Art's Charts

September 2011

Art's Charts

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Indicator Summary Remains Very Negative

by Arthur Hill

There is no change in the indicator summary. Nine of ten indicator groups are in bear mode. The NYSE AD Volume Line broke down last week. Small-caps show relative weakness as the $RUT:$OEX ratio hit a new low this month... Read More 

Art's Charts

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Stocks Pop, Drop and Pop, but Remain in Downtrend

by Arthur Hill

Despite a pop, drop and pop on Thursday, the short-term trend for stocks remains down. SPY opened above 117, but these gains did not last long as the ETF quickly dropped below 115. Selling pressure was actually pretty intense during the afternoon selloff... Read More 

Art's Charts

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SPY Forms Bull Flag as GLD Tests Prior Low

by Arthur Hill

Stocks continued their choppy ways with small and mid-caps leading the market lower on Wednesday. Oil, industrial metals and gold were also down sharply. The Dollar moved higher and US Treasuries were flat... Read More 

Art's Charts

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Charts of Interest: AET, ANF, JWN, LULU, MDT

by Arthur Hill

AET Reverses at Key Retracement. ANF Stalls after Gap. LULU Breaks Trendline with Gap Down. Plus JWN and MDT. This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Hits Resistance from Broken Support

by Arthur Hill

What a mess. The S&P 500 ETF (SPY) has been trading between 110 and 123 since early August (seven weeks). During this timeframe, the ETF has crossed the midpoint (116.50) at least 11 times. There have also been nine swings of at least five percent... Read More 

Art's Charts

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Stocks, Gold and Oil Get Oversold Bounce

by Arthur Hill

Stocks surged on Monday with the finance, energy and materials sectors leading the way. These three were also the most oversold. While Net Advancing Volume was fairly strong, Net Advances for the Nasdaq and NYSE were not that strong... Read More 

Art's Charts

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Charts of Interest: ABC, CSCO, ELN, LRCX, NVDA, WM

by Arthur Hill

CSCO Forms Inverse HS Pattern ELN Breaks Resistance with Volume. NVDA Declines to 61.80% retracement. Plus ABC, LRCX and WM This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Stalls after Big Support Break

by Arthur Hill

After a broad decline last week, stocks became short-term oversold and consolidated most of Thursday and Friday. This does nothing to change the short-term or medium-term downtrends. Overall, the medium-term trend is clearly down after a break below the September lows... Read More 

Art's Charts

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Indicator Summary Remains Deep in the Red

by Arthur Hill

Needless to say, the indicator summary remains decidedly negative. With another sharp move lower this week, the SPY momentum indicators moved from neutral to bearish. The Nasdaq AD Line and NYSE AD Volume Line hit new lows this week... Read More 

Art's Charts

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Stock and Oil Gap Sharply Lower as Bonds and the Dollar Surge

by Arthur Hill

Looks like everyone ran for the exit at the same time, whatever the reason. The S&P 500 ETF (SPY) broke below the early September lows with a plunge below 112 intraday. There was a big gap below 114, an intraday dip below 112 and a last hour surge to around 113... Read More 

Art's Charts

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SPY and GLD Extend Downtrends as UUP and TLT Surge

by Arthur Hill

It is getting ugly. Asian and European stocks are down sharply. Gold, the Euro and oil are also down. The Dollar and US Treasuries are the only positive spots. It is a classic flight to safety or move to the risk-off trade... Read More 

Art's Charts

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Small-caps Show Weakness as GLD Maintains Wedge

by Arthur Hill

In an about face, stocks started the day strong and sold off in the final hour. Perhaps even more telling, small-caps led the way lower with the Russell 2000 ETF (IWM) loosing 1.55% on the day. This is a negative sign to see small-caps lead lower... Read More 

Art's Charts

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SPY Recovers after Weak Open and GLD Forms Falling Wedge

by Arthur Hill

Stocks started the day weak, but surged in the final hour on rumors of a Greek debt deal involving the European Central Bank (ECB), IMF and the European Commission. Gee, maybe we can find a few more organizations to throw into this rumor... Read More 

Art's Charts

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HS Pattern Takes Shape in SPY as GLD Forms Falling Wedge

by Arthur Hill

It could be a wild week in the markets. First, stock futures are pointing to a sharply lower open. The Euro and oil are trading lower, while bonds and the Dollar are trading higher... Read More 

Art's Charts

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Indicator Summary Remains Negative as Stocks Trade Flat

by Arthur Hill

The indicator summary remains unchanged. Except for the Nasdaq 100 ETF (QQQ) and large techs, stocks have been moving sideways the last several weeks. QQQ is trading at its highest level since August 3rd, but the other major index ETFs remain below their August 31st highs... Read More 

Art's Charts

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Stocks Extend Short-Term Uptrend as Gold Breaks Support

by Arthur Hill

As noted earlier, I view the decline from late July to early August as an impulse move. This means it is a strong move that is part of a bigger trend. In this case it is down. The choppy advance since the second week of August looks like a corrective move... Read More 

Art's Charts

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SPY Breaks Short-Term Resistance to Start Upswing

by Arthur Hill

The market is getting knee-deep in hollow rhetoric. Yesterday, Sarkozy and Merkel said they are "convinced that the future of Greece is in the euro zone". Gee, what a surprise... Read More 

Art's Charts

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Charts of Interest: BRCM, CVX, DDS, DE, GFI, SVU

by Arthur Hill

BRCM Shows Relative Strength. DE Forms Falling Wedge Correction. SVU Forms Bullish Pennant after Surge. Plus CVX, DDS, GFI This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Forms Falling Wedge as GLD Traces a Triangle

by Arthur Hill

Stocks managed a half-hearted bounce on Tuesday for the second up day in a row. This is not bad considering the news backdrop (European debt and banks). Technical analysts are not so much interested in the news, but rather the market's reaction to the news... Read More 

Art's Charts

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Late Surge Does Not Affect Current Trend for Stocks

by Arthur Hill

After meandering in negative territory most of the day, stocks surged in the final hour to close with small gains. Rumors were swirling that China was going to buy Greece. That's a joke. Expect more market moving rumors as this crisis unfolds... Read More 

Art's Charts

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Charts: ADBE, AES, ARUN, DELL, JWN, LTD, LULU, PG

by Arthur Hill

ADBE Consolidates after Gap Up. DELL Forms Piercing Line at Support. JWN Hits Resistance at Key Retracement. Plus AES, ARUN, LTD, LULU, PG This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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Euro Woes Weigh on Stocks and Oil

by Arthur Hill

European banks are in the spot light on Monday. First, speculation is rising that Greece will finally default. Second, the debt agencies are poised to downgrade a number of European (mainly French) banks... Read More 

Art's Charts

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Drifting Stock Market Leaves Indicator Summary Negative

by Arthur Hill

One indicator group was upgraded in the indicator summary. With a surge in the Aroon Oscillator (20), SPY momentum was upgraded from bearish to neutral. The rest remains unchanged, very unchanged. Stocks have been edging higher with choppy trading the last five weeks... Read More 

Art's Charts

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SPY Stalls at Key Retracement as Oil Forms Ascending Triangle

by Arthur Hill

Stimulus-response. The stock market is like an ameba reacting to stimulus pokes from Washington, the Fed and the European Central Bank. Even though nothing is concrete, the market is certainly expecting some stimulus down the road... Read More 

Art's Charts

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Stocks Extend Oversold Surge as GLD Forms Island Reversal

by Arthur Hill

All this stimulus talk has stimulated the bulls. Charles Evens, head of the Chicago Fed, called on stimulus to cut the unemployment rates. Obama will no doubt offer some sort of stimulus plan to create more jobs... Read More 

Art's Charts

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Charts of Interest: CSCO, GGB, MA, NVDA, SVU, WFR

by Arthur Hill

CSCO Forms Pennant after Early August Surge. MA Breaks Triangle Resistance. NVDA Gaps above Resistance on Big Volume. Plus GGB, SVU and WFR. This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Bounces off Lower Trendline of Rising Channel

by Arthur Hill

A better-than-expected ISM Services report and oversold conditions gave way to a post-open bounce on Monday. The Nasdaq 100 ETF (QQQ) closed a penny higher, but the rest of the major index ETFs closed with small losses. Eight of the nine sectors were down... Read More 

Art's Charts

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Stocks Remain Weak Despite Swiss Intervention

by Arthur Hill

The financial markets are rather chaotic this morning. I say this because there was a dramatic about-face around 4AM ET when the Swiss National Bank announced a "floor" for the Euro. In effect, the Swiss said they would not tolerate a Euro/Swiss rate below 1.20 (1... Read More 

Art's Charts

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Indicators Improve, but Summary Remains Negative

by Arthur Hill

There is no change in the indicator summary. Many indicators improved over the last few weeks as the major index ETFs broke above their mid August highs. However, this improvement looks like a bear market rally. Net New Highs recovered with a move back to the zero lines... Read More 

Art's Charts

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Dollar Breaks Resistance as SPY Backs off Retracement Zone

by Arthur Hill

After an ISM pop in the morning, stocks were hit with a dose of selling pressure and closed weak. Even though the ISM Index was better-than-expected, it was still weak overall and at a two year low. Anything above 50 indicates expansion, but a reading of 50... Read More 

Art's Charts

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SPY Hits Retracement Zone Resistance as Dollar Strengthens

by Arthur Hill

The bulls weakened a bit on Wednesday, but stocks still managed gains overall. There were pockets of weakness with the Russell 2000 ETF (IWM) and Technology ETF (XLK) edging lower. The Finance SPDR (XLF) continued its run with a 1.29% gain to lead all sectors... Read More 

Art's Charts

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Charts of Interest: ANF, CHS, FL, IBM, KSS, MON

by Arthur Hill

CHS Retraces 50% with Rising Wedge. IBM Stalls Near Mid August High. KSS Forms Triangle within Downtrend. Plus ANF, FL, MON This commentary and charts-of-interest are designed to stimulate thinking... Read More