I’d like to take a look at this week’s move in the broader market ($SPX) and see what happens tomorrow with options expiration. To do this, I’ll take the high of the week and the low of the week and then plot the Fibonacci levels. If the market can climb above and close beyond the
Tag: retracement
It’s official! The broader market has given back 5 years of gains today as the relentless selling pressure continued, even into the close. Take a look at the chart below and you can see the retracement of that monumental 5 year bull run. Now, imagine yourself as a “long-term” investor and seeing all your patience
With all that’s been going on in the credit markets lately it seems that oil gets a sound bite here and there and not much more. Oil ($USO) has sold off substantially lately and the once mighty crude ($150 a barrel in July) closed under $79 a barrel! The crude inventories that typically come out
The $941.50 level I pointed out in the broader market (78.6% retracement) was steam rolled last week. Now, after today’s manic rally, we are back above that level. Keep in mind that the candles in the $SPX chart below are monthly candles. That should give you some idea as to what to expect as there
The $941.50 level I pointed out in the broader market (78.6% retracement) was steam rolled today. It is truly amazing how the markets aren’t even paying attention to technical levels. Actually, it’s kind of an uneasy feeling. It’s all I can do to day-trade just to compensate for the losses in my long-term positions. Still
Well, remember that screaming toddler (the equities market)? Instead of giving them the bag of candy (full point cut) they were given a handful (1/2 point). The problem is, that they ate that handful and it didn’t last and now they want more. It is highly doubtful that another cut would come before the Fed
Nearly 50% Retracement
Pretty decent gains today and on some good volume so add another tick to the “crazy” side of the market. If you look at the $SPX on an intra-day basis you can see that we didn’t quite make back 50% of the losses from Monday’s sell-off. Keep an eye on that level ($852.15) tomorrow to