Not The Perfect Bullish Breakout, But – Weekly Market Outlook The S&P 500 Index (SPX) (SPY) hit a new record high last week and the close of 2117.69 was the highest close we’ve ever seen from the index — and the NASDAQ Composite’s (COMP) (QQQ) close of 5092.08 was above the recent ceiling around 5044. The overall technical analysis picture is bullish for...
Trading Range Should Be Settled Soon – Weekly Market Outlook Once again a rally effort that managed to pull the market within reach of a breakout was quelled as the eleventh hour, putting stocks back in the middle of a recent trading range. This third failure – and potential triple top – is likely discouraging to bulls on the sidelines who...
Bullish Momentum Meeting High Valuations – Weekly Market Outlook The odds may have been a bit stacked against stocks heading into last week, but the market clearly overcame them. All told, the S&P 500 (SPX) (SPY) gained about 1.7% last week, crossing above some key moving average lines in the process and rekindling the bigger-picture rally. Can it last? There...
Key SPX & VIX Levels To Watch – Weekly Market Outlook Despite the solid start to the trading week on Monday of last week, Tuesday’s and Wednesday’s dips cast a shadow of doubt on stocks. Yes, the S&P 500 (SPX) (SPY) ended the holiday-shortened week with a small gain. But, once again the bulls have a big hurdle right in...
The Fed Gives A Boost – Weekly Market Outlook Thanks to a little help from the Federal Reserve on Wednesday, the market broke out of a three-week-old bearish rut, and in the process may have rekindled a bigger uptrend. In fact, technically speaking, the uptrend is back underway. We’ll handicap the market below. First, let’s run down last week’s and...
Will Friday’s Selloff Have Legs? – Weekly Market Outlook Though it wasn’t necessarily a bullish week, the market was holding up well enough… until Friday’s implosion. That one bad day pulled the market under some key support levels, and as such we now have to entertain the possibility that some selling weakness has been opened. And yet, there’s still a beacon of hope...
Pretty Clear Breakout Amid Valuation Challenges – Weekly Market Outlook It wasn’t necessarily a huge gain for the market last week, but it was an important one. Most indices tiptoed into new-high (record high) territory on Tuesday, and after stalling for a couple of days then made a bold thrust into record high territory again on Friday. All told, last...
The Importance Of Scanning For Trade Signals Most Charts Are Ambiguous In response to a common question we see in e-mails and webinars, we'd like to address a topic that seems to be a hot button with a great number of you. You'd like to know about the trade selection process. More than ever, a systematized trading plan is necessary. With the...
Textbook Breakout, Will It Confirm? – Weekly Market Outlook While most everyone knows last week was a good one for the market, it may not be clear just how eventful it really was. The S&P 500’s (SPX) (SPY) 2.0% gain last week carried the index to record highs and a record high close. On the surface it’s technically bullish, so...
SPX Range & Oil Key Juncture – Weekly Market Outlook Despite Friday’s modest stumble, last week was clearly a good one for the market, bringing it back from the brink of a significant correction and putting it back within reach of a significant breakout. Yet, as has been the case too many times over the past couple of months, the...
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