Popular posts from this blog

Bulls Were Unable To Build On Morning Optimism

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After the Fed driven sell-off that delivered support breaks for some of the indices there was an attempt by bulls to stage a bounce, but traders weren't able to build on the sizable opening gaps, and some indices drifted lower by the close. The Russell 2000 ($IWM) lost the most ground off the open. However, today's close was enough to regain support, leaving yesterday's action as a potential 'bear trap'. Technicals are net bearish oversold. And today's buying volume was below yesterday's selling (distribution). The S&P finished the day where it started, which is also 20-day MA resistance. Aggressive traders could go with a swing trade as the next move could be sizable (particularly if the move is higher). The Nasdaq is dominated by the trading range, but within that we have a consolidation triangle. As it stands, the index is at resistance of this triangle, and given recent selling volume I would be looking for a move to close today...
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The services I provide.

For those of you who are new to my blog, here is a run down of the services I provide:

[1] Since I started monitoring stocks on the web I have been keeping daily updated annotated charts at Stockcharts.com; the list of some 140 charts include key market indices and a complete list of currently in play stock picks (selected using my own scan parameters) freely available on my Breakout page at my parent site, Fallondpicks.com. I strongly advise bookmarking my Stockchart list and request regular visits to get the latest updates - please make use of the 'Vote For It!' link at the bottom of each chart on the Stockcharts.com stock list to show your appreciation.

[2] A trading portfolio hosted by Collective2.com. By subscribing to my Collective2 portfolio you will receive trade signals of featured stocks in real time via email. The portfolio is not a day trade system and is exclusively focused on stocks. Subscribers only pay for months in which there were profitable trades. The relatively high cost of this system includes the 30% Collective2.com makes on hosting the system and providing the trade signals. I have no affilation with Collective2 other than I pay them to host my portfolio.

[3] A daily newsletter which features my market commentary, free breakout stocks, and three exclusive subscriber picks sent direct to your email address and/or accessed via Fallondpicks.com. One years membership works out to be less than $10 a month. A sample newsletter can be found by clicking here. Subscription details can be found in the right-hand margin blue box here, or by mailing a check (please email me for details). Allow 24 hours to set up access.

[4] Commentary for ADVFN.com. The information posted on ADVFN.com is usually duplicated here, but my individual message board can be used to leave requests and comments on individual stocks.

[5] Anaylsis for Trade-Ideas. The results of my research is made available to readers of this blog.

Popular posts from this blog

Bulls Were Unable To Build On Morning Optimism

Image
After the Fed driven sell-off that delivered support breaks for some of the indices there was an attempt by bulls to stage a bounce, but traders weren't able to build on the sizable opening gaps, and some indices drifted lower by the close. The Russell 2000 ($IWM) lost the most ground off the open. However, today's close was enough to regain support, leaving yesterday's action as a potential 'bear trap'. Technicals are net bearish oversold. And today's buying volume was below yesterday's selling (distribution). The S&P finished the day where it started, which is also 20-day MA resistance. Aggressive traders could go with a swing trade as the next move could be sizable (particularly if the move is higher). The Nasdaq is dominated by the trading range, but within that we have a consolidation triangle. As it stands, the index is at resistance of this triangle, and given recent selling volume I would be looking for a move to close today...
Read more

...And Then Sellers Pushed Hard

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I don't know if the equal-weighted S&P is a harbringer of things to come for other indices, but a second day of heavy selling has undercut the 50-day MA, and breakout support. Technicals shifted net bearish with a worrying undercut of mid-level stochastics. The next support level is down at 8,600s, but I want to see oversold stochastics on such a test. However, the ease at which existing support was lost is a concern.
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Last Chance To Grab a Bargain?

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What carried for the end of the last week still has relevance today. If you haven't been a buyer, you still have a chance now. There are a number of support opportunities across indices. The Russell 2000 ($IWM) is holding support of its converged 20-day and 50-day MAs. The 'bull trap' is still the dominant (bearish) play, so if there is an undercut of these moving averages, and by that, I mean an end-of-day close below these averages, then a move back to $287 is favored.
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