Author Archive for: Alex - Chart Freak
Entries by Alex - Chart Freak
September 7th – Market Wrap
On this Thursday of trading, let's review what the markets are doing so far, and we'll have just a couple more interesting trade set ups.
NASDAQ - The NASDAQ put in a low that was a buy on August 21, and that has not been violated. It almost made new all time highs on Monday. It is still early enough in the daily cycle to break the highs and Tuesday & Wednesday looked like a back-test of the recent break out from the downtrend line. I would raise my stop to that point.
SPX - That sharp drop on Tuesday also looks to have back tested a break out. Day 11 and this can break to new all time highs too. Recently, breaking to new all time highs has not turned into a strong rally higher, the markets just keep rolling over into the next dcl, but it is slowly putting in higher lows and higher highs, and that is a trend higher. A bit of a rough ride for the BUY & HOLD investor.
TQQQ - So here is the TQQQ that many here trade. Tuesday, Wednesday, or even today you could add to your current position, with a stop below the 50sma. If you bought in at the DCL, I would raise that stop now that we've had the first drop out of the way.
Wednesday September 6
So far, the trades that we have been really focusing on have been excellent. We'll do a quick review and then discuss those trades and set ups.
DJIA - Wow, that wasn't a very healthy looking drop on day 9, was it? The DOW landed right back on the 50sma, so at this point, support is support. If this were to roll over and continue down, that means that this could still drop into an ICL. ( I never did call an ICL, just a dcl, but we are overdue for one).
SPX - As a cautionary note going forward, I mentioned that we had a buyable DCL in place, but using this weekly long term chart, it's easy to see a rising wedge in SPX. It is important to look ahead when we take on a trdae. That is called being alert and prepared, not biased , rigid, and foolish.
That way if we do get a sudden drop, we aren't surprised or overly biased and married to positions.
SEPTEMBER 3 – WEEKEND REPORT
NOTE: GAS PRICES HAVE SKYROCKETED IN THE U.S. THIS WEEK. We'll keep that in mind as we discuss the Energy sector.
NASDAQ - We got the follow through to that daily cycle low that I was expecting, and now we also have a weekly swing low in place. Stay long and watch overhead resistance. I do see divergence, as shown on this chart.
Hey, Look! Surprises To The Upside!
Actually, we were expecting higher prices in many of the Market sectors yesterday, so this Green Board that I captured Thursday afternoon was a welcome sight. Let's discuss these GREEN market Sectors and some Stocks.
Thursday August 31
The General Markets are breaking higher as expected, and the Biotech sector is also acting Bullishly. After reviewing these sectors and the Precious Metals, we'll review some bullish set ups in various Tech and Biotech companies.
AUG 25th - This weekly chart reversal at support was a buy point, so I pointed this out last week, along with some Stocks in this sector.
IBB - The daily chart showed price breaking and holding above the 50sma on Tuesday too.
IBB - And we have strong follow through yesterday, so let's look at a couple of these stocks.
NASDAQ - On August 29th we saw a strong reversal after a drop filled that gap. The timing was right for a dcl too. This became a buy and a break out above the overhead trend line would add confirmation.
NASDAQ - We have the trend line break as of yesterday.
August 30 – Multibull set ups
SPX- Yesterdays reversal filled a gap and strongly moved higher. It is right against the down trend line, and a push higher above the 50sma and the trend line is a buy if you ask me( I would have taken a chance and bought here). A break higher should indicate that we have a dcl and the markets are done consolidating for now.
Let's take a look at the NASDAQ
The Weekend Walk Through – Aug 27
Were you prepared for this action today? At chartfreak, we have been selectively buying Miners and other commodity stocks for weeks, and discussing the bullishness in this sector, despite many articles expressing concern over it.
I'm opening up the weekend report, because we have been expecting this break out in Gold for weeks now. I have been posting various Miners chart set ups to show which ones were good low risk buys over the past few weeks, and my reports have been very focused on the bullish side of GOLD, SILVER , & The Miners. In addition to that, We also have been buying and trading commodity stocks like HBM, IPI, TGB, X, FCX, etc over the summer, and pretty much avoiding the General Markets as they topped out and consolidated for a bit. I was able to call THE lows in Oil in July, but the Energy sector using XLE & OIH was tricky, so I didn't enter a trade there. Set ups kept breaking down and even though the XLE did break out in late July and looked promising, it lacked strength and follow through after that break out . This was this weekends report is posted below in it's entirety, and follows up on all of those areas. IF you think that all the prior daily reports directing you to the Commodity stocks and Miners may have helped you with your trading, why not sign up for a month and try it out now? I will be closely watching this sector after todays break out. Enjoy!
NASDAQ -We still haven't dropped into our ICL, but you can see that the NASDAQ has basically gone sideways all summer. Price is where it was in May. Is this reversal ready to move price higher out of this consolidation?
Well, we are within the timing for a DCL on the daily charts, but look at that lower indicator on the above NASDAQ chart. This sideways move has internal weakness, so the next daily cycle could roll over too, if you buy the reversal here, use a stop.
The Weekend Walk Through – Aug 27
Let's review the weeks market movement and see what is likely to happen next week.
NASDAQ -We still haven't dropped into our ICL, but you can see that the NASDAQ has basically gone sideways all summer. Price is where it was in May. Is this reversal ready to move price higher out of this consolidation?
