The market was getting very compressed, as I discussed yesterday. Today some of that pressure got released. But I don’t think this a lot for bulls to celebrate.
Patterns haven’t changed. The market is still fighting some strong downward momentum. And the S&P 500 is in a solid resistance zone.
Also China’s Shanghai Composite Index took another hit. I go into all this in the video below where I also look at FEYE and TWTR. Continue reading
The stock market is waiting on the Fed this week and China continues to produce weaker than expected economic numbers. This combination led to a down day on Wall Street and the most compressed day of the last 18 trading days.
The last time the market was tighter than today was August 18. That was the first day of a 6-day downdraft in the market. In the video below I review today’s action and look at trade ideas on LVS, FEYE, WFM and GS. Continue reading
The bears are taking a break as the consolidation continues. The DJIA was up 102 points yesterday and 330 point for the week. In the Weekend Market Analysis video below I look at all the market action in detail. In addition to all the key ETFs, I look at Micron Technology (MU) today.
Also in this week’s AskJoe Show Episode 2, posted yesterday, I discuss the long-term Elliott Wave count for the DJIA. Continue reading
The market continues the coiling process of the last couple of weeks after the big breakdown in August. The DJIA was up 77 points today but the Hi-Lo indicator continues to read negative. I talk about my expectations in tonight’s video.
Stocks tonight are LULU, CAT, SCTY, TWTR and UAL. LULU got smashed today, down 16.4%. As a result our trade idea had a nice profit. Continue reading
All the indices were up at the beginning of the session but started to fade and went negative after about 2 hours. So after the S&P500 was up 19 points, it ended down 27 points for the day. This looks like and acts like a reversal day but we’ll need to see follow-thru.
In the video below I go into detail about today’s action and look at the German DAX and China Shanghai Composite Index also. Stocks reviewed tonight include AAL, ADBE, LULU, GPRO, SCTY, TWTR and CAT. Continue reading
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