tsptalk's Market Talk

[tsptalk]

The market is trying to shrug off the Netflix disaster as the S&P 500 made it day #2 above its 50 day EMA and, as is the case after any major down turn, there is more resistance at every turn to face. 4500 looks key.

The small caps are testing their 50-day EMA and so far it is holding. The open gap is also trying to get filled.


Another impressive move from the Transports which moved above its 200-day EMA, and now will try to close above its 50 day average as well...

 

[tsptalk]

It's very early in the trading but the strong open is already testing some key levels. The S&P (C) and DWCPF (S) both opened above a major moving average that could have held.

The S&P is now testing the descending resistance line off its peak.

DWCPF filled its open gap and backed off some so it remains in the gap for now - but it did move above its descending resistance line.

We're just 15 minutes into the new day so we'll see how these develop, but so far it looks pretty good. Any major fade from this open would be troubling.

 

[tsptalk]

What a difference a day makes.

Yesterday's open was looking very promising with a breakout above key resistance in the S&P 500 before they pulled the rug out from under the market. A day latter and it is testing the lower end of its recent range. What's interesting is that may be a big bull flag on the S&P 500, yet on the Russell 2000 chart below, it it is littered with bear flags.

 

[tsptalk]

After weeks of waiting, both open gaps got filled on the S-fund chart in the last two days.

 

[bleeck]

WOW what a Close today!

 

[rangerray]

Under normal conditions, I’d have been glad to make an IFT today so that I’d be positioned for a nice bounce tomorrow. But, this might not be the bottom.


Scott Harrison
Senatobia, MS

 

[tsptalk]

A Monday gap down is not too much of a surprise after last week's ending, but some key support levels are getting tested and the bulls better hope we get enough capitulation to carve out a low and a reversal.

Yields and oil are down sharply today so there's reasons for stocks to bounce, but momentum is the driving force in these first few hours today.

 

[tsptalk]

Big tech leading the market down in front of important earnings releases. Testing the Feb / Mar lows on both the Nasdaq 100 and small caps (S-fund).

 

[tsptalk]

Three really poor days sandwiching a failed reversal on Monday should have sentiment in the bottom of the barrel and should eventually trigger some relief. I don't know if this morning rally will hold, but if it doesn't it will bring the puke factor in (if not there already) and bring us that much closer to a decent bounce. Maybe a right shoulder in an H&S pattern?

 

[tsptalk]

The dollar has been relentless. The collapse of the dollar has been greatly exaggerated.

 

[tsptalk]

The bottom fishers are out this morning but the bears are not making it easy for them as the bounce off the prior lows has been lethargic so far. Small caps are actually down and making new lows.

Not much changing as the dollar gapped up again, yields are up slightly,

The Transports got swatted back down after testing its 200-day EMA, and it's been trying to hold at the 300 EMA after breaking back above it earlier in the month.

 

[TommyIV]

Small caps are taking off now. The DWCPF has climbed from negative territory to more than 0.7% in gains in less than a half hour.

 

[LTJPFED]

Wide swings this morning wow

 

[tsptalk]

I guess the market just wanted to see that negative GDP before rallying?

 

[tsptalk]

Reminder...

 

[tsptalk]

A close above yesterday's high in the S-fund would create a positive outside reversal day on the chart. We haven't see one of them in a long time - at least I don't see one.

 

[tsptalk]

Apple and Amazon report after the bell. Big test for today's rally.

 

[cmil1212]

Apple and Amazon report after the bell. Big test for today's rally.

Amazon flopped. Apples guidance for next quarter not great.


Sent from my iPhone using Tapatalk

 

[tsptalk]

Earnings issues, GDP, inflation, interest rate hikes, and stocks are down? What a shock, but clearly this chart is near a make or break area. These consolidations after a pullback have been breaking to the upside for the most part, but depending on the slope of the consolidation, it could turn into a bear flag, which would tend to break down like the one earlier this month.

Small caps are holding up better after Thursday's positive outside reversal day. I would have expected a positive day today on this chart but perhaps there's too many obstacles. The day's not over, though.

 

[tsptalk]

Interesting. Breadth is quite negative for number of stocks up v. down, but volume breadth is basically flat.