The US Stock market as measured by the S&P 500 e-Mini futures fell after weakness appeared at the recent highs. You can learn about the recent weakness and how it was detected from the last two blog posts discussing comparative weakness in the main US markets and the clear evidence of selling in recent days, among other signs of weakness. We are now probably a bit … [Read more...]
Weakness Appears
Last Monday, I posted that the Dow was lagging the other markets and was comparatively weak. This often flags a trend change, though it can take a short while to unfold. I mentioned to watch for weakness in the Nasdaq, looking for the Naz to break support. Well, that didn't happen, but on Friday, the Naz failed to make a new high along with the other markets (see red … [Read more...]
Time to be wary
Although the S&Ps made new all-time highs last week, the Dow did not. Wyckoff talked extensively about comparative strength and comparative weakness. When related markets fail to make new highs together, you need to sit up and take notice. We saw this in January when the Nasdaq made new highs, but the S&Ps and Dow did not (see A on the chart). This comparative … [Read more...]
Poised for a Good Move
Yesterday, I noted that the 1832-28 level was likely to be strong support. The market came down to 1831.50 an hour after the US Open and set up a lovely Spring of the trading range that had developed in the overnight trading. The day was range-bound, and this is the second day in a row we have had narrowed ranges. Watch for a strong move tomorrow. … [Read more...]
Next up on the S&Ps
In the last post for trading on Thursday, February 13 (click here to see that post), we suggested that that market could fall to 1805 to 1800 and then find support. The market fell to 1802.25, found support, and rallied to new monthly highs. We saw a continuation of that up move on Friday, to a high of 1838.75. So, what's next? Next Up Recent highs created on December 31, 2013 … [Read more...]
