High-yield, aka 'junk' bonds, which are highly correlated with the stock market & not with other bond classes, have made an impulsive breakdown below this large bearish rising wedge pattern in HYG (High Yield Corporate Bond ETF) which also makes the recent breakout a failed breakout, i.e.- bull trap. As the performance of junk bonds [...]
Analysis of the US stock market, various key sectors including gold & GDX.
The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 7.8 trillion benchmarked to the index, with index assets comprising approximately USD 2.2 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization. (source: S&P Dow Jones [...]
An overview of some of the important technical developments that occurred in the stock market on Friday including an unusual disparity between the Nasdaq 100 & the rest of the stock market. Various indices & sectors are covered along with price targets & key technical levels as well as a few important developments worth monitoring [...]
After hitting & bouncing off the first target yesterday, IWM went on to close back on that target/support level & gapped down below it today. Support, once broken, becomes resistance. As such, any backtest (or near-backtest) of the 139 level will offer the next objective short entry or add-on. Previous & updated 10-minute charts: [...]
Here's a look at the 10-minute charts on SPY, IWM & QQQ as well as the previous 10-minute charts on SPY & IWM that were posted in the trading room on Friday. SPY has traded sideways since the breakdown below the 10-min ascending price channel posted in the trading room on Friday but appears ready [...]
Analysis of the US stock market via SPY, QQQ & IWM as well as the outlook for gold (GLD) and US treasury bonds (TLT).