Art's Charts

October 2011

Art's Charts

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Markets Make a Hard Risk-off Turn on Monday

by Arthur Hill

The market made a statement on Monday. After a big risk-on move last week, the market made a hard turn towards risk-off on Monday. It is just one day, but a bad week would likely suggest that the medium-term bullish signals seen over the last two weeks have been negated... Read More 

Art's Charts

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Charts of Interest: AAPL, BAX, GME, NXY, SPLS

by Arthur Hill

AAPL Forms Bear Flag. GME Forms Shooting Star Near Resistance. Upside Volume Surges for NXY. Plus BAX and SPLS This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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Stocks Become Overbought as Big Economic Week Looms

by Arthur Hill

First, note that stocks remain in strong uptrends since the October 4th reversals. Second, the major index ETFs are quite overbought. IWM is up over 24% the last 19 days. SPY is up almost 17% and QQQ is up just over 15%. These are huge gains in just four weeks... Read More 

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Indicator Summary Surges into Positive Territory

by Arthur Hill

As noted last week, another strong move in the stock market would likely turn the indicator summary positive. That is indeed what we got, especially with Thursday's surge. The NYSE AD Line and Nasdaq AD Volume Line surged through resistance levels... Read More 

Art's Charts

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Stocks Surge to Extend Uptrends and Overbought Conditions

by Arthur Hill

Stocks surged on the open and closed strong with all boats rising. Small-caps and mid-caps led the advance, which shows a strong appetite for risk. All sectors were up with the Finance SPDR (XLF) surging almost 6%... Read More 

Art's Charts

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Trading Turns Choppy, but SPY Uptrend Holds

by Arthur Hill

Stocks started the day weak with large-cap techs leading the way lower early Wednesday. QQQ opened with a move below 56.5 and was down some 1.7% at one point. However, the bulls showed their resilience as stocks rallied back by the close. QQQ returned to positive territory... Read More 

Art's Charts

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Charts of Interest: AFFX, AKAM, AMKR, MDR, SLB, WFT

by Arthur Hill

Careful, it is still earnings season. AKAM Forms Pennant after Big Surge. AMRK Consolidates with Triangle. SLB Forms Bull Flag after Trendline Break. Plus AFFX, MDR, WFT This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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Stocks Fall Sharply as Treasuries and Gold Break Out

by Arthur Hill

Do yourself a favor. Don't read about the EU summit. As Mickey Blue Eyes might say: Fuggedaboutit! Focus on the price charts. All known information is reflected in the charts. In fact, there is also likely a little bit of unknown information in the charts as well... Read More 

Art's Charts

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Stocks Extend Gains, but Treasuries Firm

by Arthur Hill

It is getting close to crunch time for the EU. How many times have we heard this before? Anyhow, yet another deadline is approaching and there are still rifts between Germany and France on the size, scope and leverage for the bailout fund... Read More 

Art's Charts

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Charts of Interest: AMX, CHS, NTAP, POT, STI, SWKS, TMO

by Arthur Hill

AMX Breaks Flag Resistance with Volume. CHS Bounces off Flag Support. STI Surges to Challenge Resistance. Plus NTAP, POT, SWKS, TMO This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Breaks Mid October High as Treasuries Move Lower

by Arthur Hill

Stocks opened strong with a gap on Friday morning, consolidated and then closed strong. With another advance, the S&P 500 ETF (SPY) moved to a new high for the move as it broke above its mid October highs... Read More 

Art's Charts

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NYSE AD Line and Nasdaq AD Line Challenge Resistance

by Arthur Hill

The October rally stalled over the last few days and many charts show that this stall is occurring at important levels. The S&P 500 ETF (SPY) and Dow Industrials SPDR (DIA) are both stalling at resistance from the late August highs... Read More 

Art's Charts

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Stocks, Bonds and Dollar Remain Range Bound

by Arthur Hill

Short-term trading remains choppy as stocks bounce within a range. Playing the swings within this range is not suited for 60-minute charts. Chartists wishing to play these swings should turn to 10 or 15 minute charts... Read More 

Art's Charts

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Charts of Interest: ADBE, AGU, DE, HSIC, MDT

by Arthur Hill

ADBE Forms Falling Flag after Surge. AGU Forms Bearish Engulfing in Resistance Zone. MDT Breaks Flag/Wedge Resistance with Volume... Read More 

Art's Charts

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Late Declines Reverse Upswings in SPY and USO

by Arthur Hill

Indicators settings confront chartists with a conundrum. The number of periods used for an indicator affects the speed and the number of signals. For example, 20-period RSI will cross the centerline (50) fewer times than 10-period RSI... Read More 

Art's Charts

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Stocks Recover Immediately after Weak Open

by Arthur Hill

Stocks continued weak with a lower open on Tuesday, but quickly reversed and moved sharply higher the rest of the day. Selling pressure was limited to the first 30 minutes as the S&P 500 dipped below 1192 by 10AM. Things quickly changed... Read More 

Art's Charts

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Stocks Loose Momeumtem as Bonds and Dollar Firm

by Arthur Hill

Momentum is changing as RSI and StochRSI moved into bear mode for IWM, QQQ and SPY. As noted last week, StochRSI is one of the most sensitive momentum oscillators, which means it is prone to false signals (whipsaws)... Read More 

Art's Charts

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Charts of Interest: ANF, CHRW, CHS, ESRX, FL, PLCE, SKS

by Arthur Hill

Careful out there. It is earnings seaon. CHRW Traces out ABC Zigzag Advance. ESRX Surges and Forms Bull Flag. FL Consolidates after Oversold Bounce. Plus ANF, CHS, PLCE, SKS This commentary and charts-of-interest are designed to stimulate thinking... Read More 

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Risk-on Environment Remains, but Moves Getting Extended

by Arthur Hill

The markets remain in RISK-ON mode. This is bullish for the Euro, stocks, commodities and, perhaps, gold. This is bearish for the Dollar and Treasuries... Read More 

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Indicator Summary Improves, but Still No Breakouts

by Arthur Hill

Stocks reversed last Tuesday and surged the last nine days, but this has not been enough to push the indicator summary into positive territory. Another week or two of strength would likely lead to resistance breakouts in the major index ETFs and some key breadth statistics... Read More 

Art's Charts

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Short-term Uptrend Starts to Lose Momentum

by Arthur Hill

Upside momentum is weakening in the stock market, but the short-term swing remains up and we have yet to see an actual breakdown. There is often a pecking order to a trend reversal, even a short-term trend reversal... Read More 

Art's Charts

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SPY Looses Some Upside Momentum as Oil Weakens

by Arthur Hill

Stocks started the day with a bang, kept their gains most of the day and then sold off in the afternoon. With the S&P 500 ETF (SPY) up some 12% in seven days, the market is pricing in some pretty good news or some better-than-expected earnings reports... Read More 

Art's Charts

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Charts: CCL, CHKP, FNSR, GRMN, MCD, SBUX, WINN

by Arthur Hill

Careful, it is earnings season.... CCL Forms Shooting Star at Resistance. MCD Tracing out Bearish Engulfing with Uptick in Volume. WINN Consolidates after Bounce. Plus CHKP, FNSR, GRMN, SBUX This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Hits Resistacne Zone as GLD Forms Rising Flag

by Arthur Hill

Earnings season kicked off on Tuesday and stocks stalled in mixed trading. A mere six days ago, the S&P 500 ETF (SPY) was trading around 108, just before the big Tuesday turnaround on October 4th... Read More 

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Stocks Extend Gains as TLT Hits Support Zone

by Arthur Hill

Stocks opened strong, remained strong and closed strong on Columbus Day. Unsurprisingly, volume was very light. This move keeps the short-term uptrends alive and allows for an extension of the rising channels... Read More 

Art's Charts

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Charts of Interest: ANF, EXPD, LULU, MOLX, PX

by Arthur Hill

Careful, it is earnings season. ANF Surges to Resistance on Low Volume. EXPD Retraces 61.80% of Prior Decline. PX Surges into Resistance Zone. Plus LULU and MOLX. This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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Dollar Continues Correction as Stocks Continue Upswing

by Arthur Hill

It is another week and we have yet another promise from EU leaders. Dexia Bank passed the European stress test a few months ago and went belly up last week. This weekend we saw another flurry of pledges and deadlines to fixed the European debt situation... Read More 

Art's Charts

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Reversal Day and Gains Fail to Sway Indicator Summary

by Arthur Hill

Despite a big reversal on Tuesday and good gains Wednesday-Thursday, the Indicator Summary remains decidedly negative. These gains simply erased the losses from Monday and the gain for the week is still modest compared to recent volatility... Read More 

Art's Charts

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Using the Raff Regression Channel to Trade Swings in SPY

by Arthur Hill

There is nothing to do now, but wait for the market's reaction to the employment report. The current swing for stocks remains up. Since early August, the S&P 500 ETF (SPY) has 11 swings that are at least 5 percent... Read More 

Art's Charts

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SPY Moves into Center of Seven Week Range

by Arthur Hill

The current upswing continued as stocks added to Tuesday's gains. All major index ETFs were up over 1%, but the Russell 2000 ETF (IWM) lagged with the smallest gain. Unsurprisingly, the Nasdaq 100 ETF (QQQ) led the way higher with a 2.57% gain... Read More 

Art's Charts

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Charts of Interest: AMGN, ASEI, FLIR, LLTC, LRCX, PFE, TTWO

by Arthur Hill

FLIR Forms Bullish Engulfing at Key Retracement. LRCX Breaks Triangle Resistance. PFE Breaks Channel Resistance with Volume. Plus AMGN, ASEI, LRCX, TTWO This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Surges Back to Broken Support Zone

by Arthur Hill

There it is again. Stocks were down sharply in afternoon trading and then mounted a spectacular advance in the final 50 minutes. Press reports attributed this turnaround to an article in the FT... Read More 

Art's Charts

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Small-Caps Lead Stocks Lower and Gold Bounces

by Arthur Hill

The S&P 500 ETF (SPY), Nasdaq 100 ETF (QQQ) and Russell 2000 ETF (IWM) all broke below their September lows on Monday. IWM led the market lower with a break below its early August lows... Read More 

Art's Charts

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Charts of Interest: AAPL, CHRW, CMCSA, HOG, PG, PLCE

by Arthur Hill

AAPL Hits Congestion Zone as iPhone Announcement Looms. CHRW Forms Triangle within Downtrend. PG Backs off Resistance Again. Plus CMCSA, HOG, PLCE This commentary and charts-of-interest are designed to stimulate thinking... Read More 

Art's Charts

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SPY Poised to Test 2011 Lows as Gold Firms

by Arthur Hill

The S&P 500 ETF (SPY) broke down with a move below 114, but surged right back to broken support in the 119 area. Talk about a vicious bull trap. The ETF ultimately formed a lower high below 120 and moved sharply lower the last three days... Read More