For the purpose of this blog I’m going to keep it relatively optimistic, hence the “cherry picking.” But please remember that while many charts look bullish, $TRAN has yet to make a higher high and has a ways to go before it test its 200 MA.
At some point I’d like to see a second test of the lower green trend lines on the S&P 500 & the S&P 500 Equal Weighted charts. I would expect a bounce off those lines, but if that doesn’t happen and they fall through, I will see that as a serious warning sign. Either ways, I’d like to see a healthy pullback, so we can give more buyers an opportunity to jump in.
<O
On the SPXA50 & SPXA200 charts I threw on a Hist MACD, so that we could see the measured movements. We can see that both charts are churning out recent strength. 4.4 out of 5 stocks are trading above their 50MA while 3.1 out of 5 stocks are trading above their 200 MA. More importantly, SPXA200 is still climbing.
<O
For those of you looking to IFT into this market, you may be getting frustrated by what seems to be last minute buyers stepping in. I’ve posted 15 & 60 minute charts so you can judge the recent action for yourself. For those who are new, you may want to read up on GAP trading. Rob Hanna has a blog called Quantifiable Edges and he has several articles on Gap trading. I will tell you that this year large opening gaps up or down tend to end the day in the direction they started. It’s not perfect, but it can give you an edge.
<O
As of now, $SPX and $EMW are trading above their 20, 50, & 200 day moving averages on the 15min, 60min, and daily charts. If that isn’t bullish I don’t know what else is.
<O
I’m saddened by EFA’s action this month. It has been stomped on by its siblings but I’ll hold my position for now. On the 15 day Price performance chart it skidded off the trend line the entire day.
<O
Thanks for your time… Jason
At some point I’d like to see a second test of the lower green trend lines on the S&P 500 & the S&P 500 Equal Weighted charts. I would expect a bounce off those lines, but if that doesn’t happen and they fall through, I will see that as a serious warning sign. Either ways, I’d like to see a healthy pullback, so we can give more buyers an opportunity to jump in.
<O
On the SPXA50 & SPXA200 charts I threw on a Hist MACD, so that we could see the measured movements. We can see that both charts are churning out recent strength. 4.4 out of 5 stocks are trading above their 50MA while 3.1 out of 5 stocks are trading above their 200 MA. More importantly, SPXA200 is still climbing.
<O
For those of you looking to IFT into this market, you may be getting frustrated by what seems to be last minute buyers stepping in. I’ve posted 15 & 60 minute charts so you can judge the recent action for yourself. For those who are new, you may want to read up on GAP trading. Rob Hanna has a blog called Quantifiable Edges and he has several articles on Gap trading. I will tell you that this year large opening gaps up or down tend to end the day in the direction they started. It’s not perfect, but it can give you an edge.
<O
As of now, $SPX and $EMW are trading above their 20, 50, & 200 day moving averages on the 15min, 60min, and daily charts. If that isn’t bullish I don’t know what else is.
<O
I’m saddened by EFA’s action this month. It has been stomped on by its siblings but I’ll hold my position for now. On the 15 day Price performance chart it skidded off the trend line the entire day.
<O
Thanks for your time… Jason
