When the $SPX has declined by at 2.25% over 2 days and then rallied by at least 1% the index was up 70% of the time two weeks later. Results saw some new lows first but several instances of immediate continuation of the prior up trend. pic.twitter.com/ZwP9zWajv4 — Andrew Thrasher, CMT (@AndrewThrasher) January 28, 2020 […]
Chart of the Day – Wednesday, October 9th, 2019
Today’s Chart of the Day was shared on Twitter by @vixsquared. It’s a daily candlestick chart of the S&P 500 with a line chart of the Value Line Geometric Composite ($VALUG) overlayed. The Value Line Geometric Composite is an equally weighted index of about 1700 stocks. It uses a geometric average, so the daily change […]
Chart of the Day – Monday, October 7th, 2019
Today’s Chart of the Day was shared on Twitter by Andrew Thrasher (@AndrewThrasher). It’s a one-hour candlestick chart of the S&P 500 index. Andrew points out that price is running into short-term resistance. The chart is a great example of the principle of polarity, where former resistance tends to act as support and vice versa. […]
Range-Bound
After a stellar June and July, markets have been hit in August. So far, we saw a nearly 7% drawdown from all-time highs on the S&P 500 ($SPX), but have rebounded over the last few trading sessions. However, even being so close to these highs, sentiment remains quite bearish, as we have pointed out in […]
Easy as Yuan, Two, Three
All the talk on Monday was over the development of the Chinese Yuan falling drastically against the US Dollar. For some, this is a huge deal because they get to tie it to some political headline about Trump, tariffs, trade tensions, etc. But for technicians it’s a big deal because the 7.00 level in the […]
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