Keene

RUT’s up-channel

The RUT did in fact punch through its trend line along the highs from October-November, now near 1591, and made it up to the top of a parallel up-channel for its rally from December 14th. It then pulled back and is currently back below the trend line, which at the moment leaves a little throw-over and now a sell signal (but I think only a short-term one). […]

Read More

RUT returns

Something lit a fire under the RUT today and it would seem buyers can’t get enough of the small caps. How quickly things can change and today’s rally suddenly has the RUT up near the top of its larger rising wedge, which is the trend line along the highs from October 4 – December 4, near 1590. It would obviously be bullish if the RUT can sustain a rally above that level but first we’ll find out soon whether or

Read More

Double top or higher?

Not to be thwarted, he bulls continue to do their thing and the indexes gapped up again this morning. So far the indexes have only managed to test Tuesday’s highs, which is something I thought we might see if SPX is to make final high at 2759-2760 today (the high so far is 2758.84, 30 cents shy of Tuesday’s high). January 11th aligns with this level on the Gann Sof9 chart so it will be interesting to see if it will act […]

Read More

Strong rotation

We have signs of a strong rotation out of the FAANG stocks this morning and into the bluest of the blue chips, the Dow. This is killing the tech indexes (NDX is more than -100 points) while the Dow was up more than 100 points. Interestingly, the RUT rallied while the techs got hammered. This kind […]

Read More

Quiet day

For what is supposed to be one of the more bullish weeks for the market I’m not impressed. There’s nothing from today’s price action that provides direction so we wait for tomorrow. I’m still thinking we’ll see more upside but maybe not until another pullback. Time will tell soon enough.

Read More

Lower highs continue (so far)

Today is simply a repeat of the same pattern we’ve been seeing with this market and it’s getting old. It remains potentially bullish but looking weak. Watching our canary index, the RUT, I’m seeing more weakness than strength but it refuses to break down. Is that a sign of underlying bullishness […]

Read More

Trendline resistance holding

With this morning’s small pop up at the open the indexes tagged overhead trend lines and then reversed back down. The techs have turned weaker than the blue chips and the RUT is dropping sharply. There is the possibility that a top was made this morning but as always we’ll need to […]

Read More

August 25 Market Wrap — A 1-day rally makes a bullish week

Monday’s consolidation was followed by a strong rally on Tuesday which was then followed by three more days of choppy consolidation. Trading volume for the week was low, including Tuesday, and it seemed the market was waiting to get through the Jackson Hole meeting to see […]

Read More

Impulsive rally (almost)

The sideways consolidation following this morning’s high is a bullish continuation pattern until proven otherwise. It fits as a 4th wave correction in the rally from last Thursday and should be followed by a 5th wave higher, which for SPX would equal […]

Read More

An unsurprising quiet day

Not surprisingly for a summer Friday, it’s been a quiet day and that unfortunately means we’re still waiting for direction. Keeping with the SPX pattern, price remains locked inside its sideways triangle, the top and bottom of which are now near 2477.50 and 2472. I assume we’ll see […]

Read More