Buyers Remain in Control

Although they are extended, the trends of the $SPY and $QQQ continue to be firmly higher as buyers stepped up in just ahead of key levels of support this morning. The $XLF and $SMH are more neutral and need to be watched closely, but consolidations are generally resolved in the direction of the trend from … Read More

Closing In on Inverted Head & Shoulders Target

We have been tracking the inverted head and shoulders pattern on the $SPY since December of last year as the right shoulder was forming. The two arrows on the chart below are the exact same height.  They represent the height of the  inverted head and shoulders pattern and the projected upside target from the break … Read More

Uptrend Intact

The markets have felt a little sluggish lately, but the uptrends remain firmly intact. The $SPY remains above advancing 5, 10 and 20 day moving averages and above the uptrend line. Today’s low will be an important reference point for the rest of the week, a move below it would likely bring about a test … Read More