Monday, June 15, 2009

Weekly Stock Charts review from Stockcharts.com Publishers

Not sure if there is an issue with the ranking but topping the Stockcharts.com public list was Maurice Walker with Yong Pan and Tomas Leszczynski trailing at only a 10th of their regular traffic.

Anthony Caldaro of Elliott Wave Lives on has yet to post the 'B' top of the ABC correction in play. Richard Lehman is playing for rising channels on 60-min timeframes with no daily channels available yet.

6/13 -- Lots of good perspective in the Barrons mid-year review this week. I strongly recommend reading. The consensus among their gurus is that we're in for a bumpier ride and even a possible pullback in Q3 coming up, but that the lows will hold because they represented systemic fears that have been ameliorated by the government's massive stimulus. Long term themes in resources and emerging markets are still favorited. That fits with the chart perspective that says we've slowed to a flatter rise and may be subjected to some retracement soon (though not yet). I suspect that things will hold up reasonably well as the mid-year window dressing takes hold, but that some churn may occur as profits are taken in riskier assets and reinvested into less risky ones.

The chart patterns in the short term show that the major indexes have been traversing the green upchannels in blue mini channels and are approaching the support lines. Some have traversed more cleanly than others, and the RUT hourly is a good clean one to view. Beacause the minis are slightly rising, there are no breaks yet as the green lines are approached. Normally, that would suggest yet another upward bounce -- potentially a final window dressing affair before the end of June. Continued sideways action is in place until then. We will know when breaks occur, and none have yet, so be careful on the short side if that's the way you are playing it.

6/11 -- The markets chopped on, with most major indexes making perfect touches to the upper short term mini channels (blue) and backing off. (I guess the 4 pm marauder had the day off.) A little more weakness tomorrow will bring them back to the lower blue lines and we will see if yet another bounce results. The long term charts of Dow and SPX show that we are approaching the upper 3-year channel lines. That could provide resistance. VIX June futures say nothing will happen next week, but the July futures say we get a minor pullback.

Given the (temporary) shuffle in the rankings, I have an opportunity to look at some publishers further down the list.

Regular Joe has his weekly review online:


Still short of Joe's 'B' Elliott Wave ABC target


Interesting 'sell' in the Ultimate Oscillator of the SPX


But is there a new 'buy' in the Value Line Index?


Long time since I have featured Matthew Frailey of Breakpointtrades.com. They have always had some nice clean charts. Divergences picked out on the S&P weekly:


Another looking at a 'B' rally of an EWT 'ABC' correction; aiming at the 20-week MA


Or aim for Fib retracements:


Bull wedge for the VIX:


Jack Chan still appears to be in favour of a bull in commodity stocks. Energy Sector SPDR (XLE) given as an example


But also the USO:


Robert New of TheInformedTrader.com has marked in October 2008 gap resistance as the upside target.


Positive Divergences playing out nicely for the weekly Nasdaq:


With a triangle breakout from the QQQQs:


Finally, Ahsan U Haque of Thesmarttrader is in favour of a head-and-shoulder development which means a reversal of the recent breakout in the market:



Enter to win the Trader's Business Plan prize?

[1] Register at Zignals.
[2] Go to Charts and select a stock (you will be prompted to download Microsoft Silverlight)
[3] Click on the YourCall Icon


[4] Enter a Call by giving a stop and target price; make sure the Time Period is set to Short (month)
[5] Enter as many calls as you like up until the end of June; these can be long or short signals
[6] Send me your Zignals Userid so I can track the calls made (declan-at-zignals.com) or post it in the comments section of this post. In your email make reference to the competition.
[7] The Zignals member with the stock giving the highest return from either a target hit or expiration after 22 trading days will win the prize. Only stocks or FX prices listed on Zignals qualify for entry (no pink sheet stocks). The announcement of the prize winner will be made at the end of July.

Good luck!


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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