Powell: What Did I Say!?

I saw an interesting interview on CNBC this morning where the guest observed how important overnight trading was to the market’s overall performance. Andrew Ross Sorkin offered data that if one bought the S&P 500 at the close of each day of trading and sold at the next morning’s open, they would be up 650% … continue reading →

Update on DJIA: Mar 18, 2020

In our last dedicated update on the Dow [see: July 2019 Update], we noted the intersection of a number of overhead resistance features in its chart and offered some thoughts on its downside potential if it managed to reverse. Note that our 18974 target represents a backtest of the red channel from which DJIA broke … continue reading →

The Storm Finally Arrives

After weeks of gathering clouds, the storm we’ve been watching has finally arrived. S&P futures are lock limit down just a few points above our next downside target. Not surprisingly, all of our other targets across currencies, commodities and fixed income have either tagged or exceeded our next downside targets, with more to go once … continue reading →

Decision Time, Again

We start this morning’s post with a peek at the Russell 2000 as it perfectly illustrates the dilemma facing the broader markets this morning. Up until September 2017, RUT followed a well-defined rising channel shown below in yellow.  Like all channels, it was defined by the tops and bottoms along the way. The only problem: … continue reading →

Update on DJIA: Jul 29, 2019

In our last dedicated post six months ago, we discussed the critical resistance DJIA faced: the neckline of a large H&S Pattern. …it’s important to note that like SPX and COMP, [DJIA] is backtesting a point of potentially strong resistance — the neckline of a large Head & Shoulder Pattern that never completely paid off. … continue reading →

Are We There Yet?

SPX came within 7 points of our downside target yesterday, getting a midday bounce that couldn’t quite reach the 200-DMA.  Futures popped as high as 73 points off the intraday lows, but have since given back about 12 of those points and are perched barely above ES SMA200 at a 28-pt gain in the after-hours.If … continue reading →

The Market’s Latest “Lucky” Bounce

That’s a relief!  For months, pundits have been arguing whether the Fed needed to hike interest rates three times or four times this year — you know, because of all the growth coming down the pike. Fed Über-Dove and “Man Who Thinks Market Integrity is Overrated” Jim Bullard just announced that the correct number is … continue reading →