XOM Breaks Down and JCOM Breaks Out

June 30, 2014 · Posted in Daily Charts · Comment 

Exxon Mobil (XOM) has broken below an uptrend line drawn off the lows going back to February of this year and closed below its 50 day moving average. Note the bearish divergence in the MacD and the moves lower in the RSI and the Money Flow Index.

29. RVT EXXON Charts

Shares of J2 Global Communications (JCOM) rallied 1.6% on Friday, decisively breaking above neckline resistance on the daily chart.

29. RVT Jcom daily chRTS Charts

The move confirms the symmetrical triangle breakout on the weekly chart.

29. RVT JCOM Weekly  Charts

These were two of the chart setups I highlighted on Bob Lang’s webinar at Explosiveoptions.net.

Ten Year Treasury Test

June 30, 2014 · Posted in Weekly Charts · Comment 

Here’s a chart that I’ve been highlighting on RealMoneyPro and here on RVT for some time, and it illustrates the importance of the 2.60% to 2.62% level on the chart of the ten year treasury yield. It tested this level last week and failed, closing near the low of the weekly session.

30. 10 year Charts

XOM Breaks Down and JCOM Breaks Out

June 29, 2014 · Posted in Daily Charts · Comment 

Exxon Mobil (XOM) has broken below an uptrend line drawn off the lows going back to February of this year and closed below its 50 day moving average. Note the bearish divergence in the MacD and the moves lower in the RSI and the Money Flow Index.

29. RVT EXXON Charts

Shares of J2 Global Communications (JCOM) rallied 1.6% on Friday, decisively breaking above neckline resistance on the daily chart.

29. RVT Jcom daily chRTS Charts

The move confirms the symmetrical triangle breakout on the weekly chart.

29. RVT JCOM Weekly  Charts

These were two of the chart setups I highlighted on Bob Lang’s webinar at Explosiveoptions.net.

Major Indices on Multiple Timeframes

June 29, 2014 · Posted in Market Overview · Comment 

The monthly charts need very little in the way of annotation or commentary. The major indices finished the second quarter near their highs and all indications are the long term trend is higher.

29. RVT Monthly Index Charts

The weekly charts show consolidation in those indexes or pullbacks in the first half of the year, but all but the Russell 2000 have managed to make new highs.

29. RVT Weekly Index Charts

Here is how those weekly consolidations and pullbacks look like on the daily charts. The DOW and the S&P 500 formed rising triangle patterns, which have been broken to the upside. There is another smaller channel consolidation currently on the DOW chart, and the potential for a double top, but put in context, the index is more likely to take out resistance then break support. The RUT and the NAZ recovered from their January declines to make new highs in March, but then fell back to those earlier yearly lows. They broke their downtrend lines in May and have since made a series of higher lows and higher highs.

29. RVT Daily Index Charts

The trend on all three timeframes is higher, a rare case occurrence on any chart, and from a contrarian viewpoint, perhaps the only thing left the bears have to hang their hat on.

Weekend Charting Requests

June 28, 2014 · Posted in Weekend Chart Requests · 1 Comment 

Have a chart you want me to review? Send the request to rob@rigthviewtrading.com or visit the site and post it in the comments section.

Back from Vacation

June 28, 2014 · Posted in Uncategorized, Weekend Reading · Comment 

I often talk about trading perspective and context. It is important to look at the larger message of the indices and individual charts on multiple timeframes, but there is another kind of context.
I took some time off this week to spend with family at the Delaware shore. There was soccer instead of CNBC, hot dogs and hamburgers replaced my usual diet of charts and indicators, and I was focused on my grandchildren at the beach instead of a computer screen.
Whether you’re trading well or in a slump, regular periods away from trading are important to staying fresh and for putting it all in perspective.

For now it’s back to work, and while the broader market indices finished about where they opened the week, there is still a lot to review. Coming up this weekend will be a look at some monthly charts and how they played out into the end of the quarter, some actionable trades we mentioned here on the site and on the June 19th webinar hosted by Bob Lang of Explosiveoptions.net.
Lots to do and lots to remember.

Europe iShares

June 24, 2014 · Posted in Daily Charts, Market Overview · Comment 

Several of the Europe iShares ETF’s have pulled back to, or under important support levels.

24. RVT Europe chart

MIcrosoft Trendlines

June 23, 2014 · Posted in Weekly Charts · Comment 

It’s hard to look at the weekly chart of Microsoft (MSFT) and say there’s no validity to trendlines.

23. RVT MSFT chart

Weekly S&P Resistance and Daily NAZ Resistance

June 23, 2014 · Posted in Daily Charts, Market Overview, Weekly Charts · Comment 

I’ll be taking some time off this week, so posts will be a little less frequent than usual. Stay tuned, however, the regular run of market overviews on multiple timeframes, and actionable trading setups, will return next week.

Today, we’re seeing the S&P 500 on the weekly chart test the upper end of its rising channel, and the NASDAQ Composite testing its March high on the daily chart.

23. RVT SPX chart

23. RVT NAZchart

Reader Request – MCP

June 22, 2014 · Posted in Daily Charts, Weekend Chart Requests, Weekly Charts · Comment 

A reader requested I take a look at the chart of Molycorp (MCP) and it isn’t pretty. There is a 38% short interest in shares of the stock, and some substantial fundamental reasons for that, and the collapse in price since its 2011 high.
The weekly chart clearly illustrates the carnage.
image
On the daily chart the last month of price action shows horizontal consolidation between $2.50 and $3.00, during which time the RSI moved above its centerline, the MacD made a bullish crossover, and money flow turned slightly positive.
Would a close above the $3.00 level initiate some short covering? Possibly. Is taking a long position in MCP highly speculative? Absolutely.
image

Next Page »