As we said last night, the activity in the stock market should pick up today and we are seeing that coming into the US open.  Volatility is increasing. The Weis Wave shows buyers in good control of the market.  Volume is clearly coming into the upside.  We are coming into a structure supply point here, so we will see how the market responds to it.  There is news due shortly … [Read more...]

The stock market held its gains today and avoided up thrusting the 1283.50 high.  That's a plus for the market, but it was a struggle.  Buyers were unable to mount much of a rally as seen by the relatively narrow range and continued light volume.  The intraday charts show a market struggling to rise.  That's the bad news.   The good news is sellers weren't able to push the … [Read more...]

As we expected, the stock market rallied up and out of the absorption area.  Most of the advance came in the Globex trading hours prior to the US session open. Stock Market Rallies but can it Consolidate & Hold its Gains? Although the close was positive, it wasn't what we might normally expect on a break out.  Volume was lighter than expected, as well. So now the … [Read more...]

Again we see the stock market dip down and then rally back up to close firm.  I mentioned last night that the current market action is looking like likely absorption.  It looks even more like absorption behavior after today's action. Ranges have narrowed, but you can see that the S&Ps have not given up any ground for the past five days. If the absorption is successful, we … [Read more...]

Last week, the S&Ps held just below the 1283.50 high put in during late October.  On Friday, we pushed up briefly over Tuesday's 1280 high, but couldn't hold it.  But, we didn't sell off hard on the reaction.  I view this as likely absorption of the residual supply from the sharp August sell-off. Volume was light, however.  You can see this on the weekly chart best.  In … [Read more...]