Art's Charts

December 2010

Art's Charts

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Rates Surge and Stocks Remain Strong

by Arthur Hill

Rising interest rates are a plus for the greenback. After a pullback in mid December, interest rates resumed their upward trajectory as the 10-year Treasury Yield ($TNX) surged above 3.45% on Tuesday. Rising interest rates are bullish for both the Dollar and the stock market... Read More 

Art's Charts

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Sentiment Indicator Hits Extreme as SPY Stays Strong

by Arthur Hill

There is no real change in the short-term or medium-term situation. Even though some sentiment indicators show excessive bullishness, SPY remains in a clear uptrend on the 60-minute chart and the daily chart... Read More 

Art's Charts

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Charts: AKAM, BMY, CSCO, EFTC, ISRG, STX

by Arthur Hill

AKAM forms falling wedge. BMY traces out bull flag. CSCO breaks mid-December high. Plus EFTC, ISRG and STX. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

Taking a Little Holiday

by Arthur Hill

Commentary on Art's Charts will be updated on Tuesday and Wednesday this week... Read More 

Art's Charts

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Sellers Hibernate as SPY Plows Higher

by Arthur Hill

There is no change for the daily or intraday analysis. The uptrend and Santa Claus rally propelled the S&P 500 ETF (SPY) to a new 2010 high again on Wednesday. Once again, the tape rules the roost... Read More 

Art's Charts

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Charts of Interest: CAKE, COL, DELL, ERTS, GRMN, HRS, ISRG

by Arthur Hill

$CAKE tests support. $DELL shows strong OBV, $GRMN breaks wedge trendline. Plus $COL, $ERTS, $HRS, $ISRG. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Moves to New High for the Year

by Arthur Hill

The uptrend and Santa Claus rally propelled the S&P 500 ETF (SPY) to a new high for 2010. Once again, the tape rules the roost. Broken resistance from the November high turned into first support and held like a champ... Read More 

Art's Charts

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SPY Continues Consolidation Above Resistance

by Arthur Hill

The song remains the same. Despite overly bullish sentiment and waning breadth, SPY continues to hold its gains and consolidate above the resistance break. Once again, price action or "the tape" rules the roost here... Read More 

Art's Charts

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Charts of Interest: AVP, COL, FLIR, JAH, LMT, MED, SYMC

by Arthur Hill

$COL forms bearish engulfing at key retrace. $FLIR breaks triangle resistance. $MED surges and forms bullish pennant. Plus $AVP, $JAH, $LMT, $SYMC... Read More 

Art's Charts

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Uptrend Trumps Put-Call Ratio and Waning Breadth

by Arthur Hill

Sentiment readings show excessive bullishness and breadth has been dragging for two weeks, but the uptrends remain in place and seasonality is bullish. The first chart shows the 5-day EMA for the CBOE Total Put/Call Ratio ($CPC) dipping below ... Read More 

Art's Charts

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Indicator Summary Remains Firmly Positive

by Arthur Hill

There is no change in the indicator summary. Stocks stalled this week, but held their gains and remain in uptrends overall. Breadth has started to wane as the NYSE AD Line failed to break above its November high... Read More 

Art's Charts

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SPY Breaks Flag Resistance on 60min Chart

by Arthur Hill

There is no much change on the daily chart. SPY remains overbought with a few sentiment indicators showing excessive bullishness and breadth waning... Read More 

Art's Charts

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SPY Forms Small Falling Flag as Euro Fails to Hold Breakout

by Arthur Hill

The Euro Currency Trust (FXE) broke wedge support as Forex traders returned to focus on Euro negatives (debt). This does not mean the Dollar has solved its problems. Merely, the focus has shifted back to the Euro... Read More 

Art's Charts

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Charts: ADBE, DELL, FRX, GILD, MYL, PSA

by Arthur Hill

$ADBE Shows Relative Weakness. $DELL Breaks Wedge Support. $MYL Breaks Resistance. Plus $FRX, $GILD, $PSA. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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Stocks Remain Strong as Interest Rates Surge

by Arthur Hill

SPY remains overbought with a few sentiment indicators showing excessive bullishness, but there are simply no signs of signficant selling pressure. With yearend approaching and seasonal patterns largely bullish, stocks could simply remain overbought and hold their uptrends... Read More 

Art's Charts

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Put-Call Nears Extreme as SPY Continues Higher

by Arthur Hill

The CBOE Total Put/Call Ratio ($CPC) is nearing an extreme that coincided with the January and April peaks. Before looking at the details, keep in mind that market sentiment is hard to pin down... Read More 

Art's Charts

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Charts: AEO, CL, HPQ, LLL, QLGC, RTN, WFR

by Arthur Hill

AEO Forms Pennant at Key Support. HPQ Shows Relative Weakness. RTN Leads Weak Defense Group Lower. Plus CL, LLL, QLGC, WFR ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Remains Overbought and Bullish as Euro Edges Lower

by Arthur Hill

Even though the Euro declined last week, stocks remained strong and closed near their highs for the week. The first chart shows the Euro Currency Trust (FXE) peaking around 133.5 and falling below 132 last week. The decline is slow and the pattern looks like a falling flag... Read More 

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Indicator Summary Remains Firmly Positive

by Arthur Hill

There is no change in the indicator summary. Stocks held their gains this week and there was not much movement. Led by strength in the finance sector, the NYSE AD Volume Line moved above its November high. The November lows mark key support for the AD Lines and AD Volume Lines... Read More 

Art's Charts

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Bigger Uptrend Continues to Trump Short-Term Negatives

by Arthur Hill

I am still watching the falling flag in the Euro. A falling Euro is potentially negative for stocks and the short-term trend is clearly down as long as the flag falls. On the Euro Currency Trust (FXE) chart, a move above 132... Read More 

Art's Charts

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SPY Remains Near Resistance as Euro Forms Falling Flag

by Arthur Hill

A surge in interest rates should be bullish for the Dollar, but the Dollar barely moved on Wednesday and Forex vigilantes could turn their sites on the Dollar... Read More 

Art's Charts

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Charts: BSX, DELL, EK, GILD, KFT, MDT, MOT, PEP

by Arthur Hill

EK bounces on uptick in volume. GILD bounces off broken resistance. MOT breaks wedge resistance. Plus BSX, KFT, MOT, PEP. See the About Page for details on the commentaries in Art's Charts... Read More 

Art's Charts

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SPY Stalls as Interest Rates and the Dollar Move Higher

by Arthur Hill

While the relationship is not perfect, stocks and the Euro still have a pretty good positive correlation. This means both rise and fall together. The clear discrepancy is from 23-Nov to 30-Nov when the Euro fell sharply and SPY held support from its mid November lows... Read More 

Art's Charts

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SPY Forges a Narrow Range Day at Resistance

by Arthur Hill

On the daily chart, SPY formed a very small candlestick with the narrowest range in over a week. The most popular narrow range indicators are NR-4 and NR-7, which refer to the narrowest high-low range in four or seven days... Read More 

Art's Charts

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Charts: $NATGAS, CHK, NXY, DLTR, EBAY, SUSS

by Arthur Hill

Natural Gas surges as cold hits $NATGAS. CHK bounces off support. NXY challenges resistance. Plus DLTR, EBAY, SUSS. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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Euro Hits Resistance and SPY Becomes OverBOUGHT

by Arthur Hill

The positive correlation between stocks and the Euro remains in place. The Euro got an oversold bounce last week and this helped propel stocks higher. Strong economic numbers on Wednesday also helped the bullish cause... Read More 

Art's Charts

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Positive Indicator Summary Hits Three Month Mark

by Arthur Hill

Today marks three full months that the indicator summary has been positive. After some whipsaws in the summer, this table turned positive on September 3rd and remains positive. Some signs of weakness appeared in November, but these were erased with this week's surge and breakout... Read More 

Art's Charts

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SPY Extends on Breakout as Finance Leads the Market

by Arthur Hill

There is no change on the daily or 60-minute charts. SPY built on its breakout with a 1.28% gains. Perhaps more importantly, the finance sector led the way with a huge move. Megabanks, regional banks and brokers led the way... Read More 

Art's Charts

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SPY Breaks Resistance as Breadth Turns Bullish

by Arthur Hill

A little bounce in the Euro, some positive economic news and bullish seasonal patterns pushed stocks sharply higher on Wednesday. Historically, December is the second strongest month of the year for stocks... Read More 

Art's Charts

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Charts: ETFC, GE, MCK, PEP, PMCS, SYK, V, WY

by Arthur Hill

$EFTC forms cup-with-handle. $GE bounces of key retracement zone. $PMCS surges off support with good volume. Plus $MCK, $PEP, $SYK, $V, $WY... Read More 

Art's Charts

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Bulls Refuse to Buckle as SPY Holds Support

by Arthur Hill

It is as if the under-invested fund managers can smell the yearend. SPY gapped down and moved below 118 yet again on Tuesday, but the bulls pushed the ETF back above 119 in the afternoon... Read More