Tuesday, September 05, 2006
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Trading Ideas &
Picks
Weekly
Market Update
The indexes have broken above resistance last week. If this is
confirmed this week, after the holiday has passed, we may be in the
continuation of the up trend. Make sure you wait for the confirmation, since
moves made on low volume should not be trusted as much. The market looks like
it is ready for a rotation into a defensive position...
Trading Ideas -
Read More
Trading Ideas &
Picks
The QQQQ Report for September 4th -
September 8th, 2006
QQQQ:
This week we've identified an interesting inverse head and shoulders pattern on
the chart of the QQQQ. Friday's move above the resistance will likely be used
by traders to signal a move toward the next resistance near the 200 DMA...
Trading
Picks - Read More
NASDAQ Chart of the Day
ZGEN
has formed a clear head-and-shoulders pattern at the current highs and has
gotten a breakaway gap just days ago that is yet to push the stock lower. A
downside break through the neck line of the HS at 19.00 could spark big selling
in this stock.
Daily Trading Signals
NYSE Chart of the Day
HON
is winding up within a very nice triangle conslidation. A breakout from this
range in either direction should spark a steady move in the direction of the
break. Watch 39.75 up, and 38.00 down.
Daily Trading Signals
Trading Education
Tutorial
Saucer Patterns
Rare Pattern Is One of the Most Predictive
One of the most predicitive chart patterns you will come across is
the saucer pattern. Saucers are also referred to as "bowls" or even
"rounded tops or bottoms", and one look at this pattern tells where
these names are derived from. However, there is a problem with saucer patterns
- they're hard to find.
Read
More...
Daily Market Commentary
Updated Friday, 9/1 for Monday's market
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Key DOW Levels for 9/5
|
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UP
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Above 11,500
|
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DN
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Below 11,350
|
Big Breakout
- Dow breaks through key resistance at 11,400, rallies to the
Close. The index powered higher to the Close for a big gain and is holding
firmly above major resistance.
- The NASDAQ and S&P each pushed steadily higher today after breaking out
to new highs. Look for continuation patterns to form to indicate continued
overall strength.
Summary
The Dow closed the day at the highs of the session after getting a solid
breakout through 11,400 to begin the day. The index continues to push higher
within the current overall uptrend and will likely continue to do so until the
major lower trend line is violated at 11,350. Watch this line closely.
Read More...
