The stock market might be hitting a wall of resistance. I’m talking about the huge overhead supply from the trading range that occurred from March into August. When you look at the chart of the S&P 500 (SPX) it is now right in the middle of all that.
Given how far and how fast the market has come since September 29, I think there is a good chance that all that overhead supply is now going to come into play. Also given that the Energy ETF (XLE) and some of the oil stocks look they are trying to bottom, I am wondering if a geopolitical event is about to occur that will affect oil positively and the stock market negatively. Continue reading
The market was very tight today with the Dow Jones Industrial Average (DJIA) trading in a 58 point range and the S&P 500 (SPX) trading in a less than 9 point range. This is extreme compression.
In today’s Weekday Market Wrap video I also look at the SPX monthly chart to see what is setting up and what it might mean. Continue reading
The markets are still extremely volatile as the DJIA was down over 250 points at one point on Friday but closed up 200. A huge whipsaw day…enough to give anyone indigestion. The market was trying to digest the jobs report that was released Friday morning showing less than expected job growth and downward revisions to July and August.
This market has still not demonstrated the type of pessimism at a selloff low that was shown in 2011 much less 2008/2009. I talk about this in today’s Weekend Market Analysis video (below). In addition to our normal key ETFs that I review on the weekend, I add several more sector ETFs to look at a total of 10 broad sectors and 2 more specialized sectors. 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
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