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FINANCE SECTOR LEADS THE MARKET LOWER -- MATERIALS SPDR FIRMS AT SUPPORT -- TECHNOLOGY SPDR TESTS DOUBLE TOP SUPPORT -- ENERGY SPDR FALLS WITHIN WEDGE -- MARKING KEY RESISTANCE FOR THE DOLLAR BULLISH ETF -- 13-WEEK TBILL YIELD FALLS TO 2008 LEVELS

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR LEADS THE MARKET LOWER... Link for todays video. With a little pop-and-drop action this week, three key sector ETFs established clear resistance levels chartists can watch to define a follow through. One day wonder-rallies and oversold bounces can happen with short covering and bottom picking. Follow through to...   READ MORE 

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GLOBAL STOCKS AND COMMODITIES FALL TOGETHER AS DOLLAR RISES -- OIL LEADS COMMODITY DECLINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

RISING DOLLAR HURTS STOCKS AND COMMODITIES... A surge in the U.S. Dollar is contributing to heavy selling of global stocks and commodities. Chart 1 shows the DB Bullish Dollar ETF (UUP) gapping more than 1% higher today and nearing a test of its mid-June peak. Chart 2 shows the...   READ MORE 

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SMALL-CAPS AND MID-CAPS LEAD STOCKS HIGHER -- GOLD MINERS ETF SPRINGS A BEAR TRAP -- BONDS MAINTAIN CONSOLIDATION AFTER THE FED -- NASDAQ NET ADVANCING VOLUME RATIO SURGES -- NYSE AD LINE CONTINUES TO SHOW STRENGTH

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS AND MID-CAPS LEAD STOCKS HIGHER... Link for todays video. Stocks stalled on Wednesday, but held most of their big gains from Tuesday as the Fed voted to maintain current policy. In particular, small-caps led the way higher the last two days with the Russell 2000 ETF (IWM) surging off...   READ MORE 

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RETAILERS LEAD OVERSOLD BOUNCE -- RSI TURNS OVERSOLD FOR RETAIL HOLDRS -- AIRLINE INDEX BOUNCES OFF SUPPORT -- ALASKA, JETBLUE AND UNITED-CONTINENTAL LEAD AIRLINES -- NYSE NET NEW HIGHS FLIRT WITH NEGATIVE TERRITORY -- GERMAN DAX FIRMS AT KEY RETRACEMENT

by John Murphy,

Chief Technical Analyst, StockCharts.com

RETAILERS LEAD OVERSOLD BOUNCE... Link for todays video. Stocks edged higher in early trading on Monday with retailers showing relative strength. It is going to be a big, and possibly volatile, week for the markets. Several key ETFs are testing their March lows as the Papandreou government braces for a...   READ MORE 

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XLB, XLI AND XLK TEST 2011 SUPPORT LEVELS -- SMH DECLINES TO MARCH LOW -- FINANCE AND BANKING ETFS MAY HOLD THE KEY -- DEFENSIVE SECTORS ARE HOLDING UP THE BEST -- XLP, XLU AND XLV CORRECT AFTER STRONG ADVANCES

by John Murphy,

Chief Technical Analyst, StockCharts.com

XLB, XLI AND XLK TEST 2011 SUPPORT LEVELS... Link for todays video. In addition to a number of key indices, several sector SPDRs are testing support from the March lows. These lows are important because stocks declined rather sharply from mid February to mid March. The subsequent surge off the...   READ MORE 

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STOCK INDEXES ARE TESTING IMPORTANT CHART SUPPORT NEAR 200-DAY AVERAGES AND LOOK OVERSOLD -- THAT COULD GIVE WAY TO A SUMMER BOUNCE -- BOND PRICES ARE NEARING OVERHEAD RESISTANCE -- ANY BOUNCE IN STOCKS AND COMMODITIES MAY DEPEND ON A FIRMER EURO

by John Murphy,

Chief Technical Analyst, StockCharts.com

%NYSE STOCKS ABOVE 200-DAY AVERAGE STILL DROPPING... Last Thursday's message showed the point & figure version of the % NYSE stocks above their 200-day moving average in a downside correction. I suggested that the first sign of improvement would be a three-box reversal to a rising X column. We...   READ MORE 

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SPY FILLS TUESDAYS GAP -- MARCH LOWS COMING INTO PLAY FOR QQQ -- BREADTH INDICATORS REFLECT BROAD SELLING PRESSURE -- OIL PLUNGES ON ECONOMIC REPORT AND STRONG DOLLAR -- DOLLAR ETF FORMS HIGHER LOW AS MOMENTUM IMPROVES

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY FILLS TUESDAYS GAP ... Link for todays video. Stocks were sharply lower on Wednesday as the risk-off trade returned after Tuesdays sharp advance. The Nasdaq 100 ETF (QQQ) and S&P 500 ETF (SPY) broke below Mondays lows with sharp declines on Wednesday. Chart 1 shows SPY failing to...   READ MORE 

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OIL ETFS BREAK SUPPORT WITH SHARP DECLINES -- XLE BREAKS NECKLINE SUPPORT WITH LARGE DECLINE -- CVX, SLB AND XOM LEAD ENERGY SPDR LOWER -- WAVE COUNT INDICATES FIFTH OF THE FIFTH FOR S&P 500 -- HAS ABC CORRECTION STARTED OR JUST ENDED?

by John Murphy,

Chief Technical Analyst, StockCharts.com

OIL ETFS BREAK SUPPORT WITH SHARP DECLINES... The 12-Month US Oil Fund (USL) and the US Oil Fund (USO) broke short-term support levels with sharp declines on Monday. Friday I wrote about the triple whammy hitting oil as Saudi Arabia increased output, stocks were down and the Dollar was up....   READ MORE 

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SETTING DOWNSIDE TARGETS FOR SPY AND QQQ -- AD VOLUME LINES FORM LARGE DOUBLE TOPS -- NASDAQ NET NEW HIGHS TURN NEGATIVE -- DOLLAR SURGES TO FORM HIGHER LOW -- STRENGTH IN THE DOLLAR WEIGHS ON GOLD -- OIL DROPS ON TRIPLE WHAMMY

by John Murphy,

Chief Technical Analyst, StockCharts.com

SETTING DOWNSIDE TARGETS FOR SPY AND QQQ... The S&P 500 ETF (SPY) is in the midst of a correction within a bigger uptrend. One look at a chart 2 year chart confirms this uptrend. In fact, the decline of the last six weeks looks rather mild when compared...   READ MORE 

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% NYSE STOCKS ABOVE 50 AND 200-DAY MOVING AVERAGES CONTINUES TO DROP -- S&P 500 BOUNCES OFF LOWER 100-DAY BOLLINGER BAND -- BUT NEEDS TO CLEAR SOME OVERHEAD RESISTANCE BARRIERS TO SIGNAL END OF CORRECTION

by John Murphy,

Chief Technical Analyst, StockCharts.com

% NYSE STOCKS ABOVE 50-DAY MA STILL DROPPING... Nearly a month ago on May 16 I showed the % of NYSE stocks trading over their 50-day moving averages ($NYA50R) dropping below 50% which betrayed a weakening market beneath the surface. As of yesterday, that percentage had dropped to 23% which is the...   READ MORE 

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DOW INDUSTRIALS SPDR TESTS APRIL LOWS -- SEMIS AND NETWORKING ETFS LEAD TECH SECTOR LOWER -- GOLD MINERS ETFS TEST MAJOR SUPPORT LEVELS -- METALS & MINING SPDR NEARS 2011 LOWS -- AGRICULTURE ETF CONSOLIDATES AT SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW INDUSTRIALS SPDR TESTS APRIL LOWS... Link for todays video. The Dow Industrials SPDR (DIA) is clearly in a downtrend since early May. How far will this decline extend? The April lows mark the first test and the March lows mark the second test. Chart 1 shows DIA trying to...   READ MORE 

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FINANCE SECTOR LEADS MARKET LOWER -- WELLS FARGO AND JP MORGAN WEIGH ON XLF -- AIRLINE INDEX GIVES BACK MOST OF PRIOR ADVANCE -- AIRLINES PUSH DOW TRANSPORTS BELOW APRIL LOWS -- UPS AND FDX LEAD TRANSPORTS LOWER

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR LEADS MARKET LOWER... Link for todays video. The finance sector led the market lower on Monday with another sharp decline. Chart 1 shows the Finance SPDR (XLF) moving below 15 to enter a potential support zone. Broken resistance and the 62% retracement mark potential support in the 14....   READ MORE 

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S&P 500 VIOLATES IMPORTANT SUPPORT LINES TO ENTER DOWNSIDE CORRECTION -- THE MARCH LOW IS NEXT DOWNSIDE TARGET -- HIGH YIELD BONDS CORRECT ALONG WITH STOCKS -- FALLING DOLLAR BOOSTS COMMODITIES AND FOREIGN STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 VIOLATED MAJOR UP TRENDLINE... Thurday's message showed the S&P 500 threatening two important support lines. Unfortunately, both have been broken. Chart 1 shows the SPX closing below its 100-day average (green line) for the first time since last August. The weekly bars...   READ MORE 

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SHORT-TERM DOWNTRENDS WITHIN LONG-TERM UPTRENDS -- BREADTH INDICATORS HAVE YET TO BREAK DOWN -- RETAILERS BEAR BRUNT OF SELLING PRESSURE -- HD AND WMT BREAK SUPPORT AS AMZN TESTS SUPPORT -- OIL ETFS FORM BEAR FLAGS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SHORT-TERM DOWNTRENDS WITHIN LONG-TERM UPTRENDS ... Link for todays video. News this week was certainly not positive. The economic reports showed that the economy was slowing and the employment reports showed sluggish job growth. The week ended with non-farm payrolls increasing by 54,000 jobs in May, which was well below...   READ MORE 

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S&P 500 IS THREATENING IMPORTANT SUPPORT LINES -- NEGATIVE WEEKLY SIGNALS OVERRIDE DAILY CHARTS -- BONDS AND STOCKS HAVE BEEN SENDING CONFLICTING SIGNALS -- IT LOOKS LIKE BONDS MAY HAVE BEEN RIGHT

by John Murphy,

Chief Technical Analyst, StockCharts.com

BONDS AND STOCKS SEND CONFLICTING MESSAGES... One of the problems market watchers have been grappling with over the past couple of months is the conflicting messages being sent by bonds and stocks. Here's why. Chart 1 compares the S&P 500 (price bars) to the 10-Year T-Note...   READ MORE 

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TREASURIES SURGE ON WEAK ECONOMIC NUMBERS -- 10-YEAR TREASURY YIELD BREAKS 3% -- RESISTANCE LEVELS COME INTO PLAY FOR DIA, QQQ AND SPY -- FINANCE LEADS LOWER AS SUPPORT BREAK HOLDS -- OIL FOLLOWS STOCKS LOWER -- MONEY MOVES INTO GOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

TREASURIES SURGE ON WEAK ECONOMIC NUMBERS... Link for todays video. US Treasury Bonds continued their relentless rise after two economic releases came up short. First, ADP Employer Services reported that private sector job growth for May increased the smallest amount since September. Second, the Institute for Supply Management (ISM) reported...   READ MORE 

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GLOBAL STOCKS SURGE -- EUROPE RALLIES ON GREEK AID -- CHINA LEADS EMERGING MARKETS HIGHER -- S&P 500 CLEARS MOVING AVERAGE LINES -- SMALL CAPS AND NASDAQ CLEAR INITIAL RESISTANCE -- A LOT OF TODAY'S BUYING WAS DUE TO THE FALLING DOLLAR

by John Murphy,

Chief Technical Analyst, StockCharts.com

STRONG EURO BOOSTS EUROPEAN STOCKS ... News of more aid for Greece pushed the Euro higher today and European stocks along with it. Chart 1 shows the Euro climbing to a three-week high today and finishing back above its 50-day average. European stocks surged along with it. Chart 2 shows Europe...   READ MORE 

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BETTER NEWS ON GREECE BOOSTS EURO AND EUROPEAN SHARES -- THAT'S WEAKENING THE DOLLAR WHICH IS GOOD FOR GLOBAL STOCKS AND COMMODITIES

by John Murphy,

Chief Technical Analyst, StockCharts.com

RALLY IN EUROPE AND EURO BOOSTS GLOBAL STOCKS AND COMMODITIES... News of more aid to Greece is giving a big boost to European stocks and the Euro. The first three charts show German, French, and British stock indexes jumping sharply this morning. All three are climbing back above their 50-day...   READ MORE 

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INDUSTRIALS SPDR AND S&P MIDCAP SPDR BOUNCE OFF APRIL LOWS -- REAL ESTATE ISHARES FORMS BULL FLAG -- DOW INDUSTRIALS FIRMS AT POTENTIAL INFLECTION POINT -- DOW TRANSPORTS SHOWS RELATIVE STRENGTH -- NATURAL GAS SURGES OFF MARCH-APRIL LOWS

by John Murphy,

Chief Technical Analyst, StockCharts.com

INDUSTRIALS SPDR AND S&P MIDCAP SPDR BOUNCE OFF APRIL LOWS... Link for todays video. Basic trend analysis stipulates that an uptrend consists of rising peaks and rising troughs. The trick, as always, is picking the right peaks and trough upon which to base the trend. The most recent...   READ MORE 

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RECENT DROP IN COMMODITIES HAS COINCIDED WITH DOLLAR RALLY -- LONG TERM DOLLAR CHART, HOWEVER, REMAINS BEARISH WHICH SHOULD BE POSITIVE FOR COMMODITY ASSETS -- EMERGING MARKETS TEST 200-DAY AVERAGES

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITIES BOUNCE AS DOLLAR PULLS BACK ... I wrote on Tuesday that commodities (and stocks related to them) had fallen back to important support levels and were starting to stabilize. I also suggested that they appeared to present good value at current levels. As you know, the trend of commodity assets...   READ MORE 

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SMALL-CAPS LEAD OVERSOLD BOUNCE -- HOME CONSTRUCTION ETF FORGES BULLISH ENGULFING TOL FAILS TO BREAK OUT AS PMH REMAINS WEAK -- OIL AND GASOLINE ETFS GET OVERSOLD BOUNCES -- ENERGY SPDR BOUNCES OFF MARCH LOWS -- OIL SERVICE HOLDRS SETS A BEAR TRAP

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS LEAD OVERSOLD BOUNCE FOR STOCKS... Link for todays video. Stocks moved higher on Wednesday, but the bounce was rather uneven and uninspiring. Small-caps led the way higher as the Russell 2000 ETF (IWM) gained over 1%. Large-caps lagged as the S&P 500 gained around a third of...   READ MORE 

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OVERSOLD COMMODITIES BOUNCE OFF CHART SUPPORT -- SO DO STOCKS TIED TO THEM -- TECHNOLOGY STOCKS WEIGH ON MARKET -- S&P 500 IS TESTING 100-DAY AVERAGE WHICH IS AN IMPORTANT SUPPORT LINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

OVERSOLD COMMODITIES START TO BOUNCE... After suffering a sharp downside correction during May, commodities are starting to stabilize. A combination of chart support and a short-term oversold condition also suggest that the worst may be over for commodity assets. Chart 1, for example, shows the DB Commodities Tracking Index (DBC)...   READ MORE 

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US STOCKS FOLLOW EUROPEAN STOCKS LOWER -- BONDS AND DOLLAR ADVANCE AS STOCKS AND COMMODITIES DECLINE -- GERMAN, FRENCH AND DUTCH INDICES MOVE SHARPLY LOWER -- ITALIAN AND SPANISH STOCK INDICES BREAK SUPPORT - GREEK INDEX HITS NEW LOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

US STOCKS FOLLOW EUROPEAN STOCKS LOWER... Link for todays video. Weakness in Europe spread to the US as stocks opened sharply lower on Monday and remained under selling pressure. Chart 1 shows the Dow Industrials down around 100 points. Despite the May decline, the overall trend remains up as the...   READ MORE 

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FALLING FLAGS REMAIN FOR DIA AND SPY -- STRENGTH IN THE DOLLAR WEIGHS ON OIL -- BOND ETFS HIT RETRACEMENTS -- GOLD MINERS ETF TESTS MAJOR SUPPORT LEVEL -- GOLD ETF FORMS TRIANGLE CONSOLIDATION

by John Murphy,

Chief Technical Analyst, StockCharts.com

FALLING FLAGS REMAIN FOR DIA AND SPY... Link for todays video. Stocks got off to a weak start on Friday with the Dow Industrials SPDR (DIA) and S&P 500 ETF (SPY) moving lower in early trading. With these declines, lower highs are taking shape again this week to...   READ MORE 

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RUSSELL 2000 ETF BOUNCES OFF SUPPORT -- DOW INDUSTRIALS SPDR FORMS FALLING FLAG -- OIL GETS OVERSOLD BOUNCE -- ENERGY SPDR FINDS SUPPORT AT MARCH LOW -- FALLING BULLISH PERCENT INDEX IS SHORT-TERM BEARISH

by John Murphy,

Chief Technical Analyst, StockCharts.com

RUSSELL 2000 ETF BOUNCES OFF SUPPORT... Link for todays video. After a sharp decline the prior five days, stocks got an oversold bounce with small-caps leading the way. Chart 1 shows the Russell 2000 ETF (IWM) getting a bounce off support from the early April low. Support in this area...   READ MORE 

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MARKET APPEARS TO HAVE COMPLETED FIVE WAVES OVER THE LAST YEAR WHICH INCREASES THE ODDS FOR A DOWNSIDE CORRECTION -- MOVING AVERAGE TRENDS WEAKEN -- MARKET MAY NOW REVISIT MARCH LOW AS PART OF DOWNSIDE CORRECTION

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE MARKET'S HAD A FIVE WAVE ADVANCE... Determining Elliott Wave counts can be very subjective. One way to make it little easier is to employ a "ZigZag"overlay on the price chart. [The ZigZag is located in the same Overlays menu that includes moving averages]. The...   READ MORE 

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FINANCE SECTOR ON VERGE OF P&F TRIPLE BOTTOM BREAKDOWN -- BAR CHART CONFIRMS NEXT SUPPORT FOR XLF -- BANK OF AMERICA, CITIGROUP AND JP MORGAN BREAK SUPPORT -- THE KEY P&F LEVEL FOR NET NEW HIGHS -- USING P&F CHARTS TO GAUGE RELATIVE STRENGTH OR WEAKNESS

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR ON VERGE OF P&F TRIPLE BOTTOM BREAKDOWN... Link for todays video. I am on the road so Monday's Market Message is coming a bit early. John Murphy featured the Finance SPDR (XLF) as it tested its 2011 lows on Friday and showed relative weakness....   READ MORE 

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EURO WEAKNESS/DOLLAR STRENGTH PRESSURES STOCKS AND COMMODITIES -- EMERGING MARKETS WEAKEN -- FINANCIALS WEAKEN AS TECHS MEET RESISTANCE NEAR OLD HIGH -- DROP IN BOND YIELDS MAY EXPLAIN RECENT MOVE INTO DIVIDEND PAYING STOCKS -- S&P RETESTS NECKLINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

EURO BREAKS 50-DAY LINE... Last week's sharp drop in the Euro (and rebound in the dollar) contributed to heavy selling in commodity assets and increased the odds for a stock correction. Unfortunately, the short-term picture has weakened more with the Euro falling below its 50-day average for the...   READ MORE 

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ENERGY AND MATERIALS WEAKEN AGAIN AS COMMODITIES SEE RENEWED SELLING -- FREEPORT MCMORGAN COPPER & GOLD FOLLOWS COPPER LOWER -- ADD DR. PEPPER AND CVS TO DEFENSIVE WINNERS

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITIES CONTINUE TO WEAKEN... Commodities are coming under renewed selling pressure after the oversold bounce of the last two days. The following charts also show that this week's rebound came on much lighter volume that last week's heavy selling. That's a strong indication that...   READ MORE 

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QQQ AND IWM ESTABLISH IMPORTANT SHORT-TERM SUPPORT -- XLF BOUNCES WITHIN TRIANGLE CONSOLIDATION -- REGIONAL BANK SPDR FORMS MORNING DOJI STAR -- TRANSPORTS AND RETAILERS REMAIN STRONG OVERALL -- AIRLINE INDEX BREAKS RESISTANCE WITH BIG SURGE

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQ AND IWM ESTABLISH IMPORTANT SHORT-TERM SUPPORT... Link for todays video. With a bounce over the last few days, the Nasdaq 100 ETF (QQQ) and Russell 2000 ETF (IWM) established important short-term levels to watching going forward. It is important to realize that major trend reversals occur in stages. A...   READ MORE 

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JOBS REPORT GIVES SPY A BOUNCE OFF BROKEN RESISTANCE -- CONTINUING UPTREND IN BONDS TARGETS 2010 HIGHS -- VOLATILITY CONTRACTS AS TRADING RANGES EXTEND FOR XLF AND KRE -- HOME CONSTRUCTION AND STEEL ETFS CONSOLIDATE WITH RELATIVE WEAKNESS

by John Murphy,

Chief Technical Analyst, StockCharts.com

JOBS REPORT GIVES SPY A BOUNCE OFF BROKEN RESISTANCE... Link for todays video. After a breakout and 52-week high for the S&P 500 ETF (SPY) last week, it was pretty much all down hill this week. SPY opened strong on Monday, but selling pressure quickly took over and...   READ MORE 

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COMMODITIES PLUNGE MOST IN TWO YEARS -- ENERGY SHARES BREAK SUPPORT -- OVERSOLD DOLLAR RALLIES ON VOLUME -- EMERGING MARKET ISHARES TURN DOWN -- FALLING BOND YIELDS MAY BE WARNING FOR STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

COMMODITIES PLUNGE... This morning's message showed a number of commodity ETFs falling below their 50-day lines and warned of a broader selloff in the making. By day's end, the CRB Index had fallen 17 points for the biggest loss in two years. Chart 1 shows the...   READ MORE 

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DOLLAR BOUNCE PUTS MORE DOWNSIDE PRESSURE ON COMMODITIES -- BREAKDOWN IN COPPER HINTS AT ECONOMIC WEAKNESS -- THAT'S GIVING A BOOST TO BONDS BUT LEAVES STOCKS VUNERABLE -- WEEKLY STOCK CHARTS SHOW NEGATIVE DIVERGENCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

EURO SELLING BOOSTS OVERSOLD DOLLAR... Arthur Hill's Monday message showed the U.S. Dollar Index in oversold territory for the first time in eighteen months. I warned on Tuesday that a dollar bounce would put even more downside pressure on commodities. Commodity selling started in silver and has...   READ MORE 

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ENERGY SPDR FORMS EVE-ADAM DOUBLE TOP -- OIL SERVICE HOLDRS BREAKS THIRD FAN LINE -- VOLATILE MATERIALS SPDR MOVES BACK INTO GAP ZONE -- CRUDE MOVES LOWER ALONG WITH STOCKS -- OIL FUND ETFS HEAD FOR SUPPORT TESTS

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY SPDR FORMS EVE-ADAM DOUBLE TOP... Link for todays video. With two equal highs in April and a support test in May, the Energy SPDR (XLE) has a double top working. Chart 1 shows XLE forming an Adam and Eve Double Top. This particular pattern comes from Thomas Bulkowski, author...   READ MORE 

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DEFENSIVE SECTORS CONTINUE TO ATTRACT NEW MONEY -- THAT INCLUDES HEALTHCARE, STAPLES, AND UTILITIES -- MORE UPSIDE BREAKOUTS -- WEAKNESS IN SILVER STOCKS WARNED OF SILVER BREAKDOWN -- SILVER TRIGGERS SHORT-TERM SELL SIGNAL

by John Murphy,

Chief Technical Analyst, StockCharts.com

NEW SECTOR LEADERS ARE DEFENSIVE ... I've written before about the shift in market leadership away from former leaders -- like energy -- into defensive groups like staples and healthcare. We can add utilities to that defensive list as well. Chart 1 shows the "relative" performance of...   READ MORE 

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BROKEN RESISTANCE TURNS INTO FIRST SUPPORT FOR SPY -- QQQ TURNS INDECISIVE ABOVE RESISTANCE -- SMALL-CAPS SHOW RELATIVE WEAKNESS -- SIX-MONTH CYCLE TURNS BEARISH IN MAY -- NIKKEI SURGES AS SHANGHAI TESTS SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

BROKEN RESISTANCE TURNS INTO FIRST SUPPORT FOR SPY... Link for todays video. Broken support turns into resistance. This is a basic tenet of technical analysis. Chartists can reverse the rolls because broken resistance turns into support as well. With a big surge the last two weeks, the S&P...   READ MORE 

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PROJECTING $SPX TARGETS WITH ELLIOTT WAVE -- NYSE AD LINE HITS NEW HIGH WITH INDEX -- NASDAQ AD VOLUME LINE NEARS FEBRUARY HIGH -- UPTREND IN GOLD COULD STALL IN THE NEXT FEW WEEKS -- DOLLAR BECOMES OVERSOLD FOR FIRST TIME IN 18 MONTHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

PROJECTING $SPX TARGETS WITH ELLIOTT WAVE COUNT ... Link for todays video. Long-term, the S&P 500 sports three five wave advances of differing degrees. The black Roman numbers show the largest degree wave on the chart 1. Notice that Wave-II was rather shallow and Wave-IV was rather sharp/deep....   READ MORE 

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PRECIOUS METALS RESUME UPTREND BUT STILL LOOK OVER-EXTENDED -- THIS WEEK'S LOW HAS PROVIDED A NEW SUPPORT LEVEL FOR STOPLOSS PROTECTION -- APPLYING PARABOLIC SIGNALS TO SILVER AND GOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

SILVER PROVIDES NEW SUPPORT POINT... My Tuesday message expressed concern that Monday's high-volume day might have marked a short-term top for silver, and precious metals in general. Those concerns about silver being dangerously over-extended remain. However, renewed weakness in the U.S. Dollar, and Mr. Bernanke's...   READ MORE 

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BASE METALS ETF STALLING AS SPY HITS NEW HIGH -- BONDS HIT RESISTANCE AS YIELDS HIT SUPPORT -- FED ADMITS TO A LITTLE INFLATION -- RETAIL ETFS HIT NEW 52-WEEK HIGHS -- VIEWING CANDLEGLANCE CHARTS

by John Murphy,

Chief Technical Analyst, StockCharts.com

BASE METALS ETF STALLING AS SPY HITS NEW HIGH... CandleGlance charts make it easy view and compare the key intermarket areas. I realize that these charts are small and not well suited for detailed analysis. These represent another charting alternative available at StockCharts.com. Details on creating these charts can...   READ MORE 

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STOCKS RESUME UPTREND AS MAJOR INDEXES HIT THREE YEAR HIGHS -- INDUSTRIAL AND TRANSPORTATION LEADERS ARE CUMMINS, ILLINOIS TOOL, AND UNION PACIFIC -- STAPLE LEADERS ARE GENERAL MILLS, HEINZ, AND PEPSICO

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCK INDEXES REACH THREE-YEAR HIGHS ... All three major stock indexes cleared chart resistance to resume their uptrends. As an added bonus, volume also rose on the price gains. Chart 2 shows the S&P 500 SPDRs clearing the neckline on the "inverse head and shoulders" that Arthur...   READ MORE