The expected rally discussed last week has reached it's initial objective.  We may see a little further upside today, as we are going into the US holiday weekend that kicks off the summer season.  If today is similar to most days-before-the-holiday-weekend, we will see an upside bias, lower overall activity on the day, and significantly lowered activity in the afternoon.  After … [Read more...]

On Thursday last week, we discussed in detail in Deep Practice why the market was poised to rally and where the likely termination of that rally would be.  We anticipated this rally.  In fact, there was ample evidence of buying beginning a little over two weeks ago.  We went deep into those details, including: the overall evidence of accumulation the overall condition of the … [Read more...]

I just noticed this ... I used to trade Wolfe Waves with another trader out of Montana.  I took Bill Wolfe's course and worked on this trading method diligently.  In fact, it was trading Wolfe Waves that got me deep into Wyckoff's work.  At the 5-point in a Wolfe Wave, there was often high volume that seemed to turn the market.  Being a novice in volume, I couldn't understand … [Read more...]

As we have been discussing for weeks, supply continues in the S&Ps.  Last week ended poorly, and the news media is beginning to report it (e.g., Dow falls below 12,000). The rally on Thursday to 1288.50 (labled A on the chart) showed a distinct lack of demand. The next level of support comes in at 1237.75 basis the June contract (now the front month).  You can see on the … [Read more...]

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