February Charts Part I
February 15, 2016
$ES: The 4 hour magic stair step program is back for the first time in 2016:
Banking Index $BKX. 24% correction since the post Fed hike peak, with major resistance ahead:
February 14, 2016
Transports: Nice bounce, but could be building a bear flag. The historic context remains grim:
Deutsche Bank monthly chart:
Off the lows for a potential double bottom (or is it quintuple bottom going back to 2014?), but below key resistance and trend lines. Financials were saved at the monthly 50MA again:
$DJIA managed another save above the weekly 200MA:
and $ES held its now forever permanent support it seems:
Sentiment remains in the gutter:
and markets remain oversold:
This coming week is OPEX week and the BOJ has a keen need to stabilize its currency:
Never a dull moment in 2016. Happy trading 🙂
February 12, 2016
We’re still off, but here’s an $ES chart with levels of interest:
February 10, 2016
Closing Print: We’re off Thursday & Friday so have a good rest of the week!
$SPX weekly: There was a time when markets rallied big on Chair Yellen. No more. Rallies still don’t sustain. Next week is OPEX week. Markets remain below basic MAs:
$XVG Value Line Geometric Index:
$BPSPX: What a deadly chart
$ES: Still far below key MAs. Structure looks familiar.
February 9, 2016
Closing Print: All about Janet Yellen tomorrow. The set-up: Highly oversold market with small caps below their weekly Bollinger Band and a weekly RSI of 30. Double bottom or bust it seems:
$SPX vs $HYG $RSP $INSAX $JNK: Total breakdown. Begs the question: Why haven’t we broken January lows?
$NQ futures are on their lowest weekly RSI since 2008/09:
Asset bull/bear ratio has dropped to a new low in 2016:
Only 5% of $NDX stocks are above their 50MA:
February 8, 2016
Nice rally off the lows today, but continued carnage in individual stocks.
$SPX weekly: Love this chart from a structural perspective. Tells you exactly what the market is facing:
$DJIA hit its weekly 200MA again today:
$M1 money supply.
$DAX and $ES monthly charts
February 7, 2016
$BPSPX: Replaying a script?
Weekly $RUT: These long term MAs will cross over. That’s structurally bearish:
Gold chart from Mella updated to the one posted February 3rd:
February 6, 2016
$SPX has yet to touch its monthly 5 EMA in February.
February 5, 2016
Closing Print: It moved it got shot. Especially in tech. Janet Yellen will be under pressure next week as she testifies in front of Congress and her rate hike decisions looks disastrous at the moment.
I’ll post more charts this weekend, but here’s the weekly $SPX chart:
$NDX: Mayday Mayday Mayday
Bio dreck: $IBB weekly
$NDX Monthly: Hideous. Better hope $FB, $GOOG & $MSFT don’t crumble:
Latest Market Analysis here: Ignorance at Work
$GS, $XLF, $DAX:
February 4, 2016
2008 analog update:
$NYA200$: 78.5% of stocks are still below their 200MA:
February 3, 2016
$SPX closed right at the daily 5EMA and staged another impressive recovery after initially breaking down below a key trend line again which now brings the 2008 analog into question. This trend line has been a key battlefield during this correction. At some point $SPX will have a visit with its 50MA. Before OPEX or after? Details in tomorrow’s Daily Brief.
Big jump in equal weight today. Commodities related it seems:
$GC chart by Mella. Price has not yet broken out.
$NYAD vs $SPX: Much better today versus yesterday
Key time for global markets:
Financials are a big concern & need to find a sustainable bid:
February 2, 2016
The freaky 2008 analog just keeps on ticking…until it doesn’t….
$VIX chart from Mella:
$NYAD vs $SPX
Some updated signal charts:
February 1, 2016
2008 analog update:
Market continues to act very technically as $ES hit its 50% Fib and rejected following a small bull flag formation.
$VIX ghost print tagged the daily middle Bollinger band and previous support perfectly before rejecting:
$SPX: Negative monthly MA cross. First time since 2008. Unless averted with a sustained move above 2000 this is a bearish signal:
New month new game. Closing month market comments can be found here: Link
Update on the 2008 analog and the arch charts: