Banks continued their hot streak, pushing the S&P 500 to its highest level since Oct. 2008 and the Nasdaq to its sixth-straight day of gains. Can you say "over extended"?
What an interesting consolidation we have going on. We talked about this potential choppiness this morning and now we are seeing it play out. Some powerful signals in the Market Internals today that were nice to have in our camp.
Check out the video for more ideas : )
Hope to see you in the class / "Meet the Mentor" meeting tonight,
Matador
Markets are selling off just a bit here pre-market on economic news. We are still in a great area of potential consolidation at the 115 mark (SPY) and we will be watching the gap fill this morning for a sentiment read.
Trade well all and don't forget about our class / meet the mentor meeting tonight.
A full ten years after the tech bubble pop, tech stocks pushed the Nasdaq to another 18-month high.
Financials strong
Volatility Index up
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Nice run-up in price again this morning but with the lower swing high we saw along with some fantastic market internal data, we had a bit of a sell-off.
Check out the video for more and I hope you can join us for our free "Moving Averages" / "Meet the Mentor" webinar tomorrow. Details are in the video, or you can also simply fill out the "Mentor Request" form under our "Services" tab if you would like to be included.
Markets are poised to open flat this morning (as of 8:45am Eastern), and we are still in a larger time-frame consolidation mode. We will be watching the support and resistance levels outlined in the video.
Markets have bounced nicely off the lows of the session today. I still say we are headed for a consolidation but if not, I will be looking for setups in relative strength or weakness stocks.
We are heading a bit lower this morning. It is the anniversary of last year's lows. People are watching that as well as the fact we have run up into resistance on the broad markets (imo).
I hope you all have a great trading day and trade smart.
Matador
Hope your trading day is going well. All of our pre-defined SPY numbers for support and resistance are working out today even during this consolidation.
Here are some more numbers to add to the pile.
Hi all and welcome to the FTV "Weekend Edition" video. Check out the comparison of the broad markets to each other and the levels of support and resistance that exist at this point in time.
It has been great working with you all this week,
Matador : )
Interesting day we had but at least our levels of support and resistance are holding water. The VIX faded the TRIN and TRINQ close to the end of the day.
Check out the video here.
Hope to see you tonight in the "Market Internals" seminar.
I'm looking forward to it.
Matador : )
Nice day so far, even with the economic news. We are consolidating on a higher time frame on the SPY even though the smaller time charts look a bit dramatic.
Hope you are having a great trading day and make sure to take advantage of my "Market Internals" class tonight if you have not signed up. You can email mike_williams@freetradingvideos.com to do so. You can also read about the class in the forum section by clicking in the comments section below.
We are looking at a slew of economic data over the next two days. We will be watching for the SPY and the broad markets as a whole to see if they can hold up in this area.
Watch the market internals especially today and tomorrow.
We have a market internals seminar coming up tonight actually. If you are interested, email mike_williams@freetradingvideos.com.
Markets have run up to our 112.60 level and broken out to just shy of the 113 mark on the SPY. Excellent price action today.
Remember there is a market internals" seminar being offered tomorrow night at 8:30pm (EST). If interested, please email mike_williams@freetradingvideos.com.
I hope your trading day is going well so far,
Matador : )
Pre-market SPY data is flat ahead of the opening so far. We will be watching the market internals at the open for price confirmation.
Check out the video for more price action areas.
The SPY has run to our defined level of resistance and is putting in a high base. Market internals support the near-term consolidation.
Please watch my video for additional trading price levels as well as a couple of great opportunities that are being made available to our FTV members and visitors alike.
Trade well,
Matador : )
p.s. For more information on the powerful "Market Internals" webinar coming up this Thursday, March 4th, 2010, click the link below.
Markets are gapping up (SPY) into a nice area of resistance this morning. Overseas markets have run up and we are following suit. Watch the gap fill and this video for price levels to watch.
Trading started the month quite bullish as bulls got behind three big merger deals and reports that a financial aid package for Greece is coming to fruition.
Nice to work with you all again this week.
We have had some great 30 min. gap strategy plays today but the TRIN's are mixed. VIX looks good and as of noon (EST), the SPY is holding up in a high base (3 min chart) at resistance.
Nice morning : ) Remember, comments and questions can be asked under this video.
Matador
Wall Street mounted a small rally on Friday as the bulls continue to ignore mixed signals on the weak economic recovery. Stocks are making their best monthly advance since November .
Nice gap fill from yesterday and we are still flat this morning after some economic news. Check out the video for support and resistance areas in the broad markets as well as some stock ideas.
In this video you can find a technical analysis discussion of the broad markets and some individual stocks. Support and resistance lines, candlestick patterns, chart patterns, and market internals are some of the topics (to name a few).
Enjoy, and please let me know what you think by taking a few seconds to post comments and or questions.
The SPY gapped down pre-market this morning but has now rallied all the way to two swing highs from yesterday's low base. This is also right at the 50% retrace level from the sell-off yesterday.
We will be watching the gap fill for a sentiment read.
We will also be watching the all important market internals to see if they come back from outer space : )
Starting Monday, every FTV mentoring student will have access to a FTV mentor via a webinar for the purpose of helping you develop faster in the advanced training that you were given through our mentoring.
Bearish Confidence Data Helps Send Market Down
The weakest consumer confidence report in nearly a year sparked new fears on Wall Street sending the VIX upward and the Dow down 100 points amid concerns over economic recovery.
Markets have headed South after a nice gap fill. Consumer Confidence number came in much lower than expected which did not help. In addition, we have been up many days in a row on the SPY.
Stay tuned to the end of the video for a nice opportunity that is being offered (if I may say so myself).
Nice gap fill and sell-off in the SPY intraday. On a higher timeframe the markets are holding up well and all market internals are in the neutral range.
Markets are holding up here premarket on the SPY. We will be watching how the gap fills and if we can hold our support lines defined in the video. Watch for resistance also on the way up.
Markets digested the news and the down gap this morning. After a great gap fill, we retraced to the apex of the symmetrical triangle we talked about yesterday (SPY). Classic. We then saw a beautiful cup and handle formation at the gap fill price action area and a breakout of that to higher highs and lows. The only drawback was the lack of confirmation from the market internals. Not a deal breaker but would potentially point me to a smaller position.
Have a great weekend everybody and it was great working with you this week.
Matador ; )
Markets are digesting news well this morning and we will be watching the open for market sentiment confirmed by market internals.
Check out the video for price levels to watch.
Breaking News: Federal Reserve Raises Key Interest Rate
This rate increase happened after I burned and rendered today's post market trading video. The Fed raised its discount rate to 0.75% from 0.5%, an effort to return its lending facilities to more normal levels.
We are looking at a great symmetrical triangle here in the SPY with a small level of mixed market internals. Nice to see a stall in this area of overhead resistance as mentioned previously.
Nice to be with you again on this Thursday.
Markets are currently holding up pre-market ahead of some economic news events due out at 8:30am (est).
We will be watching how the market digests those numbers as we run into resistance on the SPY.
