Monday, June 27, 2011

200-Day Moving Average Holds As Support 06/27/11

The 200-day moving average of the S&P 500 Index is holding as support. Interestingly, today's range is almost identical to Friday's range.

Thursday, June 23, 2011

Friday, June 17, 2011

Afternoon Divergence 06/16/11

As the S&P 500 traded below the previous day's low, IBM, Exxon and the Dow Industrials refused to follow. With this nonconfirmation of a new low, it's a good place to cover any short positions.


Thursday, June 16, 2011

Still In Bear Mode Afterall 06/15/11

In the morning session, the 0930 ET open provided support, but the market could not trade past the pivot line. After the European market closes, the US stock market lost all support as it broke past the morning lows. The 1264 - 1265 area is now resistance.


Tuesday, June 14, 2011

Technical Bounce 06/14/11

The overnight market has been able to trade past short term resistance on the 60 minute chart. Let's see if yesterday's resistance ledge can provide support.


Wednesday, June 8, 2011

78-Bar Pivot Line

Quite simply, the market faded the 78-bar pivot line all day.


Will We See Support At March 16 Low?

In Tuesday's trading, it looked like we might get a technical bounce to the upside, but the market again sold off at the end of the day. We may not see any support activity until the market tests the March 16 low, which just happens to currently be at the 200-day moving average of the S&P 500.


Bernanke Sees Faster Growth Ahead for Economy

Saturday, June 4, 2011

New S&P 500 Index Resistance 06/04/11

The S&P 500 cash index is meeting resistance at its 100-day moving average. Friday morning we saw a bullish bounce that gave us a three-wave move to the upside. However, the bullish momentum waned as it touched the 78-bar pivot line. In the last half of the day, the bears took control of the market and we finished where we started.


Dow and S&P500 Have Worst Stretch in Years

Wednesday, June 1, 2011

Bear Romp 06/01/11

The large trading firms obviously have reversed their opinion of the market's prospect for the next several months. All support levels failed today as the market traded in its largest range since March.


ES Analysis - Last Day Of May 2011

On Friday, the S&P 500 Index closed above its 50-day moving average giving the bulls a reason to continue buying stocks. On Tuesday, short term profit takers sold as the futures market tested its overnight high. Buyers waited until the market tested the Friday high and then continued their buying spree.