$RUT Update for 03.15.2009

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.

$RUT Update for 03.06.2009

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.

$SPX Update for 03.06.2009

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.

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).

$NDX Update for 09.21.2008

NASDAQ 100 INDEX - $NDX

Monthly chart shows a lower low made, with the index closing below the prior month's low. bottoming tail indicates initial buying from the aggressive bulls, who found temporary support.

Weekly chart shows a bullish gartley pattern created with the lower low made into the 1.618 fib area.

Daily chart shows aggressive traders gapping up the open in their haste to enter/exit their positions after the temporary banning of short selling in 799 financial stocks was announced. Once can also make the case that we have 5 waves down from the August 15, 2008 high, hence the bounce/short covering/retracement was expected. The September 19, 2008 low was made with regular divergence. No buy pattern/signal evident on this timeframe as of yet.

$SPX Update for 09.21.2008

S&P 500 INDEX - $SPX

Monthly chart shows regular divergence developing with the lower low made this month. Bottoming tails indicate aggressive buying, where the bulls managed to regain most of the ground that was initially lost this month. Index remains below both the 8ema and the 34ema. The bulls managed to close the index right at the March 2008 low. No buy signal/pattern evident on this timeframe as of yet.

Weekly index shows a long legged doji being created with last week's trading activity, indicating indecision between the bulls and the bears. No buy signal/pattern evident on this timeframe yet. Look to next week for better sense of direction.

Daily chart shows that the consolidation/trading range finally broke down to a lower low, where aggressive bulls found support off the 1.618 fib area. This pattern created a bullish butterfly pattern, where bulls came out in force after the bailout of AIG and the temporary banning of short selling of 799 financial stocks. Look to next week's trading activity for better sense of longer term trend.

$INDU Update for 09.21.2008

DOW JONES INDUSTRIAL AVERAGE - $INDU

Monthly chart shows lower low made, where the bottoming tails indicates support and buying from aggressive bulls. While the index has sold off and made a new low, the market managed to regain most of the losses made during the month. Index remains below the key LIS and important level of 11,750.28. No buy signal/pattern evident on this timeframe as of yet.

Weekly chart shows regular divergence with the lower low made this week. The trading activity left the index closing pretty much where it opened for the week. The candle pattern, long legged doji - indicates indecision between the bulls and the bears. Index remains below the January 2008 low for now. No buy signal/pattern evident on this timeframe at this time. Look to next week's trading activity for better sense of longer term sentiment.

Daily chart shows that the initial three wave consolidation pattern finally broke down. The market found support near the 1.27 fib level, completing 5 waves down. The pattern created with the 1.27 fib support level created a bullish butterfly pattern, where the index rebounded strongly, after the AIG bailout and the temporary banning of short selling in 799 financial stocks. Current resistance is right at a .382 fib level. We are not out of the woods yet, as the market could still be stuck in a large consolidation/trading range. What we have is probably a tradeable bottom for now.

TPX Update for 07.19.2008

TEMPUR-PEDIC INTERNATIONAL INC. - TPX

Monthly chart shows short term support in place off the $7.05 low, where aggressive buyers stepped back into the stock. Price remains well below all key moving averages, especially the 8ema.

Weekly chart better shows the support off the $7.05 low and the strength of the aggressive buyers, who closed the price last week above the key LIS of $9.41.

Daily chart shows that the second downside target at the 1.618 fib level was hit, and provided support, at least in the short term. This created a bullish butterfly pattern. Friday's bulls soon found resistance off the .618 fib retracement level of the last move down from $12.71 area, where profit-taking took place. IF this is indeed a tradeable low, THEN look for a buy signal/pattern to enter long for a short term trade.