$TSX-TC Update for 03.06.2009

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.

$TSX-TC Update for 03.02.2009

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.

$TSX-TC Update for 02.23.2009

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

Head and shoulders pattern playing out nicely.

$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.

$TSX-TC Update for 02.15.2009

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.

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.

$INDU Update for 03.01.2008

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows February ended with continued selling pressure, as it closed below the up trendline in place. It also closed below the open of 2007, erasing the meager gains of last year. No buy signal/pattern evident on this timeframe. Look for continued weakness and increasing selling pressure.

Weekly chart shows head and shoulders pattern remains intact. The index spent the month of February in consolidation. Look for continued weakness and for the low made on January 22, 2008 to be tested and then broken.

Daily chart shows the increased selling pressure on the last day of February, 2008. We have made a lower high, and now we should test the January 22, 2008 low and eventually continue lower.

HOLX Update for 02.23.2008

HOLOGIC INC. - HOLX

Daily chart shows bulls never gained any traction as they were unable to take price up above the $63 level s/r. The past week showed continued weakness, with a break of the h&s neckline. Price closed below all key moving averages. The put option trades have all yielded healthy double digit returns in just one weeks time. Pattern is on track to continue lower, with the $50 downside target in sight.

HOLX Analysis for 02.14.2008

HOLOGIC INC. - HOLX

Monthly chart shows possible 5 waves up into 1.786 fib resistance at the $72.88 high. The last 2 months showed increasing selling pressure. Price is currently below the prior high where "old resistance becomes new support" did not materialize. Price needs to hold above this $63 support level for the longs to gain any traction. The move up was made with regular divergence on the momentum indicator. No buy signal/pattern evident on this timeframe.

Weekly chart better shows the 5 waves up into the high. No buy signal/pattern evident on this timeframe. IF we have 5 waves up, THEN look for a 3 wave deeper retracement of the last move up. This gives an initial downside target of about $50.

Daily chart shows possible h&s reversal pattern on price. Price seems to be stuck in consolidation/trading range. Look for continued weakness and a break of the neckline on the h&s pattern. No buy signal/pattern evident on this timeframe.

$SPX Update for 02.09.2008

S&P 500 INDEX - $SPX

Monthly chart for this index is very similar to the one for the Dow Industrial Average. The index is currently below 1) 8ema, 2) prior support 3) uptrend line. Support is currently right at the .382 fib level. There has been nothing but selling the last 4 months, and the index has given all the gains of 2007. No buy signal/pattern evident on this timeframe. Eventual downside target is the 1079 level, which is the .618 fib retracement.

Weekly chart shows that last week's trading activity gave back all the gains of the prior week. This is not a good sign. Index is heading back down to test the January 22nd low and lower.

Daily chart shows index to be below all key moving averages. Last 3 trading days of the week were met with indecision between the bulls and the bears. No buy signal/pattern evident on this timeframe. Look for test of the low and lower.

$INDU Update for 02.09.2008

DOW INDUSTRIAL AVERAGE - $INDU

Monthly chart shows index below last year's open, thus the market has taken back all the gains of 2007. The index is also below the up trendline in place, and below the 8ema. There has been nothing but selling the last 4 months, as evidenced by the red candles thus far.

Weekly chart shows that last week's trading activity completely erased any gains of the previous week. Resistance at key LIS "old support becomes new resistance" brought out the sellers who took advantage of the bounce to exit any positions. The Head and Shoulders pattern remains intact. No buy signal/pattern evident on this timeframe. Look for continued weakness unless there is evidence of buying strength, which we have yet to see.

Daily chart shows index below all key moving averages. The last 3 days of the week showed indecision between bulls and bears. No buy signal/pattern on this timeframe. Look for likely test of the January 22nd low and lower.

$INDU Update for 01.19.2008

DOWN JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows a break of the up trendline in place. Market has given back all the gains from last year.

Weekly chart shows h&s pattern triggered, with index closing for the week well below all key moving averages.

Daily chart shows index below all key moving averages. Look for a break of 12,000 psychological level next week as highly likely.

$SPX Analysis for 01.13.2008

SP 500 - $SPX

Monthly chart shows trendline broken. Last three months has had net selling. Index is now trading below the open of 2007. No buy signal evident on this timeframe.

Weekly chart shows Neckline of small h&s bearish pattern to be broken. No buy signal/pattern evident on this timeframe.

Daily chart shows potential consolidation or bear flag formation in the making. IF this is a bear flag, THEN look for breakdown and lower in the week(s) ahead.

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.

$INDU Analysis for 01.01.2008

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows high made in October 2007, and bulls took profits in November and December. The move up into 2007 high was made with regular divergence in the cci momentum indicator. Index currently remains above the prior high made in 2000. An uptrend line from the 2003 low into the 2007 high remains intact for the time being. December's trading activity resulted in a doji/spinning top candle pattern, indicating indecision between the bulls and the bears. The index ended the month with a close below the 8ema.

Weekly chart shows a head and shoulder reversal pattern possibly in play. On a weekly basis, the index is currently below the 8ema and the 34ema.

Daily chart shows index currently below all its key moving averages, especially its 200 sma. Look for test of the November low and then the August low.

$SPX Analysis for 01.01.2008

S & P 500 INDEX - $SPX

Monthly chart shows higher high was made in 2007, but was unable to hold it, and the index has now retreated back down below the prior high made in 2000. While the index ended 2007 marginally higher than the year before, the high was made with divergence in the cci momentum indicator. December's trading activity resulted in a doji/spinning top candle pattern, indicating indecision between the bulls and the bears. An uptrend line drawn from the 2003 low currently remains intact. However, December's activity resulted in the index closing below the 8ema. IF the uptrend line is broken, THEN look for a much deeper retracement of the last leg up from the 2002 low.

Weekly chart shows a head and shoulder reversal pattern possibly in play. The last 2 weeks in December showed net selling. Index is currently below its weekly 8ema, 34ema and 50sma. No evidence of buying activity from the bulls as of yet.

Daily chart shows index to be below all key moving averages, and remains stuck in a large trading range since August 2007. Look for continued weakness this week and for a test of November low, and then the August low.

AEG Analysis for 12.16.2007

Aegon Insurance Group - AEG

Monthly chart shows an abc 3 wave pattern into the $22 area high. The last 2 months saw profit-taking near the highs. We now have a lower high in place, but support is right below us at the key LIS and prior resistance of $16.23.

Weekly chart shows a head and shoulder pattern in place. Last week's price action created a bearish engulfing candle pattern. IF the neckline breaks, THEN look for move much lower.

Daily chart shows a bear flag/pennant continuation pattern in place. Look for lower next week.

$RUA Update for 12.15.2007

$RUA - Russell Index

Monthly chart shows index falling back through prior high and key LIS. Uptrend remains intact for now, but with further weakness, look for this to be broken and a deeper retracement of the last move up.

Weekly chart shows a lower high in place. Increased selling pressure evident this past week. head and shoulders pattern in place. Look for break of neckline to confirm larger move down.

Daily chart shows increasing selling pressure on Friday. Index trading below all key moving averages. Look for further weakness and continuation lower next week.

$INDU Update for 12.15.2007

$INDU - Dow Jones Industrial Average

Monthly chart shows uptrend remains intact. Look for break of this uptrend to confirm change in trend.

Weekly chart shows a lower high in place for now. Potential head and shoulders pattern forming. Watch for break of Neckline to confirm bigger move down.

Daily chart shows major selling pressure on Friday, with the Index closing on its low for the trading week. Look for continued selling pressure next week.