$NDX Update for 03.15.2009

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.

ACI Update for 02.23.2009

ARCH COAL INC. - ACI

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

ACC Update for 02.23.2008

American Campus Communities Inc. - ACC

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

ACI Analysis for 02.22.2009

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

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

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).

$TSX-TC Update for 02.21.2009

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

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.

$SPX Update for 02.21.2009

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.

$NDX Update for 09.14.2008

NASDAQ 100 INDEX - $NDX

Monthly chart shows a selling signal/pattern in place (lower high). Sellers came out in force the first two weeks of the month of September 2008, with the bears managing to take the index below the up trendline in place, the 8ema as well asthe 34ema. Look for for continued downside weakness.

Weekly chart currently shows a three wave pattern down into .886 fib support. This is normally a bullish pattern (gartley butterfly), so look for next week's price action for clues as to whether it will play out or not.

Daily chart shows the bulls managed to come out in force right at the .886 fib level. Look to Monday's price action to see whether or not we get any traction to the upside. IF the bulls manage to hold their ground and head higher, THEN look to the .618 fib level as first upside target.

$INDU Update for 09.07.2008

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows that the September 2008 did not get off to a very good start. The Index remains below all key moving averages, below the January 2000 high, and also below the January 2008 low. The trading activity of the first week in September has all but erased the gains made during the month of August. No buy signal/pattern evident on this timeframe. Look for continued weakness and lower still. First downside target of interest is the .618 fib retracement level.

Weekly chart shows the the bears have regained control, taking the index back below all key moving averages and below the January 2008 low. No buy signal/pattern evident on this timeframe.

Daily chart shows the index to be stuck in a consolidation/trading range. The bulls managed to find short term support off the .786 fib retracement level. Current pattern shows a bullish gartley butterfly pattern in place. IF this bullish gartley butterfly plays out, THEN look for the first target to be at the .618 fib level, or 11,555 range.

Utilities Sector Update for 06.29.2008

SELECT SECTOR SPDR UTILITIES SECTOR ETF - XLU

Monthly chart shows the December 2007 high was made with regular divergence on the cci indicator. Possible lower high being made with the May 2008 high.

Weekly chart better shows the topping action at the $42 area. There is a bearish gartley-type butterfly pattern in place at the .618 fib resistance level. The bearish gartley butterfly pattern suggests a lower low as the eventual target. One can also make the case for seeing a h&s reversal pattern in place also.

Daily chart shows that Thursday's gap down at the start of trading created a kicker signal, indicating that trader sentiment has drastically changed. Thursday and Friday's selling pressure took price decidedly down below the short term support and 200sma. Look for a test of the low and then new lows eventually.

Industrial Sector Update for 06.29.2008

SELECT SECTOR SPDR INDUSTRIAL SECTOR ETF - XLI

Monthly chart shows huge selling pressure as the bears managed to claw back almost all the gains made by the bulls since the January 2008 low. Lower high possibly being made here. No buy signal/pattern evident on this timeframe. The October 2007 high was made with regular divergence. Look for a retracement of the whole move up off the October 2002 low.

Weekly chart shows an abc 3 wave pattern into .786 fib resistance, creating a bearish gartley butterfly pattern. Look for the current low at the $32.40 level to be tested and then broken as the bears take it down to lower lows.

Daily chart shows aggressive selling as the bears gapped down the price at the open of trading. Look for continued weakness and lower low to be made. Initial downside target is at the 1.27 fib level of $30.40 area.

XLB Update for 02.24.2008

SELECT SECTOR SPDR MATERIALS ETF - XLB

Monthly chart shows indecision between bulls and bears.

Weekly chart shows price above all key moving averages. Current resistance is right at the .786 fib retracement level.

Daily chart shows abc 3 wave pattern into .786 fib level, creating a bearish gartley butterfly pattern. IF we get weakness, THEN look for a retracement of the last move up, with downside targets of $37.50 and $36.21 initially.

AMZN Update for 01.05.2008

AMAZON - AMZN

Monthly chart shows a large 3 wave abc corrective pattern into .886 fib resistance. The move up from the November 2001 low into the October 2007 high was made with flat volume. While the price remains above the 8ema on this timeframe, I still think we can look to continued weakness in the weeks ahead.

Weekly chart shows bulls are currently finding resistance from sellers as they try to test the October high.

Daily chart shows yet another 3 wave abc corrective pattern into .786 fib resistance, creating a bearish gartley butterfly type pattern. There is also a head and shoulder reversal pattern. Friday's price action shows a major change in trader/investor sentiment as sellers gapped down the price at the open and took the price down sharply to close on the lows for the trading session. Citigroup Analyst upgraded this stock from a "hold" to a "buy" last week. Look for the stock price to trade lower, towards the last support of $76.50 area.

Urban Outfitters Analysis for 12.30.2007

URBAN OUTFITTERS - URBN

Monthly chart shows an abc 3 wave pattern into .786 fib resistance, creating a bearish gartley butterfly pattern.

Weekly chart better shows the 3 wave pattern into fib resistance at $29.45, where there was selling pressure the past three weeks

Daily chart shows the last move up into .786 fib resistance was corrective in nature. Thursday's price action shows sellers were in a hurry to exit the stock when they gapped down the open and traded lower. Look for further weakness and a retracement of the last leg up. First downside target is $23.25 level, and then $19.75 level.

BEBE Analysis for 11.17.2007

BEBE STORES - BEBE

Monthly chart shows bearish gartley butterfly in play - since we have passed the .786 fib target, the next one is 1.27 fib at $9.42ish.

Weekly chart shows price currently at prior support - at the $13 level. No buy signal in sight.

Daily chart shows a 3 wave pattern in place, and below key s/r of $14.15ish. Sellers came out the last three days of the week. Look for continuation lower this coming week.

IBM Update for 11.09.2007

The abc bearish gartley butterfly pattern identified on the monthly chart is playing out nicely. Wave B has topped out at the .786 and we are now in Wave C impulse wave.

JPM Analysis for 11.04.2007

JPMORGAN CHASE AND COMPANY - JPM

Monthly chart shows abc three wave pattern into .618 fib resistance area - creating a bearish gartley butterfly pattern. Small uptrend line broke, showing bearish momentum picking up.

Weekly chart shows price below all key moving averages.

Daily chart shows increased selling pressure on Thursday and Friday. Friday's price action tested the current lows at $42.16 where early buyers slowly stepped back in to close it at $43.15. No buy signal as of yet evident.