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55General Market Trends: Testing Support
Hesitation Beneath the Void: last week’s hesitation gave birth to this week’s pullback. Markets do not continually move in one direction. Even in trending markets, it is common to see a series of days move against the trend. These counter-trend moves are considered both normal and healthy in a trending market. A trend reversal happens when one of these counter-trend tests of support or resistance fails.
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62Changing Direction: NASDAQ 100 Micro-Trend Upswing on Weekly Charts
Monday’s open gave us a wide downward gap in the NASDAQ 100 from last Friday’s pullback. Not what investors wanted to see. Tuesday, NASDAQ attempted to rally back, but...
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57The Little Pull Back That Could
Remarkable! Not since late 1999, prior to the Internet Bubble bursting, has the Nasdaq Composite Index seen a Bull Run like the one currently underway. The eight consecutive week run was finally given pause this week as the Nasdaq Composite slowed momentarily to catch its breath.
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54Market Action Keeps Traders Glued to Their Computers All Week
The Major market indexes continue to consolidate. Friday ended the week with a bullish, wide-range candlestick bar. This sets up a re-test of a recent high from earlier in this multi-week consolidation.
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65SIX Week Stock Market Rally! Time for a Pullback?
After a six-week rally, is the stock market headed for a fall? For six weeks, each of the four major indexes tracked in my GMT indicator have closed higher than the week before. Historically, on a weekly chart, an upward move lasts three-to-five weeks before a pullback. This is more typical of an up trend. Specific to the NASDAQ 100 weekly chart, the prior run up that lasted six weeks occurred in the second quarter of 2005 – almost four years ago.
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63The Bonus Factories: AIG, Valero Energy Corp, and Wal-Mart
Bonuses come in different flavors. The most common is likely the performance bonus. Other types include hiring, retention, or signing bonuses. Typically, a bonus is paid as an incentive. Merriam-Webster...
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61Market Trends: Happy is as Happy Does
Does the overall market queue off the NASDAQ? That’s the question of the week. This week’s price action gave us penetration of overhead resistance in all indexes; however, one index stood out – the NASDAQ Composite. The NASDAQ continues to lead the run into higher ground, finishing the week registering an uptrend across the board on the daily charts. The Long-term Trend for the NASDAQ daily has now turned green.
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71General Market Trends: Rally On, Dude!
April 2009 was the best month that Wall Street has seen in nine years. The Standard & Poor’s 500 index increased by 9.39%, it’s best performance since March of 2000 – the Internet bubble era. The Dow-30 index rose by 7.35%, and the Nasdaq-100 chiseled out a 12.72% gain.
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67Interpreting Market Trends with GMT
Over the last several weeks, the stock market has enjoyed a rally. Many people are anxious for a bottom in the recent bear market. Hopeful traders are thinking this rally may be the favorable reversal...
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62S&P-500: Walking a Tightrope as it Consolidates
The run-up from the March lows has been truly amazing – a fast-paced, steep run. Now, after a nine-week sprint, the major markets have taken several weeks off their breakneck pace for a well-deserved breather. Steep trends are typically more difficult to sustain. The S&P-500 has taken some time to pause and consolidate, having moved laterally for the last four weeks.
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