CONTINUES TO PUSH PRECIOUS METAL ASSETS HIGHER -- SILVER HAS ALREADY EXCEEDED FOURTH QUARTER HIGH -- COEUR D ALENE MINES APPEARS ON VERGE OF BULLISH BREAKOUT -- GOLDCORP IS LEADING GOLD MINERS HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR INDEX CONTINUES TO WEAKEN... After peaking in early January, the U.S. Dollar Index continues to lose ground. Chart 1 shows today's dollar drop approaching a test of its 200-day moving average. When the dollar drops, commodities rise. And they've been doing just that since...   READ MORE 

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IWM BOUNCES TO HOLD CONSOLIDATION SUPPORT -- FINANCE SECTOR CONSOLIDATES AFTER BIG GAINS -- TLT FORMS POTENTIAL CUP-WITH-HANDLE -- OIL AND GASOLINE BECOME OVEREXTENDED -- DAX STALLS AT BROKEN SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

IWM BOUNCES TO HOLD CONSOLIDATION SUPPORT... Link for todays video. Stocks moved lower on Mondays open, but quickly surged after a report showed pending home sales at their highest level since April 2010. Chart 1 shows the Russell 2000 ETF (IWM) falling towards support on the open and then bouncing...   READ MORE 

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WEEKLY MOMENTUM REMAINS BULLISH FOR SPY -- DOW TRANSPORTS HAVE YET TO CONFIRM DOW INDUSTRIALS -- BROKEN RESISTANCE TURNS FIRST SUPPORT FOR DOW TRANSPORTS -- SUGAR BREAKS WEDGE RESISTANCE WITH STRONG MOVE -- BOLLINGER BANDS CONTRACT FOR AGRICULTURE ETF

by John Murphy,

Chief Technical Analyst, StockCharts.com

WEEKLY MOMENTUM REMAINS BULLISH FOR SPY... Link for todays video. Upside momentum may not be as strong as it was in February 2011, but momentum is clearly bullish and moving in the right direction. Earlier this week I showed the Average Directional Index (ADX) moving to an extreme (above 40)...   READ MORE 

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COMMODITIES START TO CATCH UP TO STOCKS -- ENERGY AND PRECIOUS METALS ARE LEADING THE COMMODITY RALLY -- OIL SERVICE STOCKS CLEAR 200-DAY LINE -- GOLD MINERS ETF MAY BE BOTTOMING -- GDX LEADERS INCLUDE SILVER WHEATON, YAMANA, AND RANDGOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITIES ARE TURNING UP... One of the characteristics of the "new normal" in intermarket relationships that has existed over the last decade has been the close correlation between stock and commodity prices. In other words, stock and commodities prices have usually trended in the same direction. Both peaked...   READ MORE 

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SMALL-CAPS LAG SINCE EARLY FEBRUARY -- FINANCE SECTOR PERFORMANCE ALSO FLATTENS -- CONSUMER DISCRETIONARY SECTOR LAGS SINCE JANUARY -- IWM CONSOLIDATES AFTER GAP -- TREND STRENGTH INDICATOR REACHES AN EXTREME FOR S&P 500

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS LAGGING SINCE EARLY FEBRUARY... Link for todays video. After leading the stock market from December 19th until February 3rd, small-caps have lagged the broader market the last 2-3 weeks. Chart 1 shows the performance for five major index ETFs since January (year-to-date). IWM was leading the charge with the...   READ MORE 

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ENERGY SHARES START TO SHOW RELATIVE STRENGTH -- GASOLINE AND HEATING OIL HAVE ALREADY BROKEN OUT -- HOW TO CHART FUTURES CONTRACTS FOR ENERGY SIGNALS -- WHY THE USO ALWAYS LAGS BEHIND PRICE OF CRUDE

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY SHARES START TO SHOW RELATIVE STRENGTH ... Energy shares were this week's strongest market sector. That's the first time we've seen relative strength by the energy sector in three months. Chart 1 shows the Energy Sector SPDR (XLE) trading at the highest level in...   READ MORE 

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CONSUMER DISCRETIONARY AND TECHNOLOGY SCTRS LEAD -- NASDAQ AND NYSE NET ADVANCING VOLUME OSCILLATORS TURN DOWN -- NASDAQ AD VOLUME LINE EXTENDS NINE WEEK SURGE -- NYSE AD VOLUME LINE EXCEEDS 2011 HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

CONSUMER DISCRETIONARY AND TECHNOLOGY SCTRS LEAD... Link for todays video. Of the nine sector SPDRs, the Consumer Discretionary SPDR (XLY) and the Technology SPDR (XLK) have the highest StockCharts Technical Rank (SCTR). The SCTR for the Industrials SPDR (XLI) is in a close third. High SCTR scores indicate that these...   READ MORE 

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NIKKEI SURGES ABOVE OCTOBER HIGH -- DOLLAR SURGES OFF KEY RETRACEMENT ZONE -- GOLD BOUNCES WITHIN FALLING FLAG -- GOLD MINER ETFS HIT INFLECTION POINT

by John Murphy,

Chief Technical Analyst, StockCharts.com

NIKKEI SURGES ABOVE OCTOBER HIGH... Link for todays video. Asian markets moved higher on Wednesday with the Nikkei 225 ($NIKK) leading the charge. I featured the Nikkei in the Market Message on January 23rd as it surged above 8750 and weekly PPO moved above its signal line. Chart 1 shows...   READ MORE 

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A LOT OF INTERMARKET DIVERGENCES ARE SHOWING UP ON PRICE CHARTS -- BOND YIELDS AREN'T RISING WITH STOCKS -- NEITHER ARE COMMODITIES OR FOREIGN STOCKS -- CANADIAN DOLLAR AND STOCK MARKET REMAIN STALLED AT OVERHEAD RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

BOND YIELD DIVERGES FROM S&P 500 ... A number of intermarket linkages that have worked for years don't seem to be working in 2012. As a result, a number of intermarket divergences are showing up. One of them is the link between stocks and bond yields. Chart...   READ MORE 

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TREASURIES REMAIN LARGELY UNSCATHED BY STOCK MARKET STRENGTH -- 10-YEAR TREASURY YIELD ESTABLISHES CLEAR CONSOLIDATION -- OIL ETF BREAKS CHANNEL TRENDLINE -- INDIA SENSEX CHALLENGES CHANNEL RESISTANCE -- COMBINING WEEKLY AND DAILY CCI FOR SIGNALS

by John Murphy,

Chief Technical Analyst, StockCharts.com

TREASURIES ARE RELATIVELY UNSCATHED BY STOCK MARKET STRENGTH... Link for todays video. In general, stocks and treasury bonds have been negatively correlated for some time. This means one goes up as the other goes down and visa versa. Even though the stock market moved sharply higher in January and broke...   READ MORE 

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WHY BALTIC DRY INDEX HASN'T WORKED THIS YEAR -- FLATTENING YIELD CURVE GAVE BIG BOOST TO HOMEBUILDERS -- USING SCTRS TO SPOT ETF AND STOCK LEADERS -- RALLY IN REGIONAL BANKS ADDS CREDIBILITY TO HOMEBUILDING RALLY

by John Murphy,

Chief Technical Analyst, StockCharts.com

BALTIC DRY INDEX DIVERGES FROM GRAIN PRICES... Chip Anderson recently told me that he has received a lot of inquiries about the strange performance of the Baltic Dry Index, and whether that performance carried any important messages. An article in Barrons this morning (Saturday) prompted me to write something on...   READ MORE 

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GERMAN DAX PULLS BACK SHARPLY AS FRENCH CAC UNDERPERFORMS -- EURO MOVES LOWER AS DOLLAR CHALLENGES TRENDLINE -- GOLD FOLLOWS EURO LOWER AND FORMS POTENTIAL FALLING FLAG -- OIL MOVES LOWER WITHIN FALLING CHANNEL -- SPY GETS COLD FEET AT 2011 HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

GERMAN DAX PULLS BACK SHARPLY AS FRENCH CAC UNDERPERFORMS... Link for todays video. Sorry to bring out the Greek card, but it appears that the weekend vote in the Greek parliament is rattling investors. Several sources have labeled this vote a referendum on the Euro. Passage of the austerity measures...   READ MORE 

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OVERBOUGHT S&P 500 IS PULLING BACK FROM ITS SUMMER HIGH -- THE FACT THAT THE VIX IS STARTING TO BOUNCE FROM CHART SUPPORT INCREASES THE RISK OF A STOCK PULLBACK

by John Murphy,

Chief Technical Analyst, StockCharts.com

OVERBOUGHT S&P 500 PULLS BACK FROM SUMMER HIGH ... The stock market is due for a pullback and it appears one may be starting. Chart 1 shows the S&P 500 coming within a couple of points of its July intra-day high at 1256 (red circles). It'...   READ MORE 

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STOCK ADVANCE SLOWS, BUT REFUSES TO BUCKLE -- FINANCE IS THE TOP SECTOR FOR 2012 -- FINANCE AND TECHNOLOGY SECTORS EXTEND HIGHER -- SEMICONDUCTOR ETF RECORDS 52-WEEK HIGH -- NVIDIA AND INTEGRATED DEVICE TECH BREAK AUTUMN HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCK ADVANCE SLOWS, BUT REFUSES TO BUCKLE... Link for todays video. The stock market remains in an utprend overall, but trading has turned indecisive over the last few days. Basically, stocks are in a holding pattern of sorts. The trend is clearly up and turning bearish now would be an...   READ MORE 

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WEAK DOLLAR BOOSTS COMMODITIES, STOCKS, AND FOREIGN SHARES -- RISING AUSTRALIAN DOLLAR IS SIGN OF OPTIMISM -- GOLD BREAKS OUT AND INCREASES ODDS FOR CRB UPTURN -- FOREIGN SHARES CLEAR 200-DAY LINE AND ARE PLAYING CATCH-UP TO THE US

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR INDEX HITS THREE-MONTH LOW... The U.S. Dollar Index peaked a month ago and has been falllng since then. It fell to the lowest level in three months today. That has a lot of important intermarket implications. The most direct beneficiaries are commodities -- and gold in particular. Chart...   READ MORE 

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BRENT OUTPERFORMS WTI AND BREAKS RESISTANCE -- ENERGY ETFS HOLD THEIR BREAKOUTS -- EURO ETF STALLS AT FIBONACCI RETRACEMENT -- DOLLAR ETF FIRMS NEAR EARLY DECEMBER LOW -- GOLD BECOMES OVERBOUGHT AND TAKES A HIT

by John Murphy,

Chief Technical Analyst, StockCharts.com

BRENT OUTPERFORMS WTI AND BREAKS RESISTANCE... Link for todays video. West Texas Intermediate Crude (WTI), also known as light sweet crude, is used to benchmark oil prices in the US. Light refers to the density and sweet refers to the sulfur content, both of which are low. Brent Crude, which...   READ MORE 

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S&P 500 ETF CHALLENGES 2011 HIGHS -- NASDAQ 100 ETF HOLDS NECKLINE BREAKOUT -- TREASURY YIELDS SURGE ON STRONG EMPLOYMENT REPORT -- 7-10 YEAR T-BOND ETF FORMS BEARISH THRUST

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 ETF CHALLENGES 2011 HIGHS... Link for todays video. A string of positive economic-related reports lifted stocks on Friday and the S&P 500 ETF (SPY) is poised to close higher for the fifth consecutive week. Factory Orders expanded at a healthy clip, IWM Services expanded...   READ MORE 

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SMALL-CAPS AND LARGE-TECHS LEAD YEAR-TO-DATE -- JANUARY BAROMETER BODES WELL FOR STOCKS -- CORRELATION TURNS POSITIVE FOR STOCKS AND TREASURIES -- CORRELATION TURNS NEGATIVE FOR STOCKS AND OIL -- CRUDE OIL REMAINS WITHIN FALLING WEDGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS AND LARGE-TECHS LEAD YEAR-TO-DATE... Link for todays video. Before looking as small-cap performance, lets distinguish between the January barometer and the January effect. The January barometer refers to the historical tendency for January performance to set the tone for the entire year. As January goes, so goes the rest...   READ MORE 

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WHY CANADA IS AN IMPORTANT PART OF THE GLOBAL INTERMARKET PICTURE -- CANADIAN STOCKS ARE STALLED AT 200-DAY AVERAGE -- SO IS THE CANADIAN DOLLAR AND CRB INDEX -- WHAT THEY DO FROM HERE WILL HELP DETERMINE DIRECTION OF U.S. STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

CLOSELY CORRELATED WITH US MARKET ... Last Thursday's message argued for the inclusion of Canada in a foreign stock portfolio. I'm going to expand on Canada's unique role in the global intermarket picture in this message. In my view, Canada is unique for at least...   READ MORE 

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BROKEN RESISTANCE LEVELS TURN FIRST SUPPORT FOR SPY -- EUROPEAN TOP 100 INDEX TURNS DOWN AT RESISTANCE -- PORTUGUESE STOCK INDEX BREAKS WEDGE SUPPORT -- DOLLAR ETF BOUNCES OF FIBONACCI RETRACEMENT -- EURO ETF HITS RESISTANCE FROM BROKEN SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

BROKEN RESISTANCE LEVELS TURN FIRST SUPPORT FOR SPY... Link for todays video. It is no secret that stocks became overbought after big moves the last few weeks and months. While overbought conditions do not guarantee a correction, they certainly increase the odds for a correction. Chart 1 shows the S&...   READ MORE 

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SPOT LIGHT CRUDE FORMS INVERSE HEAD-AND-SHOULDERS -- GASOLINE ETF BREAKS WEDGE RESISTANCE -- ENERGY SPDR HITS WALL OF RESISTANCE -- MEASURING BREADTH WITH THE PERCENT OF STOCKS ABOVE A SMA -- 80% OF S&P 500 STOCKS ARE ABOVE THEIR 150-DAY SMA

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPOT LIGHT CRUDE FORMS INVERSE HEAD-AND-SHOULDERS ... Link for todays video. Whats it going to be for crude? Even though stocks are higher and the Dollar is lower the last few weeks, crude is down and not responding very well. Chart 1 shows Spot Light Crude ($WTIC) surging along with the...   READ MORE 

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A COMPARISON OF GLOBAL STOCK ETFS -- WHY THEY NEED TO CLEAR THEIR FOURTH QUARTER HIGHS -- VANGUARD ALL-WORLD EX-US ETF OFFERS BETTER FOREIGN DIVERSICATION THAN EAFE ISHARES BY INCLUDING BRAZIL AND CANADA

by John Murphy,

Chief Technical Analyst, StockCharts.com

EAFE ISHARES ... EAFE iShares (EFA) are viewed as the premier ETF for foreign developed markets. EAFE includes stocks in ten of the world's largest developed markets in Europe, Australasia, and the Far East. It's biggest weighting, however, is in Europe (57%). The United Kingdom is its...   READ MORE 

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LARGE-CAP TECHS LEAD AS STOCKS GET OVEREXTENDED -- GOLD SPDR BREAKS WEDGE TRENDLINE AFTER FED STATEMENT -- GOLD MINERS FOLLOW GOLD HIGHER -- JUNIOR GOLD MINERS OUTPERFORM THE SENIORS -- BARRICK AND GOLDCORP LEAD THE GOLD MINER SURGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

LARGE-CAP TECHS LEAD AS STOCKS GET OVEREXTENDED... Link for todays video. All of the major index ETFs were up on Wednesday with gains ranging from .65% for the Dow Industrials SPDR (DIA) to 1.26% for the Nasdaq 100 ETF (QQQ). Admittedly, these are relatively modest gains for such a...   READ MORE 

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SPX ELLIOTT COUNT POINTS TO WAVE-B OR WAVE-II -- PROJECTING THE TARGET FOR AN ABC ZIGZAG -- NIKKEI CONTINUES TO FOLLOW THE 10-YEAR TREASURY YIELD -- NIKKEI SURGES ABOVE LATE DECEMBER HIGH -- NARROWING THE FOCUS WITH OUR SEARCH ENGINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPX ELLIOTT COUNT SUGGEST CURRENT ADVANCE IS CORRECTIVE... Link for todays video. It is time once again to open Pandoras box with some Elliott Wave analysis. First, note that there are only three rules for Elliott Wave Theory. Rule 1: Wave-2 cannot retrace more than 100% of Wave-1. Rule 2:...   READ MORE 

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AIRLINE INDEX CHALLENGES OCTOBER HIGHS -- UNITED-CONTINENTAL, DELTA AND SOUTHWEST TAKEOFF IN 2012 -- 3-MONTH T-BILL YIELD HITS 4-MONTH HIGH -- LONG-TERM RATES ALSO SURGED THIS WEEK -- GOLD NEARS FALLING WEDGE RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

AIRLINE INDEX CHALLENGES OCTOBER HIGHS... Link for todays video. Led by railroad, trucking and air-freight stocks, the Dow Transports exceeded its October high with a surge in early January. Airlines have been lagging, but may be poised to play catch-up as the Amex Airline Index ($XAL) challenges resistance. Chart 1...   READ MORE 

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S&P 500 AND NASDAQ EXCEED FOURTH QUARTER HIGHS -- WEAKNESS IN EURO MAY BE OVERSTATING DOLLAR WEAKNESS -- THAT'S STILL CAUSING FOREIGN SHARES TO LAG BEHIND THE US -- GERMAN, CHINESE, AND CANADIAN STOCKS STILL NEED TO ACHIEVE UPSIDE BREAKOUTS

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 AND NASDAQ CLEAR FOURTH QUARTER RESISTANCE... The U.S. stock market continues to lead the rest of the world higher. Charts 1 and 2 show the S&P 500 and Nasdaq Composite Indexes clearing their fourth quarter highs, which puts them in position to challenge...   READ MORE 

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TECHNOLOGY AND CONSUMER DISCRETIONARY SPDRS CHALLENGE SUMMER HIGHS -- RETAIL ETFS BREAK RESISTANCE IN SHOW OF STRENGTH -- AMAZON AND HOME DEPOT LEAD RETAILERS -- SEMIS LEAD TECHNOLOGY SECTOR -- FIRSTTRUST INTERNET ETF BREAKS TRIANGLE RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

TECHNOLOGY AND CONSUMER DISCRETIONARY SPDRS CHALLENGE SUMMER HIGHS ... Link for todays video. Stocks were broadly higher on Wednesday with the Consumer Discretionary SPDR (XLY) and the Technology SPDR (XLK) leading the way. Chart 1 shows XLK challenging resistance in the 26.5 area. Resistance in this area turned the ETF...   READ MORE 

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FINANCE SECTOR LEADS MARKET LOWER -- EURO PLUNGES ON S&P DOWNGRADE -- GERMAN DAX AND FRENCH CAC FALL -- BOUNCE IN TREASURIES COULD BE NEGATIVE FOR STOCKS -- RELATIVE PERFORMANCE PERKS UP FOR SMALL-CAPS AND THE NASDAQ

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR LEADS MARKET LOWER... Link for todays video. An earnings miss from JP Morgan weighed on the finance sector and the market early Friday. Chart 1 shows the S&P 500 ETF (SPY) dipping below 128 and filling Tuesdays gap. Even though SPY closed higher Wednesday and Thursday,...   READ MORE 

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A STRONGER DOLLAR IS BETTER FOR US STOCKS -- FOREIGN STOCKS, HOWEVER, STILL NEED TO CONFIRM UPTURN IN US MARKET -- BUT CAN US STOCKS SHAKE THEIR INVERSE LINK TO THE GREENBACK

by John Murphy,

Chief Technical Analyst, StockCharts.com

RISING DOLLAR IS BETTER FOR US STOCKS... There's good and bad news in the recent rally in the U.S. dollar. First the good news. The past year's dollar rebound appears to be part of a major bottoming formation that started during 2008. Starting with that...   READ MORE 

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RETAIL SPDR CONSOLIDATES AS RETAIL SALES REPORT LOOMS -- STOCKS HOLD UP AS EURO SINKS TO NEW LOWS -- UTILITIES AND CONSUMER STAPLES SECTORS SHUNNED IN 2012 -- BRAZIL AND RUSSIA LEAD THE BRICS -- BOVESPA BREAKS TRIANGLE TRENDLINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

RETAIL SPDR CONSOLIDATES AS RETAIL SALES REPORT LOOMS... Link for todays video. With December retail sales scheduled for tomorrow, retailers are on the hot seat and the Retail SPDR (XRT) is at a make-or-break level. Chart 1 shows XRT surging above 53 with a sharp six day move that began...   READ MORE 

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SEMIS LEAD WITH A MOVE ABOVE DECEMBER HIGH -- INTEL, XILINX AND MICRON MAKE A MOVE -- GOLD MINERS ETFS CONSOLIDATE AFTER SURGE -- OIL SERVICE ETFS WEIGHED DOWN BY SCHLUMBERGER -- TRANSPORTS AND INDUSTRIALS CLEAR OCTOBER HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SEMIS LEAD WITH A MOVE ABOVE EARLY DECEMBER HIGH... Link for todays video. Semiconductor HOLDRS (SMH), which is now part of a Market Vectors ETF clan, is showing relative strength in 2012 with a triangle breakout and surge above the early December high. Chart 1 shows SMH surging above 32...   READ MORE 

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WEEKLY INDICATORS REMAIN BULLISH FOR SPY -- IGNORING THE NOVEMBER LOW TO MARK KEY SUPPORT -- NETWORKING ISHARES RETRACES 62% WITH FALLING WEDGE -- NYSE AD LINE AND AD VOLUME LINE REMAIN STRONG -- NYSE NET NEW HIGHS CONTINUES TO EXPAND

by John Murphy,

Chief Technical Analyst, StockCharts.com

WEEKLY INDICATORS REMAIN BULLISH FOR SPY... Link for todays video. The S&P 500 ETF (SPY) extended its yearend rally with a move above 127.5 this week. Chart 1 shows weekly candlesticks over the last two and a half years. Focusing on price action since July, we can...   READ MORE 

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NASDAQ INDEXES TEST OVERHEAD RESISTANCE -- TWO NASDAQ LEADERS ARE SIRIUS XM RADIO AND MARVEL TECHNOLOGY -- MICROSOFT IS BREAKING OUT -- BANK AND HOUSING ETFS CONTINUE TO RALLY

by John Murphy,

Chief Technical Analyst, StockCharts.com

NASDAQ INDEXES TEST OVERHEAD RESISTANCE ... The Dow Industrials and S&P 500 indexes have already cleared overhead resistance barriers. The Nasdaq market may be next. Chart 1 shows the Nasdaq Composite Index trying to close above its 200-day moving average. That would be a positive development for it and...   READ MORE 

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RUSSELL 2000 ETF AND S&P EQUAL-WEIGHT ETF CHALLENGE 200-DAY SMAS -- RISE IN LONG-TERM RATES FAVORS RISK-ON TRADE -- ENERGY AND MATERIALS SPDRS BREAKS TRIANGLE RESISTANCE -- GERMAN DAX AND FRENCH CAC RUN INTO RESISTANCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

RUSSELL 2000 ETF AND S&P EQUAL-WEIGHT ETF CHALLENGE 200-DAY SMAS... Link for todays video. With the late December surge and Tuesdays gaps, the Russell 2000 ETF (IWM) and the Rydex S&P Equal Weight ETF (RSP) are both challenging their 200-day moving averages. These two ETFs are...   READ MORE 

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NEW YEAR OFF TO A STRONG START -- STOCKS AND COMMODITIES ARE JUMPING WHILE BONDS ARE SELLING OFF -- COMMODITY CURRENCIES LEAD RALLY AGAINST THE DOLLAR -- OIL NEARS UPSIDE BREAKOUT AS ENERGY SPDR CLEARS 200-DAY LINE -- MASCO LEADS INDUSTRIAL SECTOR HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR INDEX WEAKENS FROM OCTOBER PEAK ... One of the contributing factors behind today's jump in global stocks and commodities is the drop in the U.S. Dollar. Chart 1 shows the DB Bullish Dollar ETF (UUP) gapping lower today and threatening short-term support at its December low. That...   READ MORE