Trader Z Swing Trading Journal

$TSX-TC Update for 10.04.2009

2009-10-04T09:40:00.000-07:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows the bulls managed to take the index up for seven straight months from the March 2009 lows. The last high made was right at the 34ema resistance level. Is this just profit-taking for the next leg up, or is it time for a much deeper retracement?

Weekly chart shows the last high made was made with regular divergence on the cci Momentum indicator. The whole move up off the March 2009 low was made with a three wave pattern so far. Look for potential deeper retracement based on this pattern.

Daily chart shows a sell signal in place on this timeframe, as a lower high was made on September 30, 2009. Friday's price action indicated further conviction to the downside as the bears managed to gap down the index at the open in their haste to exit their long positions. Look for continuation lower into next week as likely. IF the bulls manage to take the index back above the 11,458 level, THEN look for higher instead.

$RUT Update for 10.04.2009

2009-10-04T09:30:00.000-07:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows backend resistance at prior high of 614 area holding as resistance once again. Coincidentally, this is also right at the 34ema and the 89sma levels.

Weekly chart shows the current high was made with regular divergence on the cci Momentum indicator. Look for possible deeper retracement off this current resistance high.

Daily chart shows sell signal in place on this timeframe with a lower high put in on September 29, 2009.

$NDX Update for 10.04.2009

2009-10-04T09:21:00.001-07:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows the bulls managed to pull the index up above all the key moving averages on this timeframe. The low for this index was actually made in November 2008. The march low was a higher low, from where the bulls managed to retrace almost .618 of the total drop from October 2007.

Weekly chart shows the current high was made with regular divergence seen in the cci Momentum indicator.

Daily chart shows a sell signal in place with a lower high made on September 28, 2009. Look for continued weakness and a possible deeper retracement to take place.

$SPX Update for 10.04.2009

2009-10-04T09:13:00.001-07:00

S&P 500 INDEX - $SPX

Monthly chart shows the bulls managed to take the index up for seven straight months. The bulls managed to find initial resistance right at the .443 fib retracement area, where initial profit-taking took place. Look to lower timeframe charts for early signal of a more significant pullback.

Weekly chart shows the whole move up into the .443 fib area resistance was made in a three wave pattern so far. The new high was made with regular divergence seen in the cci Momentum indicator. Look for possibility of bigger retracement off this current high.

Daily chart shows a sell signal with a lower high made on September 29, 2009. Look for continued signs of weakness, and possibly much deeper retracement off this level.

$INDU Update for 10.04.2009

2009-10-04T08:57:00.001-07:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart indicates the bulls have managed to run the index straight up for seven months in a row without any signicant pullback. The index is currently above both the 8ema and the 13sma. The bulls found resistance right at the .443 fib retracement level, where initial profit-taking began to take place. Time to drill down to lower timeframes to look for sell signal as indication of a more significant pullback.

Weekly chart shows regular divergence developing on the cci Momentum indicator. Currently we can see a three wave pattern into the .448 fib retracement level. Coincidentally, the .448 fib retracement level also happens to be right at the 89sma.

Daily chart shows a sell signal in place, with a lower high made on September 29, 2009, when the bears managed to take the index to a break of the up trendline in place, and below the 8ema.

$TSX-TC Update for 05.17.2009

2009-05-17T10:20:00.001-07:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows the market found resistance above at the .382 fib area, where bulls took profits this month.

Weekly chart better shows the current resistance levels encountered by the bulls. The bears managed to take back most of the gains made by the bulls the week before.

Daily chart shows the bears managed to take the index back below both the 8ema and the 200sma on this timeframe. Look for continued weakness and a retracement of the entire move up off the March 2009 low.

$RUT Update for 05.17.2009

2009-05-17T10:11:00.000-07:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows the market found resistance right off the 8ema, as the bulls were unable to close above this level. Index remains below all key moving averages on this timeframe.

Weekly chart shows the bulls found resistance right against the 34ema on this timeframe. The bears have managed to take back most of the gains made in the prior two weeks. The market found short term support right off the 8ema. Major trader sentiment has changed, and we should see continued weakness into next couple of weeks. IN we see continued weakness, THEN look for retracement of the entire move up off the March 2009 low.

Daily chart shows the bears have managed to take the index back below the 8ema and the down trendline in place. The bulls managed to find short term support off the 34ema, but with continued weakness, look for this to break as the market retraces the entire move up off the March 2009 low.

$NDX Update for 05.17.2009

2009-05-17T09:59:00.000-07:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows the bears managed to erase any gains made by the bulls at the start of the month so far. The bulls managed to find support right at the 8ema. Will they be able to hold onto it?

Weekly chart shows second week of weakness and increasing selling pressure. Bulls found resistance right at the 54ema. Look for continued weakness and a retracement of the entire move up from the March 2009 low and possibly the November 2008 low.

Daily chart shows continued weakness and profit-taking right at the 1.618 fib retracement level. The bears managed to close the week with the index below 8ema and the 200sma, as well as a break below the up trendline in place. Look for continued weakness and a retracement of the entire move up from the March 2009 low and also the November 2008 low. Price action in the next week or so should better reveal whether this is a breather before the next move up, or whether the top has been put in before we head to a lower low.

$SPX Update for 05.17.2009

2009-05-17T09:52:00.001-07:00

S&P 500 INDEX - $SPX

Monthly chart shows the bulls have been unable to take the market above the 8ema on this timeframe. Index remains below all key moving averages and the down trendline in place.

Weekly chart shows that while the index remains above the 8ema on this timeframe. the bears have managed to take back all the bulls' gains the week prior. Current short term resistance is directly above at the 34 ema. Look for continued weakness and a possible retracement of the entire move up off the March 2009 low.

Daily chart shows the bears have managed to take the index back down below its 8ema and below the up trendline in place. Look for continued weakness and a retracement of the whole move up off the March 2009 low. First downside target is the .618 fib retracement level.

$INDU Update for May 17, 2009

2009-05-17T09:43:00.000-07:00

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows the market found short term resistance right off the 8ema on this timeframe. Index currently remains below all key moving averages and also below the down trendline in place.

Weekly chart shows the bears came out in force this past week, practically erasing all the gains the bulls made the week prior. Look for possible continued weakness and a retracement of the entire move up off the March 2009 low.

Daily chart shows the bears managed to take the index right back below the 8ema, as well as a break below the up trendline in place. Look for continued weakness and a retracement of the whole move up from the March 2009 low.

$RUT Update for 04.10.2009

2009-04-10T14:36:00.000-07:00

Monthly chart shows bulls aggressively stepping back into the market after the market found support off the March 2009 low.

Weekly chart shows the bulls continue to gather momentum as they managed to close the index above the 8ema.

Daily chart shows the bulls gapped up the open on Thursday's trading session open in their haste to enter their positions. The last move up into the new high was made with regular divergence on the CCI momentum indicator. Look for signs of weakness and profit-taking next week.

$NDX Update for 04.10.2009

2009-04-10T14:28:00.000-07:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows aggressive bulls stepping into the market with the low made in March 2009.

Weekly chart shows the bulls managed to close the index above the 8ema and the down trendline in place.

Daily chart shows that aggressive bulls gapped up the open of Thursday's trading session in their haste to enter the market. The CCI momentum indicator shows that this last move to the high was made with regular divergence. Look for signs of weakness and profit-taking into next week.

$SPX Update for 04.10.2009

2009-04-10T14:21:00.000-07:00

S&P 500 INDEX - $SPX

Monthly chart shows the March 2009 low holding and aggressive bulls stepping back into the market.

Weekly chart shows the bulls continue to gather momentum as they manage to close the index above its 8ema, and the down trendline in place.

Daily chart shows the bulls continue to gather momentum as they managed to close the week with a higher high. The CCI moentum indicator shows regular divergence with this last move up into higher high.

$INDU Update for 04.10.2009

2009-04-10T14:14:00.001-07:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows the market found support off the March 2009 low and bulls are aggressively stepping back into the market.

Weekly chart shows bulls continue to gather momentum as they take the index higher to close above the 8ema.

Daily chart shows the bulls managed to take the index higher into the .618 fib resistance area. The CCI momentum indicator shows regular divergence as the index heads higher. Look for signs of weakness and signs of profit-taking into next week.

$TSX-TC Update for 03.29.2009

2009-03-29T16:20:00.001-07:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows current support holding, with bullish engulfing candle pattern about to complete this week.

Weekly chart shows the bulls continued to make new high last week. However, as the end of the week approached, traders took profits.

Daily chart shows the chart is getting a little toppy at this level, and traders took profits into the close of the trading week. Look for a deeper pullback and retracement of the entire move up off the current low.

$RUT Update for 03.29.2009

2009-03-29T10:02:00.001-07:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows short term support is in for now.

Weekly chart shows the bulls continued with their aggressive buying.

Daily chart shows that aggressive sellers gapped down the market at the open of Friday's trading session in their hurry to exit their positions. Is this profit-taking or renewed selling? Look to next week's trading activity to get better clues. Market looks a little toppy in this area, and if we get a deeper pullback, THEN only go long if there is a three wave pattern evident, and a higher low made. There is a possibility that the index is stuck in a wave 4 consolidation pattern, so next week's trading session is key.

$NDX Update for 03.29.2009

2009-03-29T09:45:00.001-07:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows that trader sentiment has changed, with the bulls definitely leading the way. Trading activity thus far March 2009 has resulted in a huge Bullish Engulfing candle pattern. Is this a bear trap? Trading over the next couple of weeks should give better clues.

Weekly chart shows that despite the impressive bullish strength this past month, the index has been stuck in a trading range since November 2008. IF this is indeed a bear market rally, THEN there should be significant resistance into 1400 to 1487 area above. However, the index needs to clear short term key LIS directly above at the 1288 level before it can go any higher.

Daily chart better shows the current key LIS and short term resistance at the 1288 level. Aggressive sellers gapped down the market at the open of Friday's trading session, in their hurry to take profits. IF we get follow through with selling pressure, THEN look for a retracement of the entire move up. One thing to note is that there is a possibility that the index is stuck in a wave 4 consolidation pattern.

$SPX Update for 03.29.2009

2009-03-29T09:36:00.000-07:00

S&P 500 INDEX - $SPX

Monthly chart shows short term support is in place. Aggressive buying should see the index close off March 2009 much higher than its open.

Weeky chart shows renewed buying strength into last week. IF we have 5 waves down, THEN look for a retracement of the whole wave down.

Daily chart shows Friday's trading session ended with an inside day as traders took profits. Index is looking a little toppy in this area. We should be getting some kind of retracement of the whole move up from the low. IF we get a retracement of the whole move up, THEN look for a three wave pattern to enter long.

$INDU Update for 03.29.2009

2009-03-29T09:27:00.001-07:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows short term support in place. This is the first time in six months that the monthly trading session will end up higher than the open at the close.

Weekly chart shows renewed buying activity last week. IF we have 5 waves down from the October 2007 high, THEN look for retracement of this whole move down.

Daily chart shows Friday's trading session resulted in an inside day and profit-taking. Market is looking a little toppy in this area, and IF we get a pullback, THEN look for a three wave pattern retracement before entering any longs.

$TSX-TC Update for 03.21.2009

2009-03-21T18:35:00.000-07:00

S&P/TSX INDEX -$TSX-TC

Monthly chart shows short term support holding, as aggressive bulls stepped back into the market. Index remains well below all key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart shows profit-taking into the close of last week's trading session. The bulls managed to close the index above the 8ema.

Daily chart shows the profit-taking the last two trading days of the week. IF we can manage to put in a higher low, THEN look for bulls to gain traction for much higher. Price action looks to be tracing out a consolidation pattern, so if the bulls are unable to hold the current low, THEN look for it to break lower.

$RUT Update for 03.21.2009

2009-03-21T18:27:00.000-07:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows short term support holding for the time being. Index remains below all key moving averages, with no buy signal/pattern evident on this timeframe.

Weekly chart shows that while the bulls have found short term support, the upside momentum fizzled with last week's trading session, which resulted in a doji/spinning top candle pattern.

Daily chart better shows the sell off towards the end of the week and as quadruple witching draws to a close. A "blue ice failure" pattern could be setting up here, if the bulls are unable to regain upside momentum.

$NDX Update for 03.20.2009

2009-03-21T18:17:00.001-07:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows short term support holding for the time being. Index remains below all key moving averages. IF the bulls can manage to hold this low, THEN we have a possible buy signal/pattern developing.

Weekly chart shows that the upside momentum fizzled towards the end of the week. The price action for last week's trading session resulted in a doji/shooting star candle pattern.

Daily chart better shows the selling off towards the end of the week as quadruple witching grinds to a finish. Currently, the price action seems to be tracing out a consolidation pattern. The bulls need to regain the upside momentum and climb above the February 2009 high in order to convince the bears that a key low has been put in place.

$SPX Update for 03.21.2009

2009-03-21T18:08:00.001-07:00

S&P 500 INDEX - $SPX

Monthly chart shows short term bottom in place, as aggressive bulls stepped back into the market. The bulls managed to close the week right at the key LIS and October 2002 bottom. No buy signal/pattern evident on this timeframe as of yet.

Weekly chart shows that last week's trading session ended in a doji/shooting star candle pattern as the upside momentum fizzled towards the end of the week. The bulls did however, manage to close the week above the small key LIS and s/r of the November 2008 low.

Daily chart shows profit taking/renewed selling pressure towards the end of the week. The bulls encountered resistance right at prior support of the January 2009 low. If the bulls are unable to gather upside traction, this will create a "blue ice failure" pattern.

$INDU update for 03.21.2009

2009-03-21T17:56:00.000-07:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows short term bottom in place for now. Will the bulls manage to close the month above the key LIS and the low of October 2002? Technically, there is no buy signal/pattern evident on this timeframe.

Weekly chart shows the bullish engulfing candle pattern holding support for now. This week's trading session seems to have fizzled out, as evidenced by the shooting star type candle pattern. When met with the resistance above, the bulls encountered selling pressure, and were unable to close the week above this key LIS and November 2008 low, where old support became new resistance.

Daily chart better shows the selling pressure as the market approached the key LIS and s/r of November 2008. This is shaping up to be a potential "blue ice failure" pattern if the bulls are unable to regain upside traction next week.

$RUT Update for 03.15.2009

2009-03-15T10:04:00.000-07:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows that thus far, the price action for the month of March 2009 is producing a bottoming tail. Look to the lower timeframe charts to looking for long entries.

Weekly chart shows that this week's trading session resulted in a bullish engulfing candle pattern. The lower low in place was made with regular divergence on the CCI momentum indicator. The aggressive bulls managed to close the week near its high and well above the prior key LIS of November 2008 (old support did not become new resistance).

Daily chart shows that last week's doji gave a heads up as to possible change in trader sentiment. Price action also traced out a bullish butterfly pattern, which also gave a clue as to possible change in trader sentiment. First resistance level is at the .382 fib area of the last move down from the January 2009 high. Look for a retracement and a higher low to enter swing long.

$NDX Update for 03.15.2009

2009-03-15T09:26:00.000-07:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows the November 2008 support holding, with aggressive bulls stepping back into the market with a re-test of that support level. Look to lower timeframe charts to look for long entries should this buying continue.

Weekly chart shows that last week's trading session resulted in a bullish engulfing candle pattern, indicating that trader sentiment has changed from down to up, at least in the short term. On this timeframe, a higher low has been made, and so long as this low holds, we should see further upside movement.

Daily chart shows that a higher low has been put in place, and aggressive bulls have been stepping back into the market, taking the index higher, and at a minimum, to retrace the last move down from the February 2009 high. Instead of the bullish butterfly pattern being played out, we have bullish gartley butterfly pattern in place, indicating that, at least in the short term, the price movement should be up. First upside resistance area is the .618 fib level then the .786 fib level.

$SPX Update for 03.15.2009

2009-03-15T09:04:00.000-07:00

S&P 500 INDEX - $SPX

Monthly chart shows that aggressive bulls stepped back into the market at the key potential support level of .618 fib and target 3. This .618 fib support level is based on the entire move up in the index from the low made in March 1980 into the October 2007 high. Resistance is directly ahead at the key LIS and the October 2002 low. No buy signal/pattern on this timeframe. With two more weeks to go before the trading is complete for the month of March 2009, anything can happen during this time.

Weekly chart shows that the past week's trading session resulted in a bullish engulfing candle pattern. The bulls managed to close the week above the small key LIS and the November 2008 low. Will this pattern have any follow through, or will it fail like the pattern made in November 2008? Only time will tell. This week's bullish pattern was made with regular divergence on the CCI momentum indicator as did the previous pattern.

Daily chart shows that the doji candle pattern made the week before provided a signal of a possible major move, which played out to the upside this past week. The bullish butterfly pattern identified last week also gave a heads up as to the next likely move.

$INDU Update for 03.15.2009

2009-03-15T08:44:00.000-07:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows that the low made last week at the 1.618 fib level to be holding for now. The aggressive bulls have managed to step back into the market and take the index up to close above the key LIS and October 2002 low. Only time will tell if they are able to keep it up above this level and proceed higher. There are still two weeks remaining before the month of March 2009 is over. Anything can happen in two weeks time.

Weekly chart shows a bullish engulfing candle pattern, indicating that the short term sentiment has changed from down to up. Aggressive bulls stepped back into the market and managed to close the index near its highs for the week. This support was made with regular divergence seen on the CCI momentum indicator. There is still no buy signal/pattern evident on this timeframe. However, one should be on the lookout for signals of bulls meeting resistance, or for renewed buying strength from the bulls and for a buy signal/pattern to materialize.

Daily chart shows that the target 2 at 1.618 fib level held as support. Initial resistance is directly above at the key LIS of prior support (old support becomes new resistance). This also coincides with the .382 fib area of the whole move down from the January 2009 high. It also happens to be right at the down trendline in place. Look to next week for some consolidation and retracement of the whole move up. When the index does indeed pull back, THEN look for buy signal/pattern setup for swing long.

$TSX-TC Update for 03.06.2009

2009-03-06T18:17:00.000-08:00

S&P/TSX COMPOSITE INDEX -$TSX-TC

Monthly chart remains extremely bearish with index well below all its key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart remains bearish with index trading well below all its key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Daily chart shows that the kicker signal identified on Monday this week was a powerful signal of downside weakness. Index is currently right at the key LIS. IF this doesn't hold, THEN look for more downside pressure. First downside target is at the 1.27 fib retracement level of 7148.62. No buy signal/pattern evident on this timeframe.

$RUT Update for 03.06.2009

2009-03-06T18:09:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows continued bearish with the index well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Weekly chart remains extremely bearish with the index trading well below all its key moving averages on this timeframe. The bears managed to take the index down to a lower low, and now November 2008 low becomes a key LIS where old support becomes new resistance.

Daily chart remains bearish with the index trading well below all its key moving averages. The bears managed take the index below the key LIS and November 2008 low, but Friday's trading session resulted in a doji candle pattern, indicating indecision between the bulls and the bears. Price action traced out a potential bullish butterfly pattern. Look to next week's early trading session to see whether this pattern will play itself out or not.

$NDX Update for 03.06.2009

2009-03-06T18:03:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows continued bearishness with index trading well below all its key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows continued bearishness with index well below all its key moving averages and the down trendline in place. Despite the support made in November 2008, the index just can't seem to get any traction to the upside. The pattern being traced out by price indicates consolidation/trading range, and once consolidation is complete, the next move will be lower.

Daily chart shows the index remains stuck in consolidation/trading range. Once consolidation is complete, look for continued downside momentum to take the index to break lower. First target is at the 1.27 fib level of 947.73

$SPX Update for 03.06.2009

2009-03-06T17:48:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart extremely bearish, with index trading well below all its key moving averages and the down trendline in place. Index has broken through the key LIS and low made on October 2002. Old support now becomes new resistance. Aggressive bulls found short term support off a .618 fib level and my target 3. No buy signal/pattern evident on this timeframe.

Weekly chart remains very bearish, with the index trading well below all its key moving averages and all the down trendlines in place. The bears managed to end the week by dragging the index to close down below the smaller key LIS and prior support of 741.01 which was made in November 2008.

Daily chart shows the index found short term support off the 666.79 level. Friday's trading session ended in a doji candle pattern, indicating indecision between the bulls and the bears. IF we see this short term support level holding, THEN look for agressive bulls to step back into the market next week. The pattern that price has traced out looks to be a bullish butterfly candle pattern.

$INDU Update for 03.06.2009

2009-03-06T17:39:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart remains very bearish with index well below all key moving averages and the down trendline in place. We have broken through the Key LIS at the October 2002 low and now old support becomes new resistance. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bears have the upper hand, taking the index down to a lower low. The bears also managed to close the week near its low. No buy signal/pattern evident on this timeframe.

Daily chart shows the bears took the index down and hit my two downside targets. Friday's session ended in a spinning top/doji candle pattern. Aggressive bulls found short term support right off the 1.618 fib retracement level. After such a strong down move, we are overdue for some consolidation/trading range action.

$TSX-TC Update for 03.02.2009

2009-03-02T14:03:00.000-08:00

S&P/TSX Composite index

Today's trading session resulted in a kicker signal candle pattern. The head and shoulder pattern identified earlier remains in effect. Look for eventual continuation lower. Next downside target is the 1.27 fib level at 7157.20 area.

IBB Analysis for 02.28.2009

2009-02-28T18:57:00.001-08:00

iSHARES NASDAQ BIOTECHNOLOGY INDEX FUND - IBB

Monthly chart shows price stuck in large consolidation range. Price is weak as it is below all key moving averages. Once consolidation is complete, expect lower low to come.

Weekly chart shows increasing selling pressure. No buy signal/pattern evident on this timeframe.

Daily chart shows increasing bearish momentum as traders gapped down Friday's open in their haste to exit their positions. Since the bears sliced through the .618 fib area and didn't find much support, the next downside target is at the .786 fib area.

$TSX-TC Update for 02.28.2009

2009-02-28T17:48:00.001-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. While February 2009 saw a new lower low, aggressive bulls managed to step into the market and closed it above the key LIS and prior low of 7647.11 No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading session resulted in a hammer candle pattern. Is the market hammering in a bottom? If so, how long will it hold? The lower low was made with divergence in the CCI Momentum indicator.

Daily chart shows aggressive bulls stepping back into the market for most of the past week. Will they manage to hold onto this key support and start heading higher? Watch next week's trading sessions for buy signal/pattern. IF the bulls can manage to hang onto support and gain upside traction, THEN look for upside target at the .618 fib level of 8768.43ish. Major resistance remains up at the 9512.71 level.

$RUT Update for 02.28.2009

2009-02-28T17:01:00.001-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows continued weakness with index well below all key moving averages on this timeframe. This downside move has hit all three of my initial downside targets. With continued bearishness, the next downside target is the key LIS and November 2002 low of 325 area and after that, the .786 fib level of 276.75 area. No buy signal/pattern evident on this timeframe.

Weekly chart shows increasing bearishness with index well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Daily chart shows continued weakness with bulls finding short term support off the .886 fib level. No buy signal/pattern evident on this timeframe.

$NDX Update for 02.28.2009

2009-02-28T16:47:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows continued weakness index well below all key moving averages and the down trendline in place. While the $INDU and the $SPX have both broken their 2002 lows, the Nasdaq Index has not. No buy signal/pattern evident on this timeframe.

Weekly chart continues to show bearishness with index well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Daily chart shows the index remains weak, with the bears managing to break the small LIS and prior support of 1136.61. Index remains below all key moving averages and the down trendline in place. Price remains stuck in consolidation/trading range. Once consolidation is complete, look for continuation lower, with first downside target at the 1.27 fib area of 948ish.

$SPX Update for 02.28.2009

2009-02-28T16:37:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart shows new lower low made in February 2009. Index remains well below all key moving averages and the down trendline in place. My first two downside targets have been hit. The next target to aim for is target 3 - at the 1.27 fb level of about 550. No buy signal/pattern evident on this timeframe.

Weekly chart shows continued weakness with index well below all key moving averages and all down trendlines in place. A lower low was made with divergence in the CCI momentum indicator. No buy signal/pattern evident on this timeframe.

Daily chart shows continued bearishness, with daily close below the prior key LIS of 739.00. No buy signal/pattern evident on this timeframe. Lower low was made with divergence in the CCI momentum indicator. With continued weakness, look for the next downside target to be at the 1.27 fib level of 686.75.

$INDU Update for 02.28.2009

2009-02-28T16:28:00.001-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows that February 2009 ended with a new low made, erasing a decade of gains. The index remains below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bears were in control as they closed the week with a new lower low made and near the low for the week. Index remains below all key moving averages and all down trendlines in place. No buy signal/pattern evident on this timeframe.

Daily chart shows that my first downside target at the 1.27 fib level has been hit this week. Look to next week's trading session to see whether any aggressive bulls will step in or not. No buy signal/pattern evident on this timeframe.

SBUX Analysis for 02.23.2009

2009-02-23T19:44:00.000-08:00

STARBUCKS CORP. - SBUX

Monthly chart remains bearish with price below all moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe. Targets 1 and 2 have been hit. Next downside target is the the $6 - $5 level.

Weekly chart remains bearish with price below all key moving averages. No buy signal/pattern evident on this timeframe.

Daily chart shows price action tracing out a consolidation pattern. Look for continued weakness and a re-test of the current low and then new lows to be made.

$TSX-TC Update for 02.23.2009

2009-02-23T19:30:00.000-08:00

S&P 500/TSX INDEX - $TSX-TC

Head and shoulders pattern playing out nicely.

ACI Update for 02.23.2009

2009-02-23T19:19:00.000-08:00

ARCH COAL INC. - ACI

Price action with today's trading negated the bullish gartley butterfly setup.

ACC Update for 02.23.2008

2009-02-23T19:14:00.000-08:00

American Campus Communities Inc. - ACC

Price action with today's trading session negated the bullish gartley butterfly setup.

ACI Analysis for 02.22.2009

2009-02-22T13:01:00.001-08:00

ARCH COAL - ACI

Monthly chart remains bearish with price well below all key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart remains bearish with price well below all key moving averages on this timeframe. No buy signal/pattern evident at this time.

Daily chart shows bullish gartley butterfly pattern in place. Need to look to next week's trading activity to see whether buyers found short term support with Friday's trading session. IF we get upside traction early next week, THEN look for upside tgts: of $17.67, $18.98 and possibly $19.77. This is looking like a consolidation wave, so would be prudent to take short term profits or use trailing stop. IF this is indeed a small consolidation wave, THEN look for sell signal to enter short if one does not take the long trade.

AMAT Analysis for 02.22.2009

2009-02-22T11:13:00.001-08:00

APPLIED MATERIALS INC. - AMAT

Monthly chart remains bearish with price well below all key moving averages on this timeframe. No buy signal/pattern evident on this chart.

Weekly chart shows test of the November 2008 bottom. IF the support holds, THEN look for a buy signal/pattern to be set up.

Daily chart shows the market tested the November 2008 low, with short term support found on Friday's session at the .886 fib area. Current pattern evident is the bullish gartley butterfly. IF there is follow through to the upside next week, THEN look for initial upside targets to be $10.37, $10.95 and even $11.31. The price action thus far suggests the market is tracing out a consolidation/trading range pattern before the next big move.

ACC Analysis for 02.22.2009

2009-02-22T10:19:00.000-08:00

AMERICAN CAMPUS COMMUNITIES INC - ACC

Monthly chart shows stock price remains bearish as it is below all key moving averages on this timeframe. However, backend support @ $17.63 held, as the bears were unable to close the stock below that level on a monthly, despite dipping below that many times.

Weekly chart shows possible buy signal/pattern setting up off this timeframe. We currently have a test of the November 2008 low, where aggressive buyers stepped back into the stock. Let's see if we get any follow through early next week to the upside. IF we do get upside traction, THEN look for the market to retrace the last leg down from the high made in October 2008. Should this scenario play out, THEN the first upside target could easily be the .618 fib level at $28.64.

Daily chart shows a bullish gartley butterfly pattern in play. Friday's price action created a bullish engulfing candle. Look for follow through next week. IF we get any traction to the upside, THEN the upside targets on the radar will be the .618 fib level of $21.27 and the .786 fib level of $22.46. These are the short term upside targets. Trailing stops would be a good idea as this pattern could be retracing a larger range, which would mean greater profits (look to monthly and weekly chart for upside targets for this larger range/pattern).

Update on Canadian Banks for 02.21.2009

2009-02-21T14:03:00.001-08:00

All canadian banks remain technically weak and bearish with no signs whatsoever of a bottom at this time.

ROYAL BANK OF CANADA - RY-TC

Monthly chart shows new low made this month. Stock price remains well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart shows continued downside weakness with no buy signal/pattern evident on this timeframe.

Daily chart shows new low made with Friday's trading session. Despite the lower low made, there were signs of aggressive buyers stepping back into the stock, but they were unable to hold onto most of their gains.

TORONTO DOMINION BANK OF CANADA - TD-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe.

Weekly chart remains extremely weak with no buy signal/pattern evident on this timeframe.

Daily chart shows that sellers gapped down Friday's trading session open in their haste to exit their positions. No buy signal/pattern evident on this timeframe.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart remains very weak with no buy signal/pattern evident on this timeframe.

Weekly chart remains weak with no buy signal/pattern on this timeframe.

Daily chart remains extremely weak with the price well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

CANADIAN IMPERIAL BANK OF COMMERCE - CM-TC

Monthly chart remains weak with index well below all key moving averages and the down trendline in place.

Weekly chart remains bearish with no buy signal/pattern evident on this timeframe.

Daily chart shows increasing downside momentum. Look for continuation lower. Downside targets are $35 to $30 area.

BANK OF MONTREAL - BMO-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe.

Weekly chart remains very weak with no buy signal/pattern evident on this timeframe.

Daily chart shows increasing downside momentum. No buy signal/pattern evident on this timeframe.

$TSX-TC Update for 02.21.2009

2009-02-21T13:57:00.001-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart remains extremely bearish, with no buy signal/pattern evident on this timeframe. Look for eventual lower.

Weekly chart shows continued weakness with index well below all key moving averages and the down trendline in place. Look for continuation lower.

Daily chart shows that the head and shoulders pattern identified last week did indeed play out. Traders found short term support off the .886 fib level with Friday's trading session. There is also a possible bullish gartley butterfly pattern in place. If there is aggressive buying next week, THEN look for the upside targets at the .618 and .786 fib levels.

$RUT Update for 02.21.2009

2009-02-21T13:51:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe.

Weekly chart shows continued weakness and increasing downside momentum. No buy signal/pattern evident on this timeframe.

Daily chart shows short term support was found during Friday's trading session to be right at the .786 fib level. This support creates a potential bullish gartley butterfly pattern. IF there is indeed short term support off this level, THEN look for aggressive buying to take the index back up to the .618 to .786 fib upside targets.

$NDX Update for 02.21.2009

2009-02-21T13:40:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart remains bearish with market in consolidation with a bear flag pattern in place. Look for eventual break lower.

Weekly chart shows the continued weakness of the index. Loo for continuation lower.

Daily chart shows that traders were in a rush to exit their positions at the open of Tuesday's trading session, creating a gap down which remains to be filled. Look for continued weakness and the minimum downside target to be the .786 fib level of 1077 area.

$SPX Update for 02.21.2009

2009-02-21T13:28:00.001-08:00

S&P 500 INDEX - $SPX

Monthly chart shows index remains extremely bearish. No buy signal/pattern evident on this timeframe.

Weekly chart remains weak, with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in consolidation. Friday's price action resulted in a hammer candle pattern. Will some aggressive buyers show up next week? Possible gartley butterfly pattern in place. IF there is initial aggressive buying early next week, THEN look for upside target to be in the neighbourhood of 900.

$INDU Update for 02.21.2009

2009-02-21T13:14:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX -$INDU

Monthly chart remains very bearish with no buy signal in place.

Weekly chart remains bearish with lower low made. Index remains well below all key moving averages and all down trendlines in place on this timeframe. No buy signal/pattern evident.

Daily chart remains bearish with new low made this past week. Index remains below all key moving averages and down trendline in place. Basically, the market has given back any and all gains made since 1997. No buy signal/pattern evident on this timeframe. Next downside targetis at the 1.27 fibe level of about 7,000.

$TSX-TC Update for 02.15.2009

2009-02-15T10:35:00.001-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart continues to look weak, as the index remains well below all key moving averages on this timeframe. While the key LIS (old resistance becomes new support) is holding, the bulls just can't seem to get enough traction to take the market any higher than the high made earlier this year. No buy signal/pattern evident on this timeframe.

Weekly chart shows the index to be stuck in consolidation/trading range. Look for eventual break of this range and continuation lower.

Daily chart better shows the consolidation pattern being traced out by the price action. Short term sell signal in place. Head and shoulders reversal pattern evident on this timeframe. Look for break of the Neckline and continuation lower to downside target(s) 1 and 2.

$RUT Update for 02.15.2009

2009-02-15T10:26:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart continues to look very weak as the index remains well below all key moving averages and the down trendline in place on this timeframe.

Weekly chart shows index below all key moving averages. No buy signal/pattern evident on this timeframe. Despite the initial burst of bullish momentum the prior week, this week the bears managed to take back more than half of the gains made.

Daily chart shows the index to be stuck in a consolidation/trading range. Index remains below all key moving averages on this timeframe. Look for eventual break of this consolidation pattern as the market heads lower. Look for re-test of the November 2008 low before lower still.

$NDX Update for 02.15.2009

2009-02-15T10:11:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows the index remains below all key moving averages and the down trendline in place.

Weekly chart shows that backend support seems to be holding for the time being. The bulls managed to give back some of their gains made the week before. Is this just profit-taking as the market tests the prior high, or is this renewed selling?

Daily chart shows a double top in place in the short term. Is this just profit-taking taking, or renewed selling. Price action looks to be corrective, and IF this is so, THEN look for eventual lower lows.

$SPX Update for 02.15.2009

2009-02-15T09:59:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart continues to look extremely weak, as the index remains well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe. Look for continued weakness and a decisive break of the October 2002 low as the market heads much lower.

Weekly chart continues to look weak as the index remains below all key moving averages and down trendlines in place on this timeframe. Despite the strength of the bulls the week before, the bears managed to take back all the gains this past week.

Daily chart shows index remains stuck in consolidation/trading range. Index remains below all key moving averages. Backend support did not hold and is now acting as resistance. Look for continued weakness as the market heads lower.

$INDU Update for 02.15.2009

2009-02-15T09:36:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart continues to remain extremely weak. Index remains well below all key moving averages and the down trendline in place. The market has had three months to try to lift off the re-test of the October 2002 low, and yet the bulls just can't seem to manage it. No buy signal/pattern evident on this timeframe. It is looking more and more likely that we will indeed break the October 2002 low and head lower.

Weekly chart continues to look weak, with the index remaining below all key moving averages and all down trendlines in place. Despite the early show of strength by the bulls last week, they were easily overcome by the bears' selling this week, as they managed to erase all the gains made the week before. Back end support did not hold. Look for continuation lower in the next few weeks.

Daily chart continues to look weak, with the index remaining below all key moving averages and the down trendline in place. Backend support did not hold as the bears managed to take back all the gains of the prior week. Look for another run at the November 2008 low and lower in the week(s) to come.

$TSX-TC Update for 02.08.2009

2009-02-08T17:51:00.000-08:00

S&P/TSX index - $TSX-TC

Monthly chart shows the index remains well below all its key moving averages. Support off the key LIS appears to be holding for the time being.

Weekly chart shows the bulls managed to close the market above the 8ema once again.

Daily chart shows short term buy signal/pattern in place. IF the bulls can gain any upside traction, THEN look for profit-taking at the January 2009 high.

$RUT Update for 02.08.2009

2009-02-08T17:37:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows index remains well below all key moving averages on this timeframe, as well as the down trendline in place.

Weekly chart shows November 2008 low to be holding as support for now. The bulls did finally to close the index above the 8ema once again.

Daily chart shows a buy signal/pattern in place for the short term. IF the bulls manage to gain more traction to the upside, THEN look for profit-taking at the January 2009 high.

$NDX Update for 02.08.2009

2009-02-08T16:44:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows index remains well below all its key moving averages for this timeframe. It also remains below the down trendline in place.

Weekly chart shows the bulls showed up in force, taking the index back up to close well above the 8ema. A short term buy signal/pattern is event on this timeframe.

Daily chart shows the bulls managed to come out the past week. Current resistance is the January 2009 high. Look for signs of profit-taking at this level. IF the bulls can manage to take the market higher, THEN look for the .786 fib level as the initial upside target.

$SPX Update for 02.08.2009

2009-02-08T16:38:00.001-08:00

S&P 500 INDEX - $SPX

Monthly chart shows the index remains well below all key moving averages as well as the down trendline in place.

Weekly chart remains below all key down trendlines in place. The bulls managed to end the week on a positive note last week.

Daily chart shows that short term support is in place, with a buy signal/pattern in place. Look for a retracement of the whole move down from the January 2009 high. IF the market is retracing the last leg down, THEN look for the .618 fib and the .786 fib as the initial two upside targets for any long trades.

$INDU Update for 02.08.2009

2009-02-08T16:30:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart shows the index remains well below all key moving averages and the down trendline in place.

Weekly chart shows the index remains below all key moving averages and down trendlines in place. Current support at the November 2008 low appears to be holding. Back end support off the October 2008 low also seems to be holding for the time being.

Daily chart better shows that the support seems to be holding in the short term. A buy signal/pattern seems to be in place on this timeframe. Look for a retracement of the whole move down off the January 2009 high. IF the market is indeed retracing the last leg down, THEN look for the .618 to .786 fib targets as the two upside targets to aim for with any long positions.

$TSX-TC Update for 01.31.2009

2009-01-31T09:07:00.000-08:00

S&P 500/TSX INDEX -$TSX-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages. Despite the support off the key LIS (old resistance becomes new support) and the .786 fib level, the bulls cannot seem to gain any traction for higher. Look for eventual break of current support as the market heads lower.

Weekly chart continues to show weakness with the index below all key moving averages on this timeframe.

Daily chart continues to show weakness as the bulls just can't seem to take the market above the current January 2009 high. Market remains rangebound.

$RUT Update for 01.31.2009

2009-01-31T08:59:00.001-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place.

Weekly chart continues to show weakness with the index below all key moving averages on this timeframe.

Daily chart continues to show weakess as the index remains below all key moving averages on this timeframe. By the end of the week, the bears have taken back all the initial gains made by the bulls earlier in the week. Price action shows a lower high in place. Look for continued weakness and a test of the November 2008 low and key LIS as highly likely. Look to see if there is short term support at the .786 fib level and the .886 fib level before lower.

$NDX Update for 01.31.2009

2009-01-31T08:52:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place.

Weekly chart continues to show weakness with the index remaining below all key moving averages on this timeframe.

Daily chart continues to show weakness with the bulls unable to take the market back up above the January 2009 high. Despite some initial bullish optimism and momentum as the bulls gapped up the market open on Wednesday, this soon fizzled and the bears managed to erase the entire week's gains. A lower high is now in place. Look for a test of the November 2008 low and key LIS before lower still.

$SPX Update for 01.31.2009

2009-01-31T08:38:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart continues to show downside weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place. Look for test of the November 2008 low and key LIS before a break and lower still.

Weekly chart continues to show weakness with the index remaining below all key moving averages and all down trendlines in place.

Daily chart shows continued weakness and a lower high in place. Index remains below all key moving averages and a down trendline in place. Look for continued weakness and eventual continuation lower to test the November 2008 low initially. Let's see if we get any short term rally off the .786 fib level and .886 fib level or not.

$INDU Update for 01.31.2009

2009-01-31T08:32:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows continued bearishness, with no buy signal/pattern in place on this timeframe.

Weekly chart continues to show weakness, with the index remaining below all key moving averages and all down trendlines in place. No buy signal/pattern evident on this timeframe.

Daily chart shows a lower high in place, with the index falling back below all key moving averages on this timeframe. Look for continued weakness and a test of the November 2008 low before a break of this key LIS and lower still.

HOLOGIC INC Update for 01.25.2009

2009-01-25T10:41:00.000-08:00

HOLOGIC INC. - HOLX

Monthly chart continues to show weakness with no buy signal/pattern in place. Price remains well below all key moving averages on this timeframe.

Weekly chart remains bearish with no buy signal/pattern evident on this timeframe. Price remains well below all key moving averages and the down trendline in place.

Daily chart shows price remains in consolidation/trading range. Price remains well below all key moving averages. Friday's trading session saw a gap down at the open as bears looked to exit their positions. Look for continuation lower, with the first downside price target to be below the $10 level.

Update on Canadian Banks

2009-01-25T09:47:00.000-08:00

All five major Canadian banks continue to show extreme weakness with no bottom in sight.

ROYAL BANK OF CANADA - RY-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) - CM-TC

Monthly chart remains weak with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

TORONTO DOMINION BANK OF CANADA - TD-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

BANK OF MONTREAL - BMO-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

TSX-TC Update for 01.25.2009

2009-01-25T09:43:00.000-08:00

S&P/TSX Index - $TSX-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe.

Weekly chart remains bearish with no buy signal/pattern evident on this timeframe.

Daily chart shows that while the index is making short term higher highs and higher lows, it remains stuck in a trading range since the low was made November 21, 2008. Look to next week's trading session to see if the bulls want to make a run to re-test the january 6, 2009 high.

$RUT Update for 01.25.2009

2009-01-25T09:37:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart remains weak with no buy signal/pattern evident on this timeframe.

Weekly chart remains weak with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in a trading range since the low of November 21, 2008. Look to next week's trading session to see if the bulls want to make a run to re-test the January 6, 2009 high.

$NDX Update for 01.25.2009

2009-01-25T09:29:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Weekly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in a trading range since the low was made on November 21, 2008. Look to next week's trading session to see whether the bulls want to make a run to re-test the January 6, 2009 high.

$SPX Update for 01.25.2009

2009-01-25T09:21:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart remains weak with no buy signal/pattern evident on this timeframe. Look for another run at the key LIS and the October 2002 low of 768.63.

Weekly chart remains weak with no buy signal/pattern evident on this timeframe.

Daily chart remains bearish, with the index below all key moving averages. The index has been stuck in a trading range since the low of November 21, 2008. Look to next week's trading session to see if the bulls want to make a run for a re-test of the january 6, 2009 high.

$INDU Update for 01.25.2009

2009-01-25T09:12:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart continues to show weakness with no buy signal/pattern in place. Look for eventual break of the key LIS and support of the November 2002 low at 7197.49 as highly likely. The only uncertainty is the timing of the target being hit.

Weekly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Index remains below all key moving averages, and the down trendlines in place.

Daily chart continues to show weakness with index being stuck in a trading range since the November 21, 2008 low was made. Look to next week's trading session to determine whether or not there is a short term tradeable bounce, with the bulls looking to re-test the current high which was made January 6th, 2009

$TSX-TC Update for 01.11.2009

2009-01-11T10:48:00.000-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows market remains well below all its key moving averages. No long term buy signal/pattern evident on this timeframe.

Weekly chart shows the bulls managed to take the index up above its 8ema. Despite the strong support down below, the bulls have not managed to make much progress in the seven weeks since the November 2008 was made. Looks more and more likely to be corrective move and consolidation/trading range is in place.

Daily chart shows the bulls have managed to take the 8ema across and over the 34ema and the 50sma. Can the bulls manage to maintain the upside momentum?

$RUT Update for 01.11.2009

2009-01-11T10:41:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows market remains well below all its key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bears managed to get the upper hand with last week's trading session. Look for continued weakness and a re-test of the November 2008 low.

Daily chart shows the bears came out in force on Friday, and managed to take the market down below its 8ema. IF we have 5 waves up into last week's resistance high, THEN look for a retracement of the whole move up off the November 2008 low. First downside target is the .618 fib retracement level.

$NDX Update for 01.11.2009

2009-01-11T10:34:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart remains well below all key moving averages with no buy signal/pattern evident on this timeframe. Look for continued weakness.

Weekly chart shows the bears managed to take the index back below its 8ema. No buy signal/pattern evident on this timeframe at this time.

Daily chart shows 5 waves up into last week's resistance high. Look for retracement of the whole move up off the November 2008 low. First downside target is at the .618 fib retracement level.

$SPX Update for 01.11.2009

2009-01-11T10:28:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart shows market remains well below all moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart remains below all moving averages. No buy signal/pattern evident on this timeframe.

Daily chart shows continued weakness into the close of last week. Market has fallen back through the 8ema, but has found short term support off the 50sma. Look for continuation lower next week and at a minimum, a re-test of the November 2008 low.

$INDU Update for 01.11.2009

2009-01-11T10:16:00.001-08:00

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart remains well below all moving averages and below the down trendline in place. No buy signal/pattern evident on this timeframe. Look for continued weakness and eventually lower lows.

Weekly chart remains below all its key moving averages as well. No buy signal/pattern evident on this timeframe.

Daily chart shows the market has been stuck in consolidation/trading range. Last week's price action brings the index back below the 8ema. Looks like we have 5 waves up into last week's resistance high, and we should see a deeper retracement of the whole move up off the November low. Initial downside target is the .618 fib level.

TSX-TC Update for 01.03.2009

2009-01-03T14:01:00.000-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows tradeable bottom is in place, right at the .786 fib retracement level and the key LIS (old resistance becomes new support).

Weekly chart shows possible 5 waves down into current support. Last week's trading activity resulted in a strong close above the 8ema. Look for continued bear market rally into first upside target at the .382 fib retracement level.

Daily chart shows the market has managed to close above the 8ema, 34ema and the 50sma. Look for continued upside momentum next week.

2009-01-03T13:54:00.000-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows aggressive bulls managed to step back into the market in December. However, the index remains well below all of its key moving averages on this timeframe.

Weekly chart shows the bulls managed to close the index well above its 8ema.

Daily chart shows the bulls have managed to take the index back above the 8ema, 34ema and the 50sma on this timeframe. There is a possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

$NDX Update for 01.03.2009

2009-01-03T13:47:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows that the December's trading session ended with a spinning top candle pattern, indicating indecision between the bulls and the bears. While a tradeable bottom is currentlyin place, the index remains well below all of its moving averages on this timeframe.

Weekly chart shows the bulls managed to close the week well over its 8ema. Look for consolidation/trading range over the next few weeks, with the .382 fib retracement level as the first upside target.

Daily chart shows possible 5 waves up. IF we have 5 waves up, THEN look for an abc 3 wave retracement of the whole move up.

$SPX Update for 01.03.2009

2009-01-03T13:40:00.000-08:00

S&P 500 INDEX - $INDU

Monthly chart shows a tradeable bottom is currently is in place. Look for consolidation/trading range, and an upside target to the 8ema and the .382 fib retracement level of about 1,000 as upside target.

Weekly chart shows the bulls managed to close the week decisively above the 8ema. Look for continued follow through to the upside in a bear market rally (consolidation/trading range).

Daily chart shows the bulls have managed to the index to close above the 8ema, 34ema as well as the 50sma. We have a possible 5 waves up pattern, and IF we do, THEN look for an abc 3 wave retracement of the whole move up.

$INDU Update for 01.03.2009

2009-01-03T13:26:00.001-08:00

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows the year ended with December's trading session resulting in a doji candle pattern, signaling indecision between the bulls and the bears. January started with early bulls stepping back into the market. Elliott wave suggests that we could be in wave 4 consolidation/trading range before the next leg lower.

Weekly chart shows the week ended with the bulls gaining momentum to the upside, and managing to close decisively above the 8ema. Look for continued follow through next week, with the test of the key LIS of 9794.37

Daily chart shows continued strength shown by the bulls as they ended decisively above the 8ema. Look for profit-taking at the next key LIS of 9794.37. We have a possible 5 waves up into Friday's high. IF we have 5 waves up, THEN look for abc 3 wave retracement of the whole move up.

$TSX-TC Update for 12.27.2008

2008-12-27T13:42:00.001-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Weekly chart continues to show weakness with the bears managing to erase the meagers gains made by the bulls the week before.

Daily chart shows weakness and consolidation, with the bulls unable to gain much traction to the upside.

$RUT Update for 12.27.2008

2008-12-27T13:24:00.001-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows no buy signal/pattern evident on this timeframe.

Weekly chart shows small inside bar, with no conviction either way.

Daily chart shows the bulls managed to hold onto short term support. Look to next week's trading session for evidence of traction and continued upside momentum.

$NDX Update for 12.27.2008

2008-12-27T13:17:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart continues to show no buy signal/pattern on this timeframe.

Weekly chart shows the bulls were unable to hold their ground, anad managed to let the bears close the week lower than the week before.

Daily chart shows continued weakness, with the bulls unable to gain much traction to the upside, despite being able to maintain short term support.

$SPX Update for 12.27.2008

2008-12-27T13:07:00.000-08:00

S&P 500 INDEX - $SPX

Monthly chart continues to show weakness with no buy signal/pattern in place.

Weekly chart continues to show weakness with the bears managing to close the week slightly lower than the week before.

Daily chart shows the bulls managed to find short term support the last 2 trading days of the week. Need to see if they have conviction for continued follow through to the upside.

$INDU Update for 12.27.2008

2008-12-27T12:59:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart remains bearish wish no buy signal/pattern in place.

Weekly chart continues to show weakness, with last week's trading session resulting in a lower close than the week before.

Daily chart shows continued weakness, with the bulls unable to make any significant gains as it ended the trading week.

$RUT Update for 12.21.2008

2008-12-21T15:17:00.001-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows aggressive bulls managing to hold onto support for now. No buy signal/pattern evident on this timeframe.

Weekly chart shows aggressive bulls managed to hold their ground last week, closing last week's trading session higher than its open.

Daily chart shows the aggressive bulls managed to grind their way higher. Look for sharper pullback to occur before looking for buy signal/pattern on this timeframe.

$NDX Update for 12.21.2008

2008-12-21T11:02:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart remains bearish, with no buy signal in place on this timeframe.

Weekly chart shows indecision between the bulls and the bears, as the last three trading weeks trading activity resulted in a hammer, doji and spinning top.

Daily chart shows the bulls were unable to gain any traction all week.

$SPX Update for 12.21.2008

2008-12-21T10:57:00.001-08:00

S&P 500 INDEX - $SPX

Monthly chart remains bearish with no buy signal in place on this timeframe.

Weekly chart shows continued weakness and consolidation, as the last three week's trading activity resulted in a hammer, doji and spinning top. No buy signal in place on this timeframe.

Daily chart shows continued weakness, with the bulls losing their initial gains to the bears as the trading week drew to a close. Look for continued weakness and a test of the low at the very least.

$INDU Update for 12.21.2008

2008-12-21T10:20:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart continues to show weakness with no buy signal in place on this timeframe.

Weekly chart remains weak, with the past three weeks of trading activity resulting in a hammer, doji and spinning top. No buy signal in place on this timeframe.

Daily chart shows weakness the last three days of the week, with the bears erasing the initial gains of the bulls early in the week. Look for continued weakness and a test of the current low at the very least.

Update on Canadian Banks for 12.14.2008

2008-12-14T10:33:00.000-08:00

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart shows stock continues to remain weak, with overall selling pressure still in place during the month of December 2008. No buy signal/pattern evident on this timeframe.

Weekly chart continues to show weakness with selling pressure evident this past week. No buy signal/pattern evident on this timeframe.

Daily chart shows aggressive buyers stepped back into the market with Friday's trading session.

Will there be confidence for much follow through to the upside next week? Price action so far looks more like consolidation/trading range being traced out.

TORONTO DOMINION BANK (TD) -TD-TC

Monthly chart shows continued weakness with bulls unable to get any traction to the upside. No buy signal/pattern evident on this timeframe.

Weekly chart shows selling pressure evident this past week. No buy signal/pattern evident on this timeframe.

Daily chart shows aggressive bulls stepped back into the stock during Friday's trading session. Will the bulls continue buying into next week?

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) - CM-TC

Monthly chart shows current support off the .786 fib retracement level. Current price action indicates indecision between the bulls and the bears. No buy signal/pattern evident on this timeframe.

Weekly chart shows bears gaining the upper hand this past week. Price remains below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

Daily chart shows bulls continue to make higher highs and higher lows. However, the price action indicates consolidation/trading range being traced out.

BANK OF MONTREAL - BMO-TC

Monthly chart continues to show selling weakness. No buy signal/pattern evident on this timeframe.

Weekly chart shows the bank ended the week with renewed selling. No buy signal/pattern evident on this timeframe.

Daily chart shows aggressive bulls stepped back into the market with Friday's trading session. Will they be able to hold current support and take the stock price higher?

ROYAL BANK OF CANADA - RY-TC

Monthly chart shows continued weakness, with selling pressure during the month of December 2008. No buy signal/pattern evident on this timeframe.

Weekly chart continues to show weakness with no buy signal/pattern evident on this timeframe.

Daily chart shows aggressive bulls showed up with Friday's trading session. Will they be able to hold onto the upside momentum?

TSX-TC Update for 12.14.2008

2008-12-14T10:17:00.003-08:00

S&P/TSX INDEX - $TSX-TC

Monthly chart shows support to be right at the .786 fib retracement level, which also happens to be a key LIS (old resistance becomes new support). Despite the short term support in place, the bulls are having a difficult time getting any traction to the upside. No buy signal/pattern evident on this timeframe.

Weekly chart shows index remains below all key moving averages as well as the down trendline in place. Last week's trading session resulted in a spinning top candle pattern, indicating indecision between the bulls and the bears. No buy signal/pattern evident on this timeframe.

Daily chart shows the bulls were prepared to step back into the market during Friday's trading session, as they closed the day near the high. Need to see follow through next week in order to clear the current resistance level at the key LIS (old support becomes new resistance) at the 8,537 area.

$RUT Update for 12.14.2008

2008-12-14T10:04:00.001-08:00

RUSSELL 2000 INDEX - $RUT

Monthly chart shows index remains well below all the major moving averages and the down trendline in place. Bottoming tails on the last three candles indicates short term support in place. However, the bulls can't seem to get much traction to the upside despite the current support in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows that last week's trading session resulted in a spinning top candle pattern, indicating indecision between the bulls and the bears. Index remains below all key moving averages. No strong buy signal/pattern evident on this timeframe.

Daily charts shows short term support in place, with the market making higher highs and higher lows. However, price action indicates consolidation/trading range pattern being traced out. Look for major resistance at the October 14, 2008 high.

$NDX Update for 12.14.2008

2008-12-14T09:47:00.000-08:00

NASDAQ 100 INDEX - $NDX

Monthly chart shows index remains well below all key moving averages and the down trendline in place. Bottoming tails on the last three candles shows short term support is in place. However, the bulls can't seem to get much traction to take the market higher, despite the short term support being in place. No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading session resulted in a doji candle pattern, indicating indecision between the bulls and the bears. Index remains below all key moving averages. No strong buy signal/pattern evident on this timeframe.

Daily chart shows suport term support in place. While the market is making higher highs and higher lows, the price action indicates consolidation/trading range pattern being traced out. Look for major resistance to be at the October 14, 2008 high.

$SPX Update for 12.14.2008

2008-12-14T09:33:00.001-08:00

S&P 500 INDEX - $SPX

Monthly chart shows continued weakness, with the index remaining well below all key moving averages and the down trendline in place. Bottoming tails on the last three candles indicates short term support in place. However, there is no conviction by either the bulls or the bears. No buy signal/pattern evident at this time.

Weekly chart shows last week's trading session resulted in a doji/spinning top candle pattern, indicating indecision between the bulls and the bears. The traders ended last week's trading session pretty much where they left off the week before. Index remains below all key moving averages and all down trendlines in place.

Daily chart shows short term support in place, with the bulls struggling to take the market higher. Short term trend is up, as we have higher highs and higher lows. However, price action indicates consolidation/trading range pattern being traced out. Look for major resistance to be at the October 14, 2008 high.

$INDU Update for 12.14.2008

2008-12-14T09:23:00.000-08:00

DOW JONES INDUSTRIAL AVERAGE INDEX - $INDU

Monthly chart remains below all key moving averages and the down trendline in place. Bottoming tails on the last three candles indicate short term support in place. However, despite the short term support, the bulls have not been able to get much traction to the upside. This is looking more and more like a consolidation/trading range pattern being traced out. No buy signal/pattern evident on this timeframe.

Weekly chart shows last week's trading activity resulted in a doji candle pattern, indicating indecision between the bulls and the bears. The bulls and the bears managed to close the week pretty much where they started, which also happens to be where they closed the week before as well. Index remains well below all key moving averages, as well as all the down trendlines inplace. No strong buy signal/pattern evident on this timeframe.

Daily chart shows short term support holding for now, with the market tracing out higher highs and higher lows. However, there isn't much conviction either way. Price action indicates consolidation/trading range in place. Look for resistance to be at the October 14, 2008 high.