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 [...]
The charts below help to illustrate that, at least as this point, the recent rallies in the major US stock indices have so far been nothing more than typical oversold, counter-trend bounces off support with every major US stock index still well within the typical Fibonacci retracement levels. All major indices, other than the Nasdaq [...]
I spent the bulk of yesterday working on the back-end of the site & as of yesterday, all of the Long Trade ideas have been updated. The charts on all 4 trades currently listed under the Active Long Swing Trade category (ACBFF, WEAT, NIB & CCE) all still look constructive & all of those trades [...]
The lead dog (Nasdaq 100) has now followed every other major stock index to print a daily close below the critical "flashpoint" support levels & with Facebook making the expected post-earnings face-plant, with the stock closing down nearly 9% in the after-hours session following their earnings report & conference call, we now have about as [...]
As a follow-up to the October 17th US Equity Market "Flashpoint" & Target Levels post, in which the critical support levels on the major US stock indices were highlighted, all of those major diversified stock indices broke down & closed below those key support levels today except the lead sled dog, the Nasdaq 100, which [...]
In reviewing the charts of the major US stock indices, other than the fact that the markets continue appear to have stalled out in choppy, sideways range over the last 3+ months, one of the most important developments in recent months is the very clear trend of deterioration in market breadth, particularly in the leading [...]