Market Direction - Reversal Likely - July 8 2011
The major indexes all opened down at the open in response to the poor jobs report.
Technically, the indexes are setting up for possibly 3 options as far as candlesticks go.
The first option is to maintain the current lows or go lower and this would indicate a short term reversal.
The second option would be that the [...]
S&P 500 - Possible Candlestick Evening Star
The S&P 500 (SSO 200% of SP 500 ETF) created an up gap on opening and held the gap breaking through a week resistance of of 1350 on the S&P.
It was also the eighth day of a strong bull run.
Yesterday candlestick formation could be defined as a Evening Star. The previous day was up and [...]
S&P500 - Bearish Engulfing Candlestick - July 6 2100
The S&P 500 candlestick pattern for July 6, 2100 was close to a bearish engulfing pattern. The previous close was red and the 6th was opposite color (green). The things that are missing for a engulfing pattern is that two days prior was not red and the close on the 6th was not higher than [...]
S&P 500 Long Term Uptrend - Short Term Breather
The SSO (Ultra Long SPY ETF and a proxy for the S&P500) took a break yesterday and finished with an inside doji close. Very little movement and low volume.
The futures this morning point to a downturn on the opening bell.
The upside short term resistance on the S&P 500 is 1,345. The downside support is 1,321. [...]
S&P 500 Resists 200 Moving Average and is Now in Short and Long Term Uptrend
The SPY (proxy for the S&P 500) recently confronted quite a few technical opportunities and in each case, indicated that the index wants to go higher.
First technical challenge was the prior low set in March as 125. Recent action took the index to the low but did not penetrate thus creating a double bottom. This [...]
Recent Comments