Tag Archive for: SPY

Measuring gap in S&Ps targets 1910

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S&Ps — Chart of the day, Dec. 12, 2012

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Trading futures- and forex-related ETFs is for fools

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A more in depth look at the stock indexes — how bullish is bullish?

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Analog analysis points S&Ps to 1,500

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U.S. stock market — caught between a rock and a hard place

Don’t expect a follow through trend anytime soon in U.S. stocks. This market is about to get volatile in a relatively tight range. At least, that is what the chart is telling me.

The chart of the nearby S&P futures contract shows that the market is between a rock and a hard place. Above the market exists a completed H&S top. This is a powerful reversal pattern (one that I believe will ultimately prevail).

Below the market is arguably a double bottom. The other indexes do not show a similar pattern, but the nearby S&P futures chart fulfills (barely) the general Edwards and Magee criteria for the pattern. The lows are more than a month apart, but the height is only 13% of the value (the criteria is 20%). Also, the rally from the Oct. 4 low should have experienced some pick up in volume, but not as much as was characterized by the first low.

In any case, I think this market will spend some time int he 1200 to 1260 range (+/- 15 to 20 points). The pattern above should keep the market from rallying too much. The pattern below will provide support.

We will see how this market situation becomes resolved. Stay tuned, sports fans.

$SPY, $ES_F

Lessons from seven weeks of stock market chop

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Gold Bulls & Silver Fools Lose $29 Billion in September

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