Although the intraday trading range was somewhat higher that it has been lately with a morning dip answered by a nearly equal afternoon rip, the US equity markets essentially closed flat for the day with the large cap indices (SPY & QQQ) closing the day up 0.19% & 0.18% respectively and the small & mid-caps [...]
Same old story in the broad equity markets although we are finally starting to see some cracks in the "Big Five" that I'm watching (AAPL, GOOG, MSFT, AMZN & FB). First let's take a look at the broad market, starting with SPY. Negative divergences continue to build as SPY grinds slowly but steadily higher on [...]
A look at the pending sell signals & key support levels on the broad market tracking ETFs; SPY, QQQ, MDY & IWM along with a handful of the leading stocks in the Nasdaq 100; AAPL, GOOG, MSFT, AMZN & FB.
On watch for a breakdown below all of these 60-minute uptrends lines on these leading stocks (AAPL, GOOG, MSFT, AMZN & FB) of the leading index (QQQ/Nasdaq 100) as that will most likely trigger the aforementioned sell signals that on watching for on the 60-minute charts of SPY, QQQ & IWM.
Short sellers are often vilified by the mainstream media, CEO's of publicly traded companies & many institutional money managers which are forced, by prospectus or other security selection parameters, to maintain only long-side exposure to the market. I won't go into all the benefits that short sellers provide, such as liquidity and sniffing out corporate [...]
The top 5 components of the top-heavy QQQ/Nasdaq 100 are all at resistance on the 60-minute time frames, including several at gap resistance. These are fairly significant resistance levels on the intraday time frames so 60-minute closes above these levels on most or all 5 of these leading stocks would certainly be near-term bullish although [...]