Today looked bullish as the bulls were able to hold the 200 day moving average. We saw this same pattern form in October so be careful loading up on longs here. Bulls still have to prove they can put some gains on the table....
Read More2012 is the Chinese Year of the Dragon (the Water Dragon, to be more specific). These two links to Wikipedia provide a bit of information about this zodiac sign:...
Read MoreEconomic Reports Due out (Times are EST): MBA Purchase Applications (7am), ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), Factory Orders (10am) Premarket Update (Updated 9am eastern): Futures are slightly down. Asian...
Read MoreObviously the pre-market high yesterday at 1280 ES held all day. ES and EURUSD were both looking short term overbought, and the hourly RSIs have now reset somewhat. I’m still wondering this morning about a possible retest...
Read MoreSPY KEY LEVELS FOR January 4th: SupportLevelsResistanceLevelsS1 126.53 R1 128.38 S2 125.56 R2 129.83 S3 124.91 R3 131.63 S4 123.46 R4 133.12 S5 122.76 R5 134.92 S6 121.57 R6 S7 120.14 R7 S8 119.47 R8 S9 117.64 R9 S10 116.20 S11...
Read MoreShooting Star: Tuesday and 2012 looked like it was off to the races but this lasted on a short period as selling picked up after hitting 128.38. This price action has caused SPY to form a shooting star candle stick pattern. What...
Read MoreAs can be seen from the following three 1-Year charts below (courtesy of www.barchart.com), stocks above their 20-Day, 50-Day, and 200-Day Averages are now sitting at major resistance levels… In view of the above, my big...
Read MoreLONG: Chesapeake Energy (CHK) Read more…
Read MoreEconomic Reports Due out (Times are EST): ISM Manufacturing Index (10am), Construction Spending (10am), FOMC Minutes (2pm) Premarket Update (Updated 9am eastern): Futures are up over 1% heading into the open but off of their...
Read MoreWe’ve seen some impressive resistance breaks overnight and I’ll start with forex today as I think that is extremely important for whatever we’re likely to see next. EURUSD broke declining resistance overnight...
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