Although I like to keep tabs on all major stock indices, in keeping this market update simple, let's just take a look at some recent developments & near-term resistance levels on SPY (S&P 500 tracking ETF). The first chart below is a 15-minute period highlighting the recent divergent low (bullish) that preceded the advance off [...]
Detailed analysis of the US stock market including an overview of the sectors that make up the S&P 500 as well as the over-weighting of technology stocks in the Nasdaq 100. This video covers quite a bit, including detailed coverage on various major stock indices as well as all of the sectors within the S&P [...]
A focus on the near-term outlook for the US equity markets via the major index tracking ETFs; SPY, QQQ, MDY & IWM.
There's an old saying in trading/investing about how most gaps are back-filled at some point in time. The statistics on what percentage of gaps are filled range depending on the source but the author of this article from 2013 claims to have conducted a backtest spanning 24 years showing that over 91% of all gaps [...]
Despite the SPY's valiant attempt to back-fill today's gap, even if it goes green it still has very significant resistance just overhead: the recently broken uptrend line, where any back-test will provide a very objective short entry or add-on to any existing short position on the SPY or /ES. 60-minute SPY chart below. SPY [...]
I started working on these charts before the market opened so they are reflective of Friday's closing prices & indicate how much downside I expect before any substantial reaction in the major stock indices. Should the markets fail to foil what appears to be likely breakdowns of the bear flag patterns today, QQQ appears likely [...]
A quick (10 min) wrap of the price action in the US stock market over the last week along with some key technical levels to watch for next week & some unusual late-day market action that could be a harbinger of a sell-off next week.