Keene

Quiet morning

Waiting for the first hour to finish, to see if anything develops for either side, leaves me wondering which way the market will go today. It started down (except the techs) and dropped a little lower but there is still no evidence of an impulsive decline. That and the relative […]

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July 21 Market Wrap — Bulls get another bullish opex week

We have some mixed messages from the different indexes but that’s usually the case. If they all agreed and we had a slam-dunk setup for a trade you can usually be safe betting the other way. We also had opex influence, which is typically bullish, and that might have been […]

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July 5 Market Wrap — A split market and split opinions

In the past few weeks we’ve seen some strong splits between major indexes and it’s making it much more difficult to determine what the market is going to do next. The result has been a choppy market that’s either consolidating for another bullish run or is in a topping pattern. Today’s Market Stats The market […]

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3-wave pullback

With this afternoon’s sharp decline, following the FOMC announcement, we have a 3-wave pullback from this morning’s high. The Dow made a minor new high this afternoon before spiking back down but it still fits as an a-b-c pullback (expanded […]

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SPX trendline support

Yesterday SPX gapped up over resistance at its downtrend line from March 15th. With yesterday’s midday pullback and again this morning SPX found support at the broken downtrend line leaving a successful back-test so far (even if not much […]

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10:00 turn

The pattern remains the same and this morning’s rally was once again reversed at 10:00. The techs continue to hold up relatively well but the others have given back more than half of this morning’s gains and once again it’s looking like a distribution […]

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October 21 Market Wrap — A quiet opex week

Week’s Market Stats Friday’s Market Stats The week finished with a doji and off its lows for the week, which leaves us guessing how the coming week will go. Most days this past week were indecision days and that’s how the week finished, albeit slightly positive. The techs finished Friday in positive territory and of […]

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Bounce correction

following last night’s debate the futures took off to the upside (happy that Clinton did better than Trump) but then gave it all back by the open. They then tried to run the market back up after a very brief minor new low. So we got the quick new low […]

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May 13 Market Wrap — Selling in May

Oftentimes a common expectation becomes a self-fulfilling prophesy and the “sell in May and go away” is one of those common expectations. Many have argued that it’s simply a self-fulfilling prophesy and in this day and age it could very well be. But it has agricultural […]

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SPX back-test

SPX has been struggling today with a back-test of its broken uptrend line from March 24 – April 7, which is the bottom of the expanding triangle idea that I had been tracking. Dropping below it yesterday was the first sign of something more bearish but until it drops below the April 7th low […]

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