Tuesday, June 02, 2009

Weekly Stock Charts review from Stockcharts.com Publishers

Okay the bank holiday in Ireland has meant this is a day late but after yesterday there was plenty to consider.

Tomas Leszczynski of Santoren.com is top dog this week although his list is mostly stocks (missed his weekend review). His only frontpage index highlight was the 'buy' signal on the Monthly S&P.


Yong Pan of Cobrasmarketview is next up. Things looking more black and white with bearish short term credentials balanced by bullish intermediate term conditions.


Peter highlights the divergence between advancing issues and volume; not a healthy combination if you are a bull. But perhaps it has the legs to make it to wedge resistance?


Another on head-and-shoulder reversal watch. I hadn't noticed the nicely positioned 38.2% retracement level at 1,014 which looks attractive here.


Tempting gaps to fill on the SPY 60-min.


New on the top-5 list is Ahsan U. Haque who operates from a Yahoo Group page. Good mix of support/resistance with a sub-head-and-shoulder reversal within the context of the larger monthly pattern. His descending triangle is now a bust.


Andrew's Pitchforks show potential for follow through on 60-min if mid-resistance is breached.


But it's the downside target which looks more likely:


No significant updates from Anthony Caldaro of EWT lives on.

Joe Reed is also looking at EWT:


Also break of 200-day MA should not be forgotten:


Value line fills the gap


Finally, the Richard Lehman words of channel wisdom

6/1 -- The moonshot that started at 3:50 pm on Friday and continued for a couple of hours this morning caused a number of short term charts to be revised and evidently started a new uptrend from the horizontal base built during the last two weeks of May. However, no matter how you view it, it is extended and will likely drop back tomorrow. Depending on how far it retraces, we'll see if this is a full channel or just a mini of something larger. By the way...the VIX was actually up today -- very suspect.

The long term charts are breaking upward as well, but we need much more data to draw in a long term up channel. When the short term peaks and reverses (later in June?) we'll be able to draw lines off the peak that creates. I would see this as a last lunge upward for this move and one that will set an interim high until later this year.

6/1 -am- Apparently, there were some $2 billion in S&P futures purchased (and puts sold) on the close Friday. Now who do you suppose THAT could be? Anyway, that will cause the charts to be changed to either breakouts or upward revisions from sideways moves (see SPX hourly for a look)...more later

5/30 -- Notice anything about the charts today? Its subtle. I finally discovered that you can extend the charts beyond the last day's data and project lines out beyond the current day. I extended almost all the charts accordingly.

The stalemate continues, despite the final hour bounce on Friday. We'll find out how real that was on Monday. Only a couple of charts in the sectors really broke upward. Everyone seems to have figured out the obvious by now -- that there are willing buyers in a pullback and willing sellers if we get much higher. So the churn marches on. VIX is telling us that institutions are not concerned, so even if there is a pullback, it's expected to be light. A pop to the upside might have more strength as it would be aided by short covering and the 'can't miss the train' crowd.


Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

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