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OIL ETF BREAKS TRIANGLE - GASOLINE SURGES TO RESISTANCE - AGRICULTURE ETF BREAKS OUT - INDUSTRIAL METALS ETF CHALLENGES RESISTANCE - COMPARING ETFS AND THE UNDERLYING - HEALTHCARE SPDR AFFIRMS UPTREND - STOCKS TO WATCH (LLY, PFE, AMGN, MDT)

by John Murphy,

Chief Technical Analyst, StockCharts.com

OIL ETF BREAKS TRIANGLE... Video Link (click here) John Murphy showed a symmetrical triangle pattern in the US Oil Fund ETF (USO) on Monday. John also said, an eventual upside breakout is likely. Chart 1 shows USO breaking above triangle resistance with a big move today. A report showing a...   READ MORE 

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SMALL-CAPS LEAD BROAD RALLY - JP MORGAN POWERS THE FINANCE SECTOR - XLF BREAKS SEPTEMBER HIGH - JPM-BAC-WFC-USB LEAD FINANCE SECTOR - INTEL LIFTS THE SEMIS - SMH BREAKS RESISTANCE - RISK-ON TRADE REMAINS AS DOW HITS 10K AND DOLLAR HITS NEW LOW

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS LEAD BROAD RALLY... Video Link (click here) The Russell 2000 and the NY Composite led the major indices on Wednesday. All of the major indices were up on the day, but the Russell 2000 and NY Composite were the only two to gain 2%. Chalk it up to the...   READ MORE 

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ANSWERS TO P&F QUESTIONS -- THE FIRST SIGNAL IS ALWAYS THE BEST ONE -- TRY PERCENTAGE SCALES WHEN THERE ARE DISCREPANCIES -- THE DOLLAR HAS NO LONG-TERM LINK TO STOCKS -- CORPORATE BONDS DO

by John Murphy,

Chief Technical Analyst, StockCharts.com

THE FIRST SIGNAL IS ALWAYS THE BEST ONE... Chart 1 is the point & figure chart of the S&P 500 that I posted on Friday to show that its trend is still upward, and made mention of the buy signal given at 935 during July. One of our...   READ MORE 

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OIL SERVICE STOCKS LEAD STRONG ENERGY COMPLEX TO 52-WEEK HIGHS -- CHEVRON BREAKS OUT -- CRUDE OIL AND NATURAL GAS ARE TESTING IMPORTANT RESISTANCE LINES AND APPEAR TO BE HEADED HIGHER

by John Murphy,

Chief Technical Analyst, StockCharts.com

OIL SERVICE BREAKOUTS ... With energy prices on the rise, stocks in the energy patch have become market leaders. That's certainly the case today. While energy is the day's top sector, oil service is the top energy industry group. Chart 1 shows Oil Service Holders rising to...   READ MORE 

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A POINT & FIGURE VIEW OF CURRENT MARKETS SHOW UPTREND STILL INTACT -- GOLD STOCKS ARE RISING FASTER THAN BULLION -- DOLLAR AND VIX STILL IN DOWNTRENDS -- RISING TIPS MATCH JUMP IN COMMODITIES -- CORPORATE BONDS SELLOFF

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCK TREND IS STILL UPWARD ... A rebound in global stock markets this week has kept the seven-month uptrend intact. On Monday, I showed major stock indexes bouncing off their 50-day moving averages. The only potential negative is that trading activity on the way up was less than it was on...   READ MORE 

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ENERGY SECTOR LEADS HIGHER - ALCOA POWER MATERIALS SECTOR - FILLED VERSUS HOLLOW CANDLESTICKS - PRECIOUS METALS LEAD COMMODITY GROUPS - INDUSTRIAL METALS AND ENERGY INDICES REMAIN RANGE BOUND

by John Murphy,

Chief Technical Analyst, StockCharts.com

ENERGY STOCKS SURGE... Video Link (click here) With oil moving back above $70, energy stocks advanced sharply and led all sectors on Thursday. Chart 1 shows the Energy SPDR (XLE) challenging its September high. After a pullback in late September, XLE found support near the early September gap and surged...   READ MORE 

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STOCKS STALL WITH MIXED TRADING - FINANCE SECTOR LEADS - REGIONAL BANKS LAG - HOMEBUILDERS CONTINUE TO SHOW RELATIVE WEAKNESS - REIT ISHARES RETURN TO BREAKOUT - SHORT-TERM RATES POSITIVELY CORRELATED TO THE DOLLAR

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS STALL IN MIXED ACTION... Video Link (click here) Trading was mixed on Wednesday as the major indices meandered on either side of unchanged. Chart 1 shows the Dow finishing virtually unchanged with an indecisive candlestick. After two sharp gains on Monday and Tuesday, a little indecision is understandable. Overall,...   READ MORE 

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HIKE IN AUSSIE RATES GIVES BIG BOOST TO GLOBAL STOCKS AND COMMODITIES -- GOLD HITS RECORD HIGH -- COAL STOCKS HELP LEAD ENERGY RALLY

by John Murphy,

Chief Technical Analyst, StockCharts.com

AUSSIE DOLLAR HITS 52-WEEK HIGH ... The Australian central bank lifted its short-term interest rate 25 basis points to 3.25% from the lowest level in nearly half a century. It was the first G-20 country to do so. Global stocks and commodities rallied sharply on the view that the hike...   READ MORE 

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PRECIOUS METAL AND ENERGY STOCKS LEAD MONDAY RALLY -- SO DO NATURAL GAS STOCKS -- STOCK INDEXES BOUNCE OFF 50-DAY LINES BUT ON LIGHTER VOLUME

by John Murphy,

Chief Technical Analyst, StockCharts.com

FALLING DOLLAR HELPS... A falling dollar is giving boost to stocks and commodities on Monday. Gold stocks are the one of the day's top groups. The reason is a jump in gold and silver prices. Chart 1 shows the streetTrack Gold Trust ETF (GLD) climbing the equivalent of...   READ MORE 

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TREASURY BONDS SIGNAL MORE CAUTION ON THE ECONOMY -- INVESTORS MAY START FAVORING SAFER TREASURIES OVER RISKIER JUNK BONDS -- MORE ON MACD LINES -- % NYSE STOCKS OVER 50-DAY AVG WEAKENS -- ABBOTT LABS TOP HEALTH CARE GAINER

by John Murphy,

Chief Technical Analyst, StockCharts.com

BREAKDOWN IN BOND YIELD MAY BE BAD FOR STOCKS ... One of the catalysts behind Thursdays heavy stock selling was the breakdown in Treasury bond yields. The 10-Year T-note yield fell below its July low to the lowest level in more than four months. Bond yields are an indicator of confidence...   READ MORE 

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STOCKS FALL SHARPLY ON INCREASING VOLUME - FINANCIALS LEAD LOWER - RETRACEMENT CLUSTERS MARK RESISTANCE FOR KEY SECTORS - DOLLAR SURGES AS STOCKS DECLINE - GOLD FOLLOWS EURO LOWER - BONDS BENEFIT FROM WEAKNESS IN STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SELLING PRESSURE INTENSIFIES... Video Link (click here) Wall Street was hit with heavy selling pressure ahead of Fridays employment report. All major indices were down over 2%. Small-caps led the way with the Russell 2000 lost over 3%. All nine sectors were down with the Materials SPDR losing almost 4%...   READ MORE 

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DOW CHOPS LOWER - VIX SURGES AND STAYS ELEVATED - VOLATILITY AND STOCK MARKET REMAIN INVERSELY CORRELATED - DEFENSIVE SECTORS PERKING UP - OIL SURGES AS GAS INVENTORIES CONTRACT - GOLD AND METALS ALSO BOUNCE

by John Murphy,

Chief Technical Analyst, StockCharts.com

VOLATILITY REIGNS SUPREME... Video Link (click here) For the second time in six days, the stock market plunged and recovered - though todays plunge-recovery was much quicker than the previous. Chart 1 shows the Dow Industrials plunging after the FOMC policy statement last Wednesday afternoon. The Dow stalled for a...   READ MORE 

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PHARM HOLDERS REACH 52-WEEK HIGH -- ABBOTT LABS GAPS HIGHER ON ACQUISITION NEWS -- WYETH HITS THREE-YEAR HIGH -- BRISTOL MYERS SQUIBB NEARS BULLISH BREAKOUT -- WATSON PHARMACEUTICALS HITS FIVE-YEAR HIGH

by John Murphy,

Chief Technical Analyst, StockCharts.com

DRUG STOCKS SHOWING SOME LEADERSHIP... At the start of last week, I wrote an article about some money starting to flow into the healthcare sector. My main focus in that earlier article was on biotech stocks that were starting to attract some money. Today's healthcare focus is on...   READ MORE 

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HOW TO BLEND DAILY AND WEEKLY SIGNALS -- STOCK WINNERS AND LOSERS -- WATCHING % OF STOCKS ABOVE 50-WEEK MA FOR CLUES -- PRECIOUS METAL SUPPORT LEVELS -- TREASURIES RALLY -- S&P 500 SUPPORT LEVELS

by John Murphy,

Chief Technical Analyst, StockCharts.com

WHICH IS BETTER?... One of our readers asked whether it's better to use daily or weekly signals on price charts. The answer depends on the time horizon for your trading decisions. If you're a relatively inactive investor, who only makes decisions at important turning points, weekly...   READ MORE 

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STOCKS FALLS AS DOLLAR BOUNCES - HOMEBUILDERS WEIGH ON STOCK MARKET - FINANCE SECTOR IS STILL THE OVERALL LEADER - RELATIVE PERFORMANCE IN XLY STALLS - QQQQ AND IWM NEAR RETRACEMENTS - MEASURING RETRACEMENTS - USING RETRACEMENT CLUSTERS

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR BOUNCES AS STOCKS FALL... Video Link (click here) After an intraday reversal and higher close on Wednesday, the Dollar followed through on Thursday with another gain. Conversely, the S&P 500 ETF followed up on Wednesdays key reversal with further losses. However, it is still too early to...   READ MORE 

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STOCKS FALL SHARPLY AFTER FED ANNOUNCEMENT - RSI BECOMES OVERBOUGHT FOR DIA - EURO MOVES WITH STOCK MARKET - OIL GETS HIT BY RISING SUPPLIES - BONDS BOUNCE AFTER FED ANNOUNCEMENT - TELECOM ETF BREAKS RESISTANCE - AT&T AND CENTURYTEL LEAD

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS DECLINE AFTER FED STATEMENT... Video Link (click here) As was widely expected, the Fed left the Fed Funds rate unchanged. With a target range of 0-.25%, Fed Funds are trading at record lows. Whats more, the Fed said it would keep the target rate near these record lows...   READ MORE 

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MARKET VECTORS COAL ETF NEARS 52 WEEK HIGH -- COAL LEADERS ARE PEABODY AND CONSOLIDATED ENERGY -- ARCH COAL BREAKS OUT OF BASING PATTERN -- DOLLAR DROP TO NEW LOW BOOSTS STOCKS AND COMMODITIES

by John Murphy,

Chief Technical Analyst, StockCharts.com

MARKET VECTORS COAL ETF NEARS 52-WEEK HIGH... Here's an energy ETF that I haven't written about before. It's the Market Vectors Coal ETF (KOL) and it's based on a group of stocks tied to the price of coal. The ETF has been...   READ MORE 

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METAL STOCKS ARE RISING ALONG WITH COMMODITIES -- STILLWATER MINING NEARS 52-WEEK HIGH ON RISING PLATINUM AND PALLADIUM PRICES -- STEEL STOCKS ALSO ON THE RISE -- AKS IS US LEADER -- CLF COMPLETES MAJOR BOTTOM

by John Murphy,

Chief Technical Analyst, StockCharts.com

PRECIOUS METALS GAP HIGHER ... With the U.S. Dollar falling to the lowest level in a year today, stocks and commodities are bouncing again. Precious metals are having an especially strong day. Gold, silver, and platinum have gapped higher and are challenging last week's highs as shown in...   READ MORE 

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CELGENE UPGRADE SPARKS BIOTECH BUYING -- AMGEN AND GILEAD HAVE PROMISING CHART PATTERNS -- ALEXION, ILLUMINA, AND VERTEX ARE IN CHART UPTRENDS -- SOME DEFENSIVE MONEY MAY BE MOVING TO HEALTCHARE

by John Murphy,

Chief Technical Analyst, StockCharts.com

BIOTECHS ETFS HAVE STRONG DAY... On a day when most stocks and commodities pulled back a bit and the dollar bounced, healthchare was the day's top performing group. Biotechs were the main reason why. Charts 1 and 2 show Biotech iShares (IBB) and Biotech Holders (BBH) nearing the...   READ MORE 

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FALLING DOLLAR FAVORS FOREIGN SHARES -- IT ALSO FAVORS FOREIGN ETFS OVER UNDERLYING STOCKS -- NEXT UPSIDE TARGET FOR S&P 500 IS 1120 -- NATURAL GAS IS FIDELITY'S TOP SECTOR FUND FOR THE WEEK -- GOLD NEARS TESTS OF MARCH 2008 INTRA-DAY AT $1033

by John Murphy,

Chief Technical Analyst, StockCharts.com

FALLING DOLLAR FAVORS FOREIGN STOCKS... Arthur Hill reviewed some standard intermarket relationships on Thursday. One of the best known is the inverse relationship between the U.S. Dollar and commodity prices. That's why a falling dollar has had a bullish impact on commodity prices since the spring. The...   READ MORE 

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DOW THEORY SIGNAL AFFIRMED - AIRLINES POWER DOW TRANSPORTS - INTERMARKET CORRELATIONS BLUR - COMMODITIES ARE NEGATIVELY CORRELATED WITH BONDS - DBC BREAKS CHANNEL RESISTANCE - TLT HOLDS BREAKOUT

by John Murphy,

Chief Technical Analyst, StockCharts.com

TRANSPORTS AND INDUSTRIALS FORGE HIGHER HIGHS... Video Link (click here). Last week I noted that the Dow Industrials had yet to break its late August highs and that a non-confirmation could be brewing. With the advance over the last five days, chart 1 shows the Dow Industrials easily clearing its...   READ MORE 

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SMALL-CAPS LEAD BROAD ADVANCE - FINANCE SECTOR SHOWS RELATIVE STRENGTH - REGIONAL BANKS AND REITS POWER FINANCE - OIL FORMS BULLISH CUP-WITH-HANDLE PATTERN - XLE AND OIH BREAK RESISTANCE - GLD CHALLENGES 2008 HIGH.

by John Murphy,

Chief Technical Analyst, StockCharts.com

SMALL-CAPS LEAD BROAD ADVANCE... Video Link (click here) Stocks moved sharply higher on Wednesday with a broad advance. All major index ETFs were up over 1%. All nine sectors were higher with energy and finance leading the way. The technology sector lagged with a relatively small gain on the day....   READ MORE 

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POINT & FIGURE TRENDS FOR MAJOR STOCK INDEXES ARE STILL UP -- NEW BULLISH PERCENT BUY SIGNALS HAVE BEEN GIVEN IN GOLD AND ENERGY -- NEW ENERGY BUYING APPEARS TO BE COMING FROM A REBOUND IN NATURAL GAS -- NATURAL GAS STOCK LEADERS INCLUDE CHK, DVN, AND EP

by John Murphy,

Chief Technical Analyst, StockCharts.com

POINT & FIGURE TRENDS ARE STILL UP... It's true that the market has recovered more than 50% since March. It's also true that many indicators show overbought readings. The most important indicator of all, however, is the actual trend of prices which is still up. At...   READ MORE 

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SILVER STOCK BREAKOUTS -- PLATINUM BREAKS OUT AND IS BENEFITING FROM STRONGER ECONOMY -- 13 AND 34 EMA LINES ARE STILL POSITIVE FOR THE S&P 500 -- BREAKDOWN IN DOLLAR GIVES BOOST TO GLOBAL STOCKS

by John Murphy,

Chief Technical Analyst, StockCharts.com

SILVER STOCKS... Last Friday I showed several gold stocks that had achieved bullish breakouts. One of our readers asked me to show some silver stockss that had achieved bullish breakouts as well. Shown below are the top three in terms of relative strength and strong chart action. Chart 1 shows...   READ MORE 

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STOCKS RALLY AS DOLLAR FALLS - NEXT SUPPORT FOR THE DOLLAR INDEX - SPY EXCEEDS AUGUST HIGHS - BONDS SURGE AND RATES FALL - XLU SHOWS RELATIVE WEAKNESS IN SEPTEMBER

by John Murphy,

Chief Technical Analyst, StockCharts.com

NEGATIVE CORRELLATION FOR STOCKS AND DOLLAR... Link for todays video. The S&P 500 and the US Dollar Index continue to move in opposite directions. Chart 1 shows the S&P 500 in red and the US Dollar Index in green. This inverse relationship started to assert itself...   READ MORE 

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DOW FINISHES STRONG - IWM AND QQQQ LEAD - DOW TRANSPORTS BREAKS AUGUST HIGH - RAILS AND AIRLINES LEAD - TRUCKERS LAG - SHORT-TERM DOW THEORY NON-CONFIRMATIONS LURK

by John Murphy,

Chief Technical Analyst, StockCharts.com

DELAYED POSTING... Wednesday's Market Message was delayed due to a website disruption on Wednesday afternoon. As noted on the status page (click here), we moved back to our old T3 circuits to get back online around 1:30AM. Further developments will be posted on the status page. BEIGE...   READ MORE 

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WEAK DOLLAR GIVES BOOST TO GLOBAL STOCKS AND COMMODITIES -- RISING CHINESE SHARES HELP STABILIZE GLOBAL MARKETS -- SUMMER RALLY IS STILL INTACT

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR DROPS TO YEARLY LOW... The U.S. Dollar has come under heavy selling today. Chart 1 shows the PowerShares DB US Dollar Index (UUP) falling to the lowest level of the year. Although most foreign currencies are rallying, the biggest gain is being seen in the Euro. Chart 2...   READ MORE 

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GOLD AND SILVER HAVE BIG WEEK -- SO DO GOLD STOCKS -- GOLD LEADERS INCLUDE ABX, GG, KGC, AEM, AND IAG -- PRECIOUS METAL ASSETS ARE BACK IN FAVOR

by John Murphy,

Chief Technical Analyst, StockCharts.com

GOLD TESTING ALL-TIME HIGH... Last Friday I wrote about the bullish potential in gold and gold shares. That optimism was based on two bullish chart patterns which are shown below. The first is the bullish symmetrical triangle shown in Chart 1 for the Gold Trust ETF (GLD). This week'...   READ MORE 

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DOW STALLS AFTER SHARP DECLINE - BONDS LEAD INTERMARKET PLAYERS - WEAK DOLLAR NOT MUCH HELP FOR OIL - ENERGY SECTOR SHOWS RELATIVE WEAKNESS - MACD TURNS NEGATIVE FOR USO

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS EDGE HIGHER... Link for todays video. Stocks edged higher ahead of Fridays employment report and three day weekend. Chart 1 shows the Dow Industrials gaining around 64 points, which is a relatively small move (+.69%). After a long red candlestick and sharp decline on Tuesday, the Dow stalled with...   READ MORE 

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UPSIDE MOMENTUM WANES FOR SPY - SIGNS OF SELLING PRESSURE ON INTRADAY CHARTS - MCCLELLAN OSCILLATORS SHOW BREADTH DETERIORATION - GOLD SURGES ABOVE TRIANGLE RESISTANCE - GOLD STOCKS OUTPACE GOLD - DOLLAR REMAINS IN DOWNTREND

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS STALL AFTER SHARP DECLINES... Link for todays video. After sharp declines on Monday and Tuesday, the S&P 500 ETF (SPY)* stalled just below 100 on Wednesday. Chart 1 shows the ETF closing in the red for its fourth consecutive losing day. SPY has not seen four down...   READ MORE 

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US DOLLAR HAS COMPLETED FIVE-WAVE DECLINE AND IS DUE FOR A BOUNCE WHILE THE EURO LOOKS TOPPY -- THAT FITS INTO A DOWNSIDE CORRECTION IN STOCKS AND COMMODITIES -- SO DOES THE RALLY IN THE YEN

by John Murphy,

Chief Technical Analyst, StockCharts.com

DOLLAR DUE FOR A RALLY ... On August 17, I wrote a message showing that the CRB Index had completed a five-wave advance and was due a correction (which appears to have started). The following day I did a similar analysis showing that the U.S. Dollar had completed a five-wave...   READ MORE 

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OVERBOUGHT FINANCIALS LEAD MARKET LOWER --AIG, CITIGROUP, AND BANK OF AMERICA ARE BIG LOSERS -- VIX BREAKS OUT TO UPSIDE AS STOCKS FALL -- TREASURIES, THE YEN, AND THE DOLLAR ARE ATTRACTING SAFE HAVEN MONEY

by John Murphy,

Chief Technical Analyst, StockCharts.com

FINANCIALS DROP 4%... I recently wrote about the negative warning from the market's loss of leadership in the technology sector. Today, the negative warning is coming from financials. And it's coming at a bad time for the financials the rest of the market. The Financials Sector...   READ MORE 

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BIG DROP IN CHINESE SHARES CAUSES SELLING IN GLOBAL STOCKS AND COMMODITIES -- COPPER AND OIL (AND THEIR RELATED STOCKS) ARE HIT THE HARDEST -- SAFE HAVEN MONEY IS MOVING INTO THE YEN AND TREASURIES -- OVERBOUGHT STOCKS ARE STARTING TO SLIP

by John Murphy,

Chief Technical Analyst, StockCharts.com

SHANGHAI INDEX HAS LOST 23% DURING AUGUST ... I had been surprised at how little attention was being paid to the big drop in Chinese shares since the start of August. That's why I warned on Friday that the big drop in Shanghai could cause profit-taking in global stock...   READ MORE 

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TREASURY RALLY HINTS AT STOCK PULLBACK -- SO DOES 20% AUGUST DROP IN SHANGHAI INDEX -- GOLD IS CONSOLIDATING IN BULLISH SYMMETRICAL PATTERN -- GOLD SHARES ALSO LOOK PROMISING

by John Murphy,

Chief Technical Analyst, StockCharts.com

STOCKS AND BOND YIELDS MOVE TOGETHER... Last week (August 18) I wrote about one of the side-effects of a deflationary environment being the positive correlation between stock prices and Treasury bond yields. In other words, Treasury yields and stock prices trend in the same direction. Chart 1, for example, shows...   READ MORE 

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POINT & FIGURE CHARTS ARE HELPFUL IN GIVING PRECISE BUY AND SELL SIGNALS -- USING BAR CHARTS TO SPOT SHORT-TERM SUPPORT AND RESISTANCE LEVELS

by John Murphy,

Chief Technical Analyst, StockCharts.com

P&F SIGNALS ARE MORE PRECISE ... Once in a while, I like to review the merits of point & figure charting which can be used as an adjunct to other charting methods. As I've pointed out before, one of the most compelling virtues of p&f...   READ MORE 

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HOUSING BREAKOUT CONTINUES TO BUILD ON IMPROVING FUNDAMENTALS -- LENNAR AND NVR ARE GROUP LEADERS -- OTHER PROMISING HOMEBUILDING CHARTS BELONG TO DHI, MDC, PHM AND TOLL BROTHERS -- MARKET EXTENDS SUMMER RALLY BUT IS ON SHAKY TECHNICAL GROUND

by John Murphy,

Chief Technical Analyst, StockCharts.com

MORE GOOD HOUSING NEWS BOOSTS HOMEBUILDERS... Each passing week brings more encouraging news on housing. Today's second quarter news shows home prices in the U.S. jumping for the first time in three years. As is usually the case, that good news has been anticipated by stocks tied...   READ MORE 

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STRONG HOUSING NUMBERS BOOST HOMEBUILDERS AND REITS WHICH ARE IN NEW UPTRENDS -- THAT HELPS EXTEND MARKET RALLY -- SUPPORT LEVELS TO WATCH

by John Murphy,

Chief Technical Analyst, StockCharts.com

HOMEBUILDERS AND REITS ARE IN NEW UPTRENDS ... During the last week of July, I wrote a couple of bullish stories on housing related stocks. I also pointed out that their strong price action was a leading indication of better fundamentals to come in housing. Today's report that July...   READ MORE 

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BULLISH PERCENT NUMBERS ARE OVERBOUGHT BUT STILL IN P&F UPTRENDS -- ONLY THE NASDAQ 100 AND MATERIAL SECTOR ARE SHOWING SIGNS OF WEAKNESS -- BULLISH PERCENT FOR GOLD GROUP IS NEUTRAL

by John Murphy,

Chief Technical Analyst, StockCharts.com

NYSE BULLISH PERCENT INDEX STILL IN UPTREND... Earlier in the week, I wrote about overbought readings in the Bullish Percent Indexes for the S&P 500 and the Nasdaq market. Today I'm showing the point & figure version of those two indexes. That's fitting since...   READ MORE 

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COMMODITIES APPEAR TO HAVE COMPLETED A FIFTH WAVE ADVANCE WHICH MAKES A CORRECTION LIKELY -- CHINA AND COPPER HAVE RALLIED TOO FAR -- OIL LOSES UPSIDE MOMENTUM -- GOLD MAY BENEFIT FROM A CORRECTION IN STOCKS AND COMMODITIES

by John Murphy,

Chief Technical Analyst, StockCharts.com

CRB TRACKS THE EURO... Yesterday's message expressed the view that stocks and commodities appeared ripe for a downside correction. Both of those markets have been rising together since March. At the same time, the dollar has been dropping. I also showed that the Dollar Index appeared to have...   READ MORE 

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S&P 500 AND NASDAQ 100 STALL AT MAJOR RESISTANCE LEVELS -- SEVERAL MARKET MEASURES SHOW VERY OVERBOUGHT MARKET -- DEFENSIVE MONEY MOVES INTO HEALTHCARE -- USING AN ETN TO BUY VOLATILITY

by John Murphy,

Chief Technical Analyst, StockCharts.com

OVERBOUGHT S&P 500 BACKS DOWN FROM 1000 BARRIER ... The week before leaving on vacation (July 28 to be exact) I wrote a market message warning that both the S&P 500 and the Nasdaq 100 had reached important overhead resistance barriers and were in overbought territory. I...   READ MORE