tsptalk's Market Talk

[nasa1974]

More like nauseating.

 

[tsptalk]

It will be an interesting close today as the SPY floats above the 50-day EMA and below the old rising support line....

The dollar is slipping again causing small caps to lag.

I'd actually be surprised if the current gains hold as we head into the weekend with the current geopolitical chaos. I'd suspect some late selling, but that may seem to obvious, so maybe I will be surprised.

 

[tsptalk]

The dollar is getting pop today, making its first higher high in a while. There are several open gaps overhead that may need attention.

I'm surprised to see the small caps under performing with the dollar up today, but I guess there were some profits to be had in the Russell 2K after Monday's big rally.

Dollar ETF...

15-minute chart of dollar futures...

 

[tsptalk]

Nice development in the Transports as the old bear flag, which originally broke down but found support and created a "W" double bottom, has now broken to the upside, so if it closes up there, I'd say the bear flag is history. This would be day 3 above the 50-day EMA... if it holds into the close.

 

[tsptalk]

Nice development in the Transports as the old bear flag, which originally broke down but found support and created a "W" double bottom, has now broken to the upside, so if it closes up there, I'd say the bear flag is history. This would be day 3 above the 50-day EMA... if it holds into the close.

We saw the 3 closes above the 50-day EMA, but the bear flag is still in play after the failed breakout of the flag.

 

[tsptalk]

Today's pullback is trying to fill the open gap from Monday. Will the bottom of the gap and that intermediate-term rising support hold?

 

[tsptalk]

The credit markets have been a bright spot for the bull market and the HYG seems to be geting a little support here, but it's looking more like a bearish head and shoulders pattern so we'll we'll see if we get a larger right shoulder, if it makes new highs, or breaks down from here, first.

 

[tsptalk]

The dollar may be breaking down from the bear flag we've talked about in the commentary...

http://www.tsptalk.com/mb/blogs/tsptalk/4162-long-term-support-being-tested.html

 

[guppie]

I hope so, it's currently the only thing supporting my I fund trade

 

[tsptalk]

Possible trouble...

 

[nnuut]

Looks like double Trouble to me!

 

[nnuut]

 

[tsptalk]

Good call. I wonder what's next... break down or test of the head?

 

[nnuut]

Yes!

 

[tsptalk]

I'm still trying to decide if this is just a big bull flag. It looks like it, but it needs to breakout soon.

Some FANG stocks are in the same category, and Facebook is the best example.

 

[tsptalk]

It feels "heavy" out there, but looking for something positive in this sluggish morning, the QQQ filled its open gap, hit the 50-day EMA, and held...

 

[tsptalk]

Small caps ae trying to break some resistance today, but the 20 and 50-day EMA's may be tough. Still the 50 EMA is about 10 points above current levels.

 

[tsptalk]

Good call. I wonder what's next... break down or test of the head?

Interesting move in the Trannies today...

 

[RealMoneyIssues]

Interesting move in the Trannies today...

Higher gas prices

 

[tsptalk]

Slow day... like watching paint dry.