Author Archive for: Alex - Chart Freak

If you look at the volatility in the stock market  lately , it would seem reasonable to believe that this Fed Mtg Day could be a shaky one. Yesterday TWTR  ironically got rocked from an untimely tweet on their earnings.  As mentioned in a prior report, Housing stocks MTH, PHM, TOL, LEN , DHI all got rocked, while MSFT, NFLX, GOOGL shot up higher with their results.   After the bell,  SSYS, WYNN, AKAM and a few others joined TWTR in the selling off , so we're getting a mixed picture with the weeks earnings reports.  And then there was this chart...

IBB - Yes, it has recovered it's 50sma before, but it has work to do. Thats some pretty high volume selling lately.

With the IBB 2 day drop, something interesting happened with the SPX...

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Monday morning when we woke up, The General Market Futures were higher and it seemed like smooth sailing.  Suddenly  a storm was moving in and things started giving it up . With an active week of Earnings and the 2 day Fed meeting , lets take a look at the charts and see what we can see.

IBB-  This was taken as of 2:30 P.M. Eastern time ( I added the end of day volume) .

We've seen this before right? A huge drop at the end of March and recovered at the 50sma.  Is that what we can expect? Let me show you what it tells me..

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I dont always do a Friday report, but there were a few interesting things that happened in the market. Lets see what those were...

This was the SPX going into yesterday, you can see that anything higher would be a break out type move

Yesterday the markets did move higher, but  they pulled back into the close.

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Yesterday I had a ton of bullish chart set ups and I posted some of them here.  Since we are in an earnings  period, some of the charts broke out higher, some went lower, and others broke out higher and then reversed lower.  It felt like a roll of the dice, but honestly, the bigger picture of the markets themselves may have a lot to do with future direction of many stocks, so lets review some charts again!

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SPX - I figured we'd make a run for the top of this wedge, but that resistance line reversed price again. It is running out of room!

The NASDAQ gapped higher and didn't quite give it up...

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This was a great week of trading. Oil broke out and  all of our energy stocks put in some strong gains as expected.  My call in NATGAS played out exactly as outlined , and this could play out nicely for traders this week too.  Lets look at some charts and see how things went in other sectors too , and what we might expect moving forward.

SPX - I have been showing a bearish rising wedge pattern, like in my April 10 chart.  We had more upside, but then the markets did start selling off Friday.  Is that it?

 I also want to show you something else.

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