Sunday, May 22, 2016

Still Watching

The market pulled back in the recent week and it appears to be setting up for a possible bounce. As the market waits for the next FOMC interest rate decision, we will continue to watch for a bounce that might lead to a retest of the all time high.


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Sunday, May 15, 2016

Beware Of The Obvious

There is an obvious price pattern on the price chart for the SPY and the emini SP500 futures. That obvious price pattern is the head & shoulder. Not saying all head & shoulder patterns will fail, but if one put the price pattern within the context of the market breadth indicators, one needs to beware of the obvious! Although there has been a recent minor pullback, but the market indicators on my watch list have not turned negative. If this H&S pattern breaks along with deteriorating market breadth, then the prudent thing to do is to wait for a potential retest of the neckline before considering a move toward the downside. In the meantime, be defensive and be cautious as the market attempts to re-establish a near term direction.


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Monday, May 2, 2016

Continuation

The market is still continuing to consolidate for the next potential upward move. In this video, a review of the market's price action and some potential near term moves for these momo stocks: AAPL, FB, AMZN, GOOGL, TSLA, NFLX & TWTR.


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