Russell Triple Top?

Russell Triple Top?

The Russell 2000 Small Cap Index (RUT) traded in a horizontal channel in 2014 and then broke above channel resistance this year. This week the index pulled back from its recent highs and broke below an uptrend line drawn off…

PRA Group - Set-Up for Volatility Squeeze Before Earnings

PRA Group – Set-Up for Volatility Squeeze Before Earnings

PRA Group (PRAA) manages a portfolio of defaulted accounts receivable, and the company reports earnings after the close today. The stock spent the first three months of the year basing below a downtrend line drawn off the period highs. In…

QQQ - Bullish Hammer or Bearish Hanging Man Candle?

QQQ – Bullish Hammer or Bearish Hanging Man Candle?

The PowerShares QQQ Trust (QQQ) moved sharply lower in the first hour of trading, and then a morningstar pattern formed on the 10 minute chart and reversed the trend. A morningstar pattern is a three period bullish reversal formation, that…

Apple Intraday Chart Check

Apple Intraday Chart Check

Apple (AAPL) shares initially rallied today to new intraday highs following yesterday’s earnings report. They have since pulled back over 3.5% from their highs to retest the former zone of resistance-now-support in the $128.50 to $129.500 area.

Major Market Indices Pullback to Key Levels

Major Market Indices Pullback to Key Levels

The S&P 500 index closed down today, a small percentage move, but back to the lower end of the zone that has acted as resistance for the last two months, and the DJIA failed at its similar level of multi-month…

Friday's SPY Doji an Omen?

Friday’s SPY Doji an Omen?

The doji star on the SPY chart that I highlighted over the weekend may have, in fact, been a bearish omen. There is still plenty of time in the trading session to recover some positive momentum, but the close will…

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As of Friday’s close, 60% of the stocks in the S&P 500 were above their 50 day moving averages. Considering the index is testing all times that reading is low and leaves more room to run.

Reader Request: Chipotle on Multiple Time Frames

Reader Request: Chipotle on Multiple Time Frames

A reader asked if I would take a look at the Chipotle chart: A large engulfing candle formed on the weekly chart, encompassing the trading range of the previous two months. The 10 week (50 day) and 40 week (200…

Google - Potential Triple Top Follows Triple Bottom

Google – Potential Triple Top Follows Triple Bottom

Technical analysis is, in large measure, about finding repetitive price patterns and sometimes the inverse of those patterns. The daily Google (GOOGL) chart shows the stock making a triple bottom in December and January, which marked the low from which…

MMM Omen for the Market

The 3M Company (MMM) lowered its outlook for earnings and the stock disconnected from its long-time close correlation to the S&P 500 index. It remains to be seen if this is an omen for the broader market.