Art's Charts

April 2011

Art's Charts

Blog Article Title Image

Relative Strength in Techs Boosts Indicator Summary

by Arthur Hill

Even though the finance sector remains a laggard, newfound relative strength in technology is picking up the slack. Led by semis, the Nasdaq and the Technology ETF (XLK) surged almost 5% the last seven trading days... Read More 

Art's Charts

Blog Article Title Image

SPY Builds on Breakouts

by Arthur Hill

There is no change on the daily chart or 60-minute chart as SPY extends after its breakouts. Broken neckline resistance becomes the first support level to watch on the daily chart... Read More 

Art's Charts

Blog Article Title Image

Neckline Resistance Turns First Support for SPY

by Arthur Hill

There is no change on the daily chart. The S&P 500 ETF (SPY) broke above neckline resistance that extends from late February to early April. This is another 52-week high that simply re-affirms the long-term uptrend. Traditionally, broken resistance turns into support... Read More 

Art's Charts

Blog Article Title Image

Charts: AMCC, ASEI, GCI, IDCC, ISRG, ORLY, PNRA

by Arthur Hill

ASEI Hits Broken Resistance with Wedge. GCI Surges on Big Volume and then Consolidates. PNRA Declines on High Volume... Read More 

Art's Charts

Blog Article Title Image

SPY Breaks Neckline Resistance ahead of Fed Announcement

by Arthur Hill

Please note that Thursday's commentary will be posted a little later in the morning (between 9 and 10AM ET). With a strong open and strong close, the S&P 500 ETF (SPY) broke above neckline resistance that extends from late February to early April... Read More 

Art's Charts

Blog Article Title Image

Charts: APC,ARO,GE,IMN, JPM,LMT,MSFT,RSH,UIS

by Arthur Hill

ARO Forms Dark Cloud at Resistance. GE Form Huge Bearish Engulfing. JPM Consolidates at Key Support. Plus APC,IMN,LMT,MSFT,RSH and UIS... Read More 

Art's Charts

Blog Article Title Image

Bonds Consolidate Ahead of Fed Statement and Conference

by Arthur Hill

It could be a big week for bonds. The Fed meets this week with a policy statement scheduled at 12:30PM ET. This is earlier than normal because Bernanke is holding a press conference later in the afternoon. Jeeze, like we don't have enough excitement already... Read More 

Art's Charts

Blog Article Title Image

SPY Holds Gap and Challenges Neckline Resistance

by Arthur Hill

On the daily chart, the S&P 500 ETF (SPY) is tracing out a clear inverse head-and-shoulders pattern over the last 2-3 months. The shoulders feature equal lows around 129.5 and the highs in the 133-134 area mark neckline resistance... Read More 

Art's Charts

Blog Article Title Image

SPY Traces Out Inverse Head and Shoulders Pattern

by Arthur Hill

The short-term trend is now up with a flag breakout and big gap. On the daily chart, an inverse head-and-shoulders is taking shape now that the right shoulder low has formed a reaction low near the left shoulder low... Read More 

Art's Charts

Blog Article Title Image

Charts of Interest: BBT,DF,ILMN, JNPR,MBI,SLM,STT,TXN,XRX

by Arthur Hill

JNPR Surges off Retracement Zone. MBI Forges a Bear Trap. XRX Breaks Flag Resistance. Plus BBT, DF, ILMN, MBI, STT, TXN ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

Blog Article Title Image

SPY Starts Fills Most of Monday's Gap with a Rebound

by Arthur Hill

The bulls simply refuse to buckle. Despite a gap down on Monday and sharp decline Monday morning, stocks rebounded on Monday afternoon and continued strong on Tuesday. The ability to immediately recover should serve notice to the bears... Read More 

Art's Charts

Blog Article Title Image

SPY Begins Wave C Down with a Gap and Sharp Decline

by Arthur Hill

Before diving headfirst into some Elliott wave counts, please note that the overall trends take precedent. The overall trend on the daily chart (medium-term) remains up and the overall trend on the 60-minute chart (short-term) remains down... Read More 

Art's Charts

Blog Article Title Image

Charts of Interest: ADBE,AXP, CRM,DHI,GERN,PNRA,SHLD

by Arthur Hill

ADBE Maintains Tight Consolidation. AXP Challenges Resistance. PNRA Forms Bear Flag. Plus CRM,DHI,GERN and SHLD. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

Blog Article Title Image

Setting Wave C Target for SPY

by Arthur Hill

There are a few negatives working against the stock market right now. First, bonds have been rising and yields falling - even though inflationary pressures appear to be building... Read More 

Art's Charts

Blog Article Title Image

Nasdaq Breadth, Techs and Finance Weigh on Market

by Arthur Hill

The indicator summary is weighed down by relative weakness in the Nasdaq and some key sectors. First, the Nasdaq has been underperforming the NY Composite since early January. Second, the Nasdaq AD Line and AD Volume Line are weaker than the NYSE AD Line and AD Volume Line... Read More 

Art's Charts

Blog Article Title Image

Broken Support and Gap Turn Resistance for SPY

by Arthur Hill

SPY managed to open weak and close strong, but has yet to fill Tuesday's gap and reverse the short-term downtrend. For now, the island reversal remains in play and has yet to be proven otherwise. CCI continues to drift lower and has yet to turn up... Read More 

Art's Charts

Blog Article Title Image

SPY Stalls after Support Break to Affirm Resistance

by Arthur Hill

The big trend on the daily chart is up as prices move from the lower left to the upper right. SPY became overbought after a big surge back to the February high and backed off this level the last four days... Read More 

Art's Charts

Blog Article Title Image

Charts of Interest: ADBE, ADM, DOX, GS, PAYX, WCRX

by Arthur Hill

ADBE Forms Tight Consolidation. DOX Breaks Wedge Resistance with Volume. PAYX Stalls Near Retracement Resistance... Read More 

Art's Charts

Blog Article Title Image

SPY Gaps Below Gap for an Island Reversal

by Arthur Hill

On the daily chart, SPY gapped above 132 on March 30th and gapped below this level on April 12th. Technically, an island reversal formed because the gaps match around 132... Read More 

Art's Charts

Blog Article Title Image

SPY Tests Gap Support Zone

by Arthur Hill

There is not much change on the daily or 60-minute charts. The S&P 500 ETF (SPY) continues to battle resistance from the February high. Since moving above 132 on April 1st, the ETF stalled with five indecisive candlesticks and then two black candlesticks on Friday-Monday... Read More 

Art's Charts

Blog Article Title Image

Charts:AAPL,AMCC,AMGN,ATML, BRCM,EBAY,MS,SNE,USG

by Arthur Hill

AAPL Hits Support Zone. AMGN Continues to Work Higher. BRCM Near Support and Key Retracement... Read More 

Art's Charts

Blog Article Title Image

Indecision Evolves into Some Selling Pressure for SPY

by Arthur Hill

On the daily chart, the S&P 500 ETF (SPY) continues to battle resistance from the February high. Since moving above 132 on April 1st, the ETF stalled with five indecisive candlesticks and then a long black candlestick on Friday... Read More 

Art's Charts

Blog Article Title Image

Indicator Remains Positive as Bulls Control Trends

by Arthur Hill

While there are some discrepancies out there with various indicators, the weight of the evidence clearly favors the bulls. The NYSE AD Line hit a new high this week. Net New Highs expanded on both the NYSE and the Nasdaq. Small-caps are outperforming large-caps... Read More 

Art's Charts

Blog Article Title Image

Weakness in Bonds Keeps a Bid in Stocks

by Arthur Hill

Bonds are breaking down and this is bullish for stocks. Stocks and bonds have been inversely correlated for some time now. Even though US interest rates are rising, the Dollar is falling and this is putting a bid into commodities. Strength in stocks is also helping commodities... Read More 

Art's Charts

Blog Article Title Image

SPY Stalls At Resistance as Bullish Sentiment Surges

by Arthur Hill

SPY is short-term overbought and at potential resistance from the February highs, but the overall trend remains up. In last night's Market Message, I pointed out that 15-day Chaikin Money Flow was negative despite a 7% surge the last 15 days. This is extraordinary... Read More 

Art's Charts

Blog Article Title Image

Charts: AFFX,AKAM,AVP, GCI,PHM,RF,SVU,SYK,X

by Arthur Hill

AFFX Breaks Resistance with Surge. GCI Forms Bear Flag. RF Challenges Resistance. Plus AKAM, AVP, PHM, $SVU, SYK and X ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

Blog Article Title Image

Stocks, Bonds and the Dollar Refuse to Budge

by Arthur Hill

There is not much change in the overall picture. Bond yields are in uptrends, Treasuries are in downtrends, the Dollar is weak, Gold is strong, Oil remains strong and Stocks are Strong. Even though some of these trends flatted over the last few days, they remain largely intact... Read More 

Art's Charts

Blog Article Title Image

Charts: AKS,EBAY,GOOG, GTIV,NVLS,TTWO,WGO,WMT

by Arthur Hill

AKS forms Rising Wedge. GOOG Returns to Broken Support. WMT Consolidates after Surge. Plus EBAY,GTIV,NVLS,TTWO and WGO. ----------------------------------------------------------------------------- This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

Blog Article Title Image

SPY Stalls at Resistance with Two Small Candles

by Arthur Hill

Clint Eastwood called this morning with a familiar question. Imagine the current uptrends speaking as Harry Calahan. Well, bear, do you feel lucky? Go ahead, bear, make my day... Read More 

Art's Charts

Blog Article Title Image

Bonds, Dollar, Oil and Stocks Remain in Definitive Trends

by Arthur Hill

There are some well-defined short-term trends working over the last three weeks or so. Interest rates are moving up as bonds move lower. Oil is moving higher and the Dollar is moving lower. Stocks are trending up with small-caps leading the way... Read More 

Art's Charts

Blog Article Title Image

Indicator Summary Strengthens as NYSE AD Line Hits New High

by Arthur Hill

After a whipsaw in mid March, the indicator summary is back on its positive track with more strength this past week. The Nasdaq AD Line surged over the last 11 days and the NYSE AD Line hit a new 52-week high... Read More 

Art's Charts

Blog Article Title Image

SPY Forms Indecisive Candlesticks After Gap

by Arthur Hill

No change. Stocks remain strong. SPY is up over 5% the last 11 days. Small indecisive candlesticks formed after Wednesday's gap up, but the gap is holding... Read More