Author Archives: Trader

TSX Index: Candlestick analysis on the daily chart

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Tall dark candlestick is not a good omen for the TSX Index

Candlestick analysis of the tsx index using the daily chart showing a dark candlestick and support levels

TSX Index 6-Month Daily Chart

The TSX Index is in an intermediate downtrend.  There is a support level of 13,000 on the weekly chart but there is a high probability this level will not hold.  The next level to monitor is the reaction low of  12,800. Again, there is a high probability this level will not hold: trading online is all about probabilities.  Cash is the the safest asset class at this stage in the market until we get a better picture of the earnings and the reaction of the the market.

Reference the previous analysis using the weekly chart.

Reference an earlier post highlighting the downside risk for the TSX Index.

Can the NASDAQ Index break 2,880?

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Candlestick chart shows the near-term uptrend

Candlestick chart analysis for the NASDAQ index showing the major trend, the intermediate trend and the near-term trend.

NASDAQ Three-Year Weekly Candlestick Chart

The NASDAQ is still in a good position for another test of major resistance at 2,880. There needs to be an increase in volume and a convincing two-day close of around 2,940. This would indicate an intermediate target of 3,160.

Reference the previous candlestick chart for the NASDAQ

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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.

Technical Analysis: NASDAQ candlestick chart

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Bullish shaven head candlestick: A 6.1% move the week of June 27

Candlestick chart for the NASDAQ index showing the bullish shaven head candlestick chart and major support level

Three-Year Weekly Candlestick Chart

A short-term bounce and back to a lateral trading range? Or the start of a new uptrend?

The tall bullish shaven head candlestick is a graphical representation of the major move of 6.1% for the week of  June 27, 2011: it doesn’t get much better than this for a weekly gain in a major index.  The NASDAQ is in a good position for a test of major resistance of  2,880.  A convincing two-day close of around 2,940, would indicate an intermediate target of 3,160.

Reference the previous candlestick chart for the NASDAQ

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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.

Technical Analysis: TSX Index

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Intermediate downtrend and a near-term uptrend

Candlestick chart analysis of the TSX Index with a bullish shaven head candlestick on the weekly chart

TSX Index Three-Year Weekly Candlestick Chart

The TSX Index must make a convincing (+2%) consecutive two-day close above 13,500 to set-up a test of major resistance at 14,300. At this stage, the TSX is much weaker than the DOW, NASDAQ, or the S&P 500.

Reference the previous analysis to the TSX Index.

S&P 500 Index candlestick chart analysis

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Bullish Engulfing Patterns: Size Counts

Three-year candlestick chart analysis for the S&P 500 Index based on the weekly chart and showing bullish engulfing candlestick patterns

S&P 500 Index Three-Year Weekly Candlestick Chart

There is a high probability that the  S&P 500 Index will test major resistance of 1,370 within the next two weeks. Using the 2% rule, a convincing close of 1,400 for two consecutive days would set-up the index for an upside target of 1,470.

A failed low-volume test of resistance would see the S&P 500 index move into a trading range of  1,350-1,250. And then we will be back to monitoring the major support level of 1,250.

 

Reference the previous analysis of the S&P 500 Index using candlesticks

S&P 500 Index technical analysis

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Can the S&P 500 Index hold the 200-day moving average?

S&P500 Index candlestick chart analysis

S&P 500 Index Three-Year Weekly Chart

Key points from the above chart of the S&P 500 Index:

  • Intermediate trend is down.
  • Near-term trend is sideways.
  • Attempting to hold the 200-day moving average of  1,263.
  • The two spinning top candlesticks are neutral and represent the battle between the bulls and bears.
  • Major support is the March low of 1,250.
  • Major resistance is 1,370.
  • Resistance is 1,300 in the June lateral trading range.
  • RSI is confirming the downtrend.
  • RSI can identify divergence and gave a early warning that the May high would not hold.

Reference the previous analysis for the S&P 500 Index.

Visit BigCharts and complete your own analysis.

Wall St Week Ahead: Bulls ready to charge into wall of worry

TSX Index candlestick chart analysis

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Next support level for the TSX is 12,500

Candlestick chart analysis for the tsx index showing support levels and a double top formation at 14,300

TSX Index - Three-Year Weekly Chart

Key points from the above chart of the TSX Index:

  • Intermediate trend is down.
  • Near-term trend is down.
  • Second week below the 200-day simple moving average.
  • The 50-day moving average has crossed below the 100-day moving average.
  • Three bearish candlesticks for the last three weeks.
  • Last week’s candlestick has a shaven bottom.
  • RSI in a downtrend.
  • RSI crossed below 50.

Did I miss any other negative points?  Do you see any positive indicators?

Reference the previous analysis for the TSX Index.

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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.