Thursday, September 21, 2006
Trading Ideas &
Picks
GOOG -
nearing the apex of the triangle
GOOG:
Stock has been trading between the two converging trendlines of a symmetrical
triangle pattern. The price action is nearing the apex of the triangle, which
many traders view as a decrease in the validity of the pattern's signal...
Trading
Picks - Read More
Trading Ideas &
Picks
INTU
- Swing Trade of the Week
INTU: Stock surged to new all-time highs with a series of bullish
candles. Stock has since traded at the upper end of the bullish breakout,
representing a consolidation and possible setup for further upside Look to go
long at...
Trading
Ideas - Read More
NASDAQ Chart of the Day
EXPD has retraced back to the 38% Retracemet point from the July to
August decline. The stock may begin to hit resistance in this 38% range. Watch
for a break below 43.00 to indicate that another decline is likely.
Daily Trading Signals
NYSE Chart of the Day
RAI
got a big downside break through a key lower trend line via a breakaway gap and
high volume, which is quite bearish. Watch for continued overall weakness below
60.00.
Daily Trading Signals
Trading Education
Tutorial
Volume Climax
Volume Helps Identify Reversals
Various price patterns can alert us to potential reversal
candidates. Trendline Breaks, Support and Resistance Levels, Fibonacci
Retracement Levels and other price information are valuable in determining a
change in direction for a security. However, one of the most overlooked chart
patterns that help us determine reversals is not reflected in the price itself.
Volume climaxes are easily identifiable and valuable in assessing a change in
market sentiment.
Read More...
Daily Market Commentary
Updated Wednesday, 9/20 for Thursday's market
|
Key DOW Levels for 9/21
|
|
UP
|
Above 11,650
|
|
DN
|
Below 11,575
|
Bullish Upmove
- Dow rallies at Open, maintains gains to the Close. The index
closed the day with a solid 72 point gain and now finds itself within a very
tight consolidation, which we will watch closely tomorrow.
- The NASDAQ and S&P each rallied early in the day, followed by sideways
movement the rest of the session. Watch today's tight range for directional
movement tomorrow.
Summary
The Dow closed the day near the highs of the session after beginning the day
highly bullish. The index is now holding at the key 11,600 resistance level
that has been rock in the face of strength so far this year. Watch it closely.
Read More...
