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STOCKS SURGE AROUND THE WORLD -- A POSSIBLE SMALL HEAD AND SHOULDERS IN THE S&P 500 -- EURO AND EURO STOXX BOUNCE -- GOLD AND BONDS FALL AS STOCKS RISE -- VOLATILITY INDICES HOLD THEIR MAY BREAKOUTS

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS SURGE AROUND THE WORLD... John Murphy is off today and will return next week. Stock markets around the world moved higher on Thursday. Indices in Japan, Taiwan and Australia got it started with 1+ percent gains. This carried over to Europe where French, German, and Dutch indices also gained...   READ MORE 

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MAY SUPPORT LEVELS IN PLAY FOR STOCKS -- MAY RESISTANCE LEVELS IN PLAY FOR BONDS AND GOLD -- EURO STOX50 HOLDS ABOVE MAY LOW AS EURO BREAKS IT -- S&P 500 REMAINS WITHIN HUGE TRADING RANGE -- ABC CORRECTION DEPENDS ON FEBRUARY LOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

MAY LEVELS IN PLAY FOR STOCKS, BONDS AND GOLD... Link for todays video. The major stock index ETFs are getting a bounce off their May lows as bonds and gold hit resistance from their May highs. It is no secret that the Dow and S&P 500 are testing...   READ MORE 

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SPY CONTINUES TO BATTLE ITS FEBRUARY LOW -- FINANCE SECTOR FIRMS WITH HARAMI NEAR FEBRUARY LOW -- CONSUMER STAPLES OUTPERFORMING CONSUMER DISCRETIONARY -- XLY HOLDS ABOVE FEBRUARY LOW AS XLP TESTS IT

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY CONTINUES TO BATTLE ITS FEBRUARY LOW... John Murphy is off Tuesday-Thursday and will return next week. After two sharp declines, stocks managed to firm on Tuesday with the Dow and S&P 500 gaining over 1%. Chart 1 shows the S&P 500 ETF (SPY) firming with...   READ MORE 

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GOLD AND BONDS SURGE TOWARDS MAY HIGHS -- SMALL CAPS LEAD THE MARKET LOWER -- HEALTHCARE AND UTILITIES HOLD UP IN WEAK MARKET -- LONG-TERM MOMENTUM INDICATOR BREAKS BULL RANGE -- PERCENT OF STOCKS ABOVE 50-DAY SMA BREAKS DOWN

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD AND BONDS SURGE TOWARDS MAY HIGHS... Link for todays video. Stocks were weak in Asia, Europe and the US today. Oil and copper followed suit with losses as well. Chart 1 shows Copper Futures ($COPPER) breaking below their February (closing) low on Friday. This is an end of day...   READ MORE 

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EMPLOYMENT REPORT WEIGHS ON STOCKS AND LIFTS BONDS -- EURO AND EUROPEAN STOCKS FALL SHARPLY -- MACD FORMS DIVERGENCE ON WEEKLY GOLD CHART -- INVERSE GOLD EURO CORRELATION UNDER THREAT -- GOLD MINERS ETF HITS RESISTANCE AT GAP

by John Murphy,

Chief Technical Analyst, StockCharts.com

EMPLOYMENT REPORT WEIGHS ON STOCKS AND LIFTS BONDS... Link for todays video. A negative reaction to todays employment report sent stocks sharply lower on the open. In early trading, the major indices were down around 2% and all sectors were down. Elsewhere, the Dollar was up because of weakness in...   READ MORE 

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S&P 500 SURGES TO HOLD FEBRUARY LOW -- RUSSELL 2000 BOUNCES OFF KEY RETRACEMENT -- SMALL CAP PERFORMANCE FLATTENS -- AIRLINES LEAD THE MARKET HIGHER -- AMR AND CAL SURGE -- HOMEBUILDERS FIRM AT SUPPORT -- PHM AND TOL HIT KEY RETRACEMENT

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 SURGES TO HOLD FEBRUARY LOW... Link for todays video. The February low represents the last big reaction low and an important support zone for the S&P 500. A break below this support zone would forge a lower low and signal the start of a...   READ MORE 

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DOW AND S&P 500 REMAIN BELOW 200-DAY LINE -- COPPER AND OIL LEAD COMMODITY GROUP LOWER -- CHINESE WEAKNESS WEIGHS ON ENERGY AND MATERIAL STOCKS -- GOLD RALLIES -- INVESTMENT GRADE BONDS DROP

by John Murphy,

Chief Technical Analyst, StockCharts.com

MARKET BOUNCE REMAINS CONTAINED ... The inability of major market indexes to reclaim (or stay above) their 200-day moving average is some cause for concern. Charts 1 and 2 show the recent bounce in the Dow Industrials and S&P 500 meeting with resistance at their 200-day line. The Nasdaq...   READ MORE 

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SMALL CAPS HOLDING UP BETTER THAN LARGE CAPS -- INTERMARKET DYNAMICS SHOW INVERSE STOCK BOND RELATIONSHIP -- GOLD FORMS WEEKLY BEARISH ENGULFING -- OIL FINDS SUPPORT AROUND 70 AGAIN -- BONDS HIT LONG TERM RESISTANCE ZONE

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS HOLDING UP BETTER THAN LARGE-CAPS ... Link for todays video. While the S&P 500 ETF (SPY) tested its February low this month, the Russell 2000 ETF (IWM) held well above its February low. Chart 1 shows SPY dipping below 106 three times this month and recovering each time....   READ MORE 

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MARKET BOUNCES SHARPLY OFF FEBRUARY LOW -- S&P MAY REGAIN A THIRD TO A HALF OF THE MAY LOSS -- TAKE SOME PROFITS IN BEAR FUNDS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SHORT-TERM OVERSOLD CONDITION LEADS TO MARKET BOUNCE... The combination of a short-term oversold condition and the presence of chart support at the February low has produced gains of more than 2% in most major stock indexes, including the S&P 500. The short-term oversold condition in Chart 1 is...   READ MORE 

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STOCKS GIVE UP EARLY GAINS -- DISCRETIONARY AND INDUSTRIALS SECTORS BATTLE KEY RETRACEMENTS -- FINANCE AND TECHNOLOGY SECTORS BATTLE FEBRUARY LOWS -- TRANSPORT GETS A LIFT -- AIRLINE INDEX SHOWS RELATIVE STRENGTH

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS GIVE UP EARLY GAINS... Link for todays video. Stocks opened strong and remained in positive territory most of the day, but afternoon selling pressure erased early gains. The S&P 500 and S&P 100 (large-caps) finished in negative territory, but the Russell 2000 and S&...   READ MORE 

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KOREAN MARKET LEADS GLOBAL STOCKS LOWER -- MOST FOREIGN MARKETS HAVE ALREADY BROKEN THEIR FEBRUARY LOWS -- TECHNICAL ODDS SUGGEST THE US MARKET WILL PROBABLY DO THE SAME

by John Murphy,

Chief Technical Analyst, StockCharts.com

NOW IT'S ASIA FALLING... First it was China that started falling a few months ago which gave an early warning of global weakness. Then it was Europe pulling the rest of the world lower, which is where most of the attention has been focused over the last month....   READ MORE 

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BANKS, REITS AND BROKERS WEIGH ON THE MARKET -- LATE SELLING PRESSURE PUSHES TECHS IN THE RED -- INDUSTRIALS AND ENERGY SPDRS FORM PIERCING LINES -- FINANCE AND CONSUMER DISCRETIONARY SPDRS FORM ENGULFING LINES

by John Murphy,

Chief Technical Analyst, StockCharts.com

BANKS, REITS AND BROKERS WEIGH ON THE MARKET... Link for todays video. Weakness in finance related stocks weighed on the overall market on Monday. The European debt crisis and financial reform in the US are the clouds of uncertainty overhanging the banking stocks. Gains one day are met by selling...   READ MORE 

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S&P 500 ETF NEARS TEST OF FEBRUARY LOW -- RUSSELL 2000 ETF REMAINS ABOVE FEBRUARY LOW -- VIX SURGES TO FEAR LEVELS OF MARCH 2009 -- PUT-CALL RATIO SHOWS EXCESSIVE BEARISHNESS -- POTENTIAL DOUBLE TOPS IN MATERIALS SPDR AND METALS ETF

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY NEARS FEBRUARY LOW FOR KEY TESTS... Link for todays video. At the risk of a lynching :~) , I will remain on a limb with my assessment of an uptrend on the weekly. This is important because an uptrend on the weekly chart implies that the April-May decline is a correction...   READ MORE 

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MARKET INDEXES SLIP BELOW 200-DAY AVERAGES -- FEBRUARY LOW IS NEXT POTENTIAL SUPPORT LEVEL -- MORE FOREIGN CURRENCIES TUMBLE AGAINST DOLLAR AS THE YEN ATTRACTS SAFE HAVEN MONEY -- TREASURIES RISE WHILE HIGH YIELD BONDS FALL

by John Murphy,

Chief Technical Analyst, StockCharts.com

S&P 500 IS TRADING BELOW 200-DAY AVERAGE ... Today's market slide has put the S&P 500 in danger of closing below its 200-day moving average (red line) for the first time in a year. The S&P has also lost 10% from its April...   READ MORE 

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STOCKS STAGE ANOTHER RECOVERY WITHIN A DOWNTREND -- SEMICONDUCTORS SHOW SOME RELATIVE STRENGTH -- TEXAS INSTRUMENTS AND INTEL FIRM -- EURO BOUNCES DESPITE BAD NEWS -- LONG TERM BREADTH INDICATOR NEARS MAKE OR BREAK POINT

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS STAGE ANOTHER RECOVERY WITHIN A DOWNTREND... Link for todays video. Wednesdays trading day looks a lot like Monday. Stocks declined until noon and then advanced in the afternoon. Neither the morning decline nor the afternoon rebound were convincing. All in all, Wednesdays trading action looks like a stalemate. Chart...   READ MORE 

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RISING DOLLAR MAY HOLD SILVER LINING FOR US STOCKS WHICH ARE HOLDING UP BETTER THAN FOREIGN STOCKS -- BUT IT'S HURTING COMMODITIES AND COMMODITY PRODUCERS -- IT MAY BE A GOOD TIME TO BUY SOME PROTECTION WITH AN INVERSE ETF

by John Murphy,

Chief Technical Analyst, StockCharts.com

FOREIGN SHARES MUCH WEAKER THAN THE US... We've noted before that foreign stocks are acting much weaker than those in the U.S. The first two charts demonstrate that very clearly. Chart 1 shows the S&P 500 having fallen 7% from its mid-April high and trading...   READ MORE 

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SMALL-CAPS AND TECHS LEAD AFTERNOON REBOUND - SEMICONDUCTOR, NETWORKING AND INTERNET ETFS LEAD TECH SECTOR - INTEL, CISCO AND GOOGLE LEAD TECHS - GLOBAL EQUITIES WEIGH ON OIL - OIL HITS SUPPORT ZONE AND BECOMES OVERSOLD

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS AND TECHS LEAD AFTERNOON REBOUND ... Link for todays video. After a weak open and down morning, stocks began moving higher in the afternoon and finished in the green for the first time in three days. The gains were rather small though. Sectors were mixed with six up and three...   READ MORE 

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MAJOR INDEX ETFS FAIL NEAR BROKEN SUPPORT -- KEY SECTORS ALSO FAIL NEAR BROKEN SUPPORT -- A CASE FOR EURO DOLLAR PARITY -- EUROSTOXX ETF BACKS OFF BROKEN SUPPORT -- GERMAN DAX HOLDS EUROPE AFLOAT AS FRENCH CAC BREAKS SUPPORT

by John Murphy,

Chief Technical Analyst, StockCharts.com

MAJOR INDEX ETFS FAIL NEAR BROKEN SUPPORT... Link for todays video. Stocks were down sharply in early trading on Friday. The Nasdaq 100 ETF (QQQQ), S&P 500 ETF (SPY), Dow SPDR (DIA), Russell 2000 ETF (IWM) and S&P 400 MidCap ETF (MDY) were all down over...   READ MORE 

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SMALL-CAPS AND TECHS LEAD BROAD RALLY - MATERIALS, INDUSTRIALS AND TECHNOLOGY LEAD SECTORS - INTEL, APPLIED MATERIALS AND MICRON LEAD SEMIS - TOPS USUALLY EVOLVE AS A DISTRIBUTION PROCESS - DEALING WITH THURSDAY'S DATA SPIKES

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS AND TECHS LEAD BROAD RALLY... Link for today's video. Stocks moved higher for the third day running with solid gains in all of the major indices. Small-caps led the way higher as the Russell 2000 ETF (IWM) gained around 3% on the day. Chart 1 shows IWM...   READ MORE 

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WHY GOLD AND THE DOLLAR CAN RALLY TOGETHER -- NEWMONT LEADS GOLD MINERS ETF TO STRONG GAIN -- INTERMARKET RELATIONSHIPS MAKE SENSE -- WHY INVERSE ETFS AREN'T GOOD LONG-TERM HOLDINGS

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD IS COMPETING WITH THE DOLLAR... Some readers have asked why gold can continue to rise in the face of a rising dollar. As I've explained several times recently, gold is both a commodity and a currency. At the moment, it's acting more like a currency...   READ MORE 

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DOW AND NASDAQ BOUNCE OFF KEY RETRACEMENTS - INDUSTRIALS, FINANCIALS AND CONSUMER DISCRETIONARY LEAD - EURO FALLS BACK AFTER GAP AS GOLD CLOSES MIXED - TREASURIES MOVE SHARPLY LOWER IN FLIGHT FROM SAFETY - BIG ANNOUNCEMENTS CAN MEAN BIG VOLATILITY

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW BOUNCES OFF KEY RETRACEMENT... Link for todays video. News of a $956 billion European bailout plan sparked a huge rally on Wall Street. Stocks fell sharply last week as Greece teetered and fears of contagion gripped Wall Street. A weekend bailout package alleviated these fears and put risk back...   READ MORE 

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FLIGHT TO SAFETY CONTINUES AS STOCKS REMAIN WEAK - YEN, DOLLAR, BONDS AND GOLD ATTRACT BUYING INTEREST - WEEKLY UPTREND IS WOUNDED, BUT NOT YET BROKEN - SPY HITS POTENTIAL RETRACEMENT SUPPORT - DISSECTING AND DEFINING TIMEFRAMES

by John Murphy,

Chief Technical Analyst, StockCharts.com

FLIGHT TO SAFETY CONTINUES AS STOCKS REMAIN WEAK... Link for todays video. Stocks were down sharply in early trading on Friday as money continued its move to relative safety. Despite German approval for the Greek bailout and a much better-than-expected employment report, stocks moved lower and remained under pressure. The...   READ MORE 

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MARKET ATTEMPTS TO STABILIZE AFTER AFTERNOON PLUNGE -- TREASURIES SURGE AS CORPORATE BONDS TUMBLE

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOW RECOVERS SOME GROUND... A selling panic hit stocks earlier this afternoon which pushed the Dow Industrials down 1000 points and put it close to its February low where some chart support is likely (see Chart 1). The Dow has since regained about half of its earlier losses. I'...   READ MORE 

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GLOBAL DECOUPLING IS A MYTH -- THAT'S WHY PROBLEMS IN EUROPE AND ELSEWHERE IN THE GLOBE WILL HURT US STOCKS -- MARKET APPEARS HEADED TOWARD FEBRUARY LOWS IN BIGGEST CORRECTION SINCE LAST SPRING -- GOLD RALLIES AS COPPER TUMBLES -- VIX BREAKS JANUARY HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

NOTE: THIS MESSAGE WAS WRITTEN BEFORE THIS AFTERNOON'S STOCK PLUNGE...PLEASE SEE FOLLOW-UP MESSAGE... Toward the end of 2007, the media started talking a lot about "global decoupling". At the time, U.S. stocks were being pulled lower by subprime mortgage concerns and a collapsing housing...   READ MORE 

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SPY AND QQQQ FIRM WITH SPINNING TOPS - HEALTHCARE SPDR HITS SUPPORT ZONE - PFIZER AND MERCK SURGE ON GOOD VOLUME - MARKET TURNS DEFENSIVE - CONSUMER STAPLES SPDR FIRMS AFTER SUPPORT BREAK - WAL-MART AND PROCTER & GAMBLE LEAD

by John Murphy,

Chief Technical Analyst, StockCharts.com

SPY AND QQQQ FIRM WITH SPINNING TOP CANDLESTICKS... Link for todays video. After support breaks and sharp declines on Tuesday, the S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQQ) formed spinning top candlesticks on Wednesday (Charts 1 and 2). These candlesticks feature a small real body (open-close)...   READ MORE 

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FALLING MATERIAL STOCKS HELP PULL NYSE COMPOSITE INDEX BELOW 50-DAY AVERAGE -- EAFE ISHARES VIOLATE 200-DAY LINE -- WEAKNESS IN CHINA STOCKS ARE ALSO WEIGHING ON COPPER -- TREASURY BOND PRICES ACHIEVE BULLISH BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

NYSE INDEX BREAKS 50-DAY LINE -- MATERIALS TUMBLE... Last Tuesday, I showed the NYSE Composite Index testing its January high and its 50-day average, and suggested that it needed to stay above both lines to maintain its spring uptrend. Chart 1 shows the NYA falling below both support lines today....   READ MORE 

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GLOBAL STOCKS AND COMMODITIES DROP AS BONDS RALLY -- NYSE INDEX BREAKS 50-DAY AVERAGE -- EFA ISHARES FALL BELOW 200-DAY LINE

by John Murphy,

Chief Technical Analyst, StockCharts.com

SERIOUS PROFIT-TAKING ... Global stocks and commodities are experiencing heavy profit-taking today. Major stock indexes in the U.S. are down more than 2%. Biggest losses are being seen in economically-sensitive groups like energy, materials. transports, and technology. Semiconductors are down more than 4% and are helping lead the Nasdaq lower....   READ MORE 

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STOCKS SURGE AS MAJOR INDICES HOLD SUPPORT - TRANSPORTS HIT 52-WEEK HIGH - RAILS AND TRUCKERS LEAD TRANSPORTS - EURO SLIDES DESPITE LATEST BAILOUT - OIL MAINTAINS STRENGTH DESPITE STRONG GREENBACK - OIL CHALLENGES RESISTANCE AGAIN

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS SURGE AS MAJOR INDEX ETFS HOLD SUPPORT ... Link for todays video. With stocks short-term oversold and many key indices near support zones, positive economic news spurred the bulls into action and stocks move sharply higher on Monday. The major index ETFs gained around 1.5% on the day with...   READ MORE 

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FINANCE SECTOR FEELS THE HEAT - TECH ETF BOUNCES OFF SUPPORT - SEMIS TEST SUPPORT- NEW HIGH IN AD LINE AFFIRMS BULL-RUN - AD LINE BEARISH DIVERGENCE PRECEDED 2007 PEAK - CORPORATE BONDS OUTPERFORMING TREASURIES - JUNK BOND ETF HITS NEW HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCE SECTOR FEELS THE HEAT... Link for todays video. With Goldman Sachs under the congressional microscope, the finance sector has been under pressure the last two weeks. The S&P 500 ETF (SPY) hit a new 52-week high (closing) last Friday, but the Financials SPDR (XLF) peaked over a...   READ MORE 

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GOLD MINERS INDEX SHOWS NEW LEADERSHIP -- NEWMONT AND SILVER WHEATON NEAR MAJOR UPSIDE BREAKOUTS -- MINERS BULLISH PERCENT INDEX ON BUY SIGNAL -- ENERGY BPI IS CLOSE TO ONE -- MOVING AVERAGE SUPPORT HAS HELD SO FAR FOR THE EFA AND NYSE INDEXES

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD MINERS INDEX HITS THREE-MONTH HIGH ... Three Thursdays ago (April 8), I wrote about the upturn in the price of gold and gold stocks. At the time, gold was breaking through a bullish "neckine" in a head and shoulders bottom while the Gold Miners Index was breaking through...   READ MORE 

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STOCKS FIRM AS FED STANDS PAT - S&P 500 AND NASDAQ FIND SUPPORT NEAR LAST WEEKS LOW - GOLD MINERS ETF SURGES TO THREE MONTH HIGH - PERFCHART REFLECTS WEAKNESS IN EUROPEAN PERIPHERY - SPAIN, ITALY AND PORTUGUESE INDICES BREAK DOWN

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS FIRM AS FED STANDS PAT... Link for todays video. There were no surprises from the Fed today. After a two day meeting, the FOMC issued its policy statement at 2:15 today. Fed officials voted to keep the Fed Funds target rate in its current range (0 to 0....   READ MORE 

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S&P DOWNGRADES GREEK DEBT TO JUNK AND CAUSES PROFIT-TAKING IN STOCKS AND BUYING OF US BONDS -- GOLD BOUNCES AGAINST DOLLAR AND REACHES RECORD AGAINST THE EURO -- 20% JUMP IN THE VIX SHOWS THAT OPTION TRADERS ARE TURNING MORE CAUTIOUS ON STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

TREASURIES RALLY ... I wrote a message on April 17 to the effect that Treasury bond prices were starting to bounce from chart support (as yields were backing off from resistance at 4%), and suggested that a bounce in bond prices might cause a pullback in stocks. That's because...   READ MORE 

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INDUSTRIALS AND CONSUMER DISCRETIONARY SECTORS POWER LATEST LEG - HIGH VOLUME MOVES FOR WHIRLPOOL AND CATERPILLAR - DOW ENTERS POSSIBLE FIFTH WAVE - PUT/CALL RATIO REACHES AN EXTREME

by John Murphy,

Chief Technical Analyst, StockCharts.com

INDUSTRIALS AND CONSUMER DISCRETIONARY SECTORS POWER LATEST LEG ... Link for todays video. Perfchart 1 shows the performance of the nine sector SPDRs since the last upswing began in early February. All nine sectors are up with five up double digits. The S&P 500 is up double digits with...   READ MORE 

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EURO BOUNCES OFF PRIOR LOWS AS GREECE ACCEPTS AID - FALLING DOLLAR SPURS BUYING IN SILVER AND GOLD - OIL AND OIL-RELATED SHARES SURGE - BONDS TEST RESISTANCE AS FED CONSIDERS ASSET SALES - PERCENT OF STOCKS ABOVE 50-DAY LINES SURGES TO PRIOR HIGHS

by John Murphy,

Chief Technical Analyst, StockCharts.com

EURO BOUNCES OFF PRIOR LOWS AS GREECE ACCEPTS AID... Link for todays video. Debt-laden Greece formally requested assistance from the EU and IMF. News of possible bailout to help Greece get through the year lifted the Euro. Chart 1 shows the Euro ETF (FXE) finding support near the prior low...   READ MORE 

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QQQQ AND SPY EXCEED CHANNEL TRENDLINES - SMH GIVES UP EARLY GAINS - GOLD HOLDS BREAKOUT ON WEEKLY CHART AND HITS RESISTANCE ON DAILY CHART - GOLD-DOLLAR RELATIONSHIP TURNS POSITIVE - SHANGHAI COMPOSITE LAGS OTHER BRIC COUNTRIES AND THE US

by John Murphy,

Chief Technical Analyst, StockCharts.com

QQQQ AND SPY EXCEED CHANNEL TRENDLINES... Link for todays video. The Nasdaq 100 ETF (QQQQ) and S&P 500 ETF (SPY) were featured with rising price channels in the March 29th Market Message. These channels are still there, but charts 1 and 2 shows these ETFs exceeding their upper...   READ MORE 

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OIL SERVICE HOLDERS LEAD ENERGY SECTOR INTO ANOTHER TEST OF OLD HIGHS -- CONOCOPHILLIPS AND HALLIBURTON ARE ENERGY LEADERS -- STRONG CANADIAN DOLLAR IS GOOD FOR OIL PRICES -- SURGING LUMBER MARKET MAY HOLD GOOD NEWS FOR HOUSING SECTOR

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY SPDR TESTS JANUARY HIGH... One of the themes I've repeated over the past few weeks is that commodity-related stocks should start playing catchup to the rest of the market. I mentioned energy stocks in particular. After a modest dip last week, the energy sector is today'...   READ MORE 

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MATERIALS SPDR BACKS OFF RESISTANCE - RISK-AVERSION TRADE RETURNS AS DOLLAR BOUNCES - EURO ETF RETURNS TO BROKEN TRENDLINE - ENERGY SPDR ALSO HITS RESISTANCE - OIL SERVICE HOLDRS FORMS LARGE DIAMOND

by John Murphy,

Chief Technical Analyst, StockCharts.com

MATERIALS SPDR BACKS OFF RESISTANCE ZONE... The Materials SPDR (XLB) is running into resistance on both the daily and weekly charts. First, chart 1 shows a long-term resistance zone from broken supports and the 62% retracement mark. Also note that XLB is up around 100% from its March 2009 low....   READ MORE 

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FINANCIAL DROP PULLS MARKET LOWER -- THE FACT THAT OVERSOLD TREASURY BOND PRICES ARE STARTING TO BOUNCE OFF CHART SUPPORT MAY ALSO SUGGEST THAT STOCKS ARE DUE FOR A PULLBACK

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLDMAN SACHS PLUNGES NEARLY 13%... The SEC sued Goldman Sachs on Friday for fraud in the mortage market. That shocking news caused the stock to plunge nearly 13% on huge trading volume. Chart 1 shows the chart damage. GS hasn't exactly been a market leader over the has...   READ MORE 

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SECTOR RANKINGS SHOW BULLISH CONFIDENCE -- TOP 2010 PERFORMERS ARE FINANCIALS, DISCRETIONARY, SMALL CAPS, TRANSPORTS, AND THE NASDAQ -- DEFENSIVE GROUPS LAG BEHIND -- MARKET BREADTH REMAINS POSITIVE AS NYSE ADVANCE-DECLINE HITS RECORD HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

GROUP LEADERSHIP SHOWS CONFIDENCE... The fact that major market indexes are hitting new recovery highs is a vote of confidence for the market and the economy. That's because the stock market is a leading indicator of the economy. What's also impressive is where market leadership is...   READ MORE 

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SEMICONDUCTOR SURGE GIVES MARKET A BIG BOOST -- THAT'S MAY ALSO BE HELPING BULLISH BREAKOUT IN ASIA -- A WEAKER DOLLAR SHOULD ALLOW COMMODITIES (AND STOCKS TIED TO THEM) TO PLAY CATCHUP TO THE STOCK MARKET -- NATIONAL SEMICONDUCTOR BREAKS OUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

SOX INDEX SOARS... Nearly two weeks ago (April 1) I showed the Semiconductor (SOX) Index breaking through its January high at 370 and noted that was giving a nice boost to technology shares and the market as whole. That positive effect is even more obvious today. Chart 1 shows the...   READ MORE