Good morning. Happy Monday. Hope you had a nice weekend. The indexes closed near their lows on Friday. The SPX and Dow took out their 2002 lows; the Nas and Russell did not. I’m not sure the charts mean much right now. The market is sitting on an edge. It’s either going to collapse or […]

Good morning. Happy Friday. So after all that it looks like all the market could manage was a single up day. The SPX got rejected by resistance yesterday and has now fallen 8 of 9 days. Here’s the 30-min chart. It now looks like the SPX is forming a bear flag on the daily. The […]

Good morning. Happy Thursday. Totally random movement yesterday. Every little bit of news out of Washington caused either a moderate rally or sell-off. Here’s the SPX 5-min chart over the last 7 days. The index had broken out from a head-n-shoulder bottom, but the end-of-day sell-off destroyed the pattern. We do however have a higher […]

Good morning. Happy Wednesday. At least for the near term, the SPX seems to have found support near its Nov low. Here’s the daily chart posted before yesterday’s open. Support from the Nov low and support created from a trendline drawn parallel to resistance and through a low within the pattern have held. All of […]

Good morning. Happy Tuesday. Here’s an updated version of the intraday chart before yesterday’s open. The SPX gapped right up to resistance and immediately sold off. The gap filled, and last week’s low was easily taken out. I still consider the trendlines to be significant because they’re still containing the price movement. Here’s the daily […]