Scary Thought 08/08/11

Above is the S&P 500 weekly chart. Wouldn't it be a scary thought if this turned into an A-B-C Wave correction with the market going to 461. That's 200 points below 2009's low.

Charles

ES Market Stays Above Friday's Lows - Morning 08/08/11

So far, the overnight market has stayed above Friday's lows. The European Central Bank is implementing a "bond buying program" to help calm European markets. The American administration, in comparison, has spent most of the weekend blaming everyone, except themselves, for its problems. We have a FOMC Announcement tomorrow at 1415 ET.

Charles

S&P Downgrades US Credit Rating From AAA

The Washington DC politicians will be complaining about this downgrade. After all, it is the dream of every politician to be fiscally irresponsible and have a triple A rating.

Charles

Down Trending Markets 08/05/11

Quite simply, in strong down trending markets, support fails and resistance holds. Look for entries on tests of resistance.

Charles

S&P 500 Index Head And Shoulder Pattern 08/03/11

You may have heard Art Cashin talk about the S&P Head and Shoulder pattern, and the break past its neckline. The chart above shows you what he was referring to. Technically, the market may find support neat 1139. Of course, the market could also rally to new highs.

Charles

Bear Territory 08/02/11

We are in definite bear territory with the S&P 500 Index below its 200-day moving average. Most of today was a nice step wise move down. If the market made this type of formation everyday, trading would be easy.

Charles

ISM Data Lowers Prospects For Market 08/22/11

The market is now concerned over the market's prospects as the ISM data is showing a steep decline. This can be seen in the above ISM chart, which was obtained from the St. Louis Fed website. The market is currently testing yesterday's lows.

Charles