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XBI, Biotech Stocks Approaching Triangle Pattern

The most significant levels that I've been monitoring in recent months on the biotech sector is this large symmetrical triangle pattern (yellow). Today's rally has taken XBI within 1% of the top of the triangle which is likely to either act as resistance when hit, sending prices lower, or a breakout followed by a rally, [...]

Jan 31, 2017 3:55pm|Categories: Equity Market Analysis|Tags: |Comments Off on XBI, Biotech Stocks Approaching Triangle Pattern

QQQ Breakdown Triggered, Awaiting SPY Breakdown for Sell Signal Confirmation

QQQ has clearly broken down below its 60-minute bearish rising wedge pattern today & appears to be waiting for confirmation via a similar breakdown on the other big index, SPY ($SPX) before continuing down towards any of the price targets below. As such, sell signal on the broad markets is still pending at this time [...]

Jan 31, 2017 12:22pm|Categories: Equity Market Analysis|Tags: , , , |3 Comments

$TSX Toronto Stock Exchange Poised for a Correction

It appears likely that the $TSX (S&P/TSX Composite Index) is headed back down to at least the 14962 area following the recent failure at the 2014 all-time highs. Note the large negative divergences that have been building & were recently confirmed with the PPO, MACD & RSI all turning back down following the recent failure [...]

Jan 31, 2017 12:12pm|Categories: Equity Market Analysis|Tags: , , |Comments Off on $TSX Toronto Stock Exchange Poised for a Correction