Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
This 6-month daily chart shows the close above the resistance level of 1040. The near-term trend is up but the major and intermediate trends are both down
Russell 2000 6-Month Daily Chart
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The following 3-year weekly chart for the Russell 2000 shows the same breakout above 1040. But, the important point on the chart is the close above major resistance of 1050
Russell 2000 3-Year Weekly Chart
Reference my post for the Russell 2000 published on January 12, 2016 identifying the fact that the index was in bear market territory.
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“Technical Analysis is about probabilities.”
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
Tall shaven head and shaven bottom candlestick is a graphical representation of the powerful 2.39% upswing today. Need to look for follow through on Wednesday
S&P 500 Daily Candlestick Chart
Some points from the above daily chart of the S&P 500:
The shaven head and shaven bottom candlestick is a graphical representation of the move.
Shaven head represents a close at the high of the day.
Shaven bottom represents the open as the low of the day.
In other words, no dithering.
The market opened at the low and closed at the high
Bodes well for a follow through on Wednesday.
The volume is the fuel that drives the market. Must have volume in an uptrend. Volume was ok today.
If the break holds, the next resistance point is 2000.
A break above 2000 indicates a test of the 200-day sma.
And, …………
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Risk on sectors dominated the action today
S&P 500 Sectors
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“Technical Analysis is about probabilities.”
Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.
