Staying in touch with current events and market action is important for trading success. This blog contains topics of interest that relate to individual stocks, market indices, market sectors/industries, and ETFs.
On Thursday, the market set up a classic intraday bear trap. After opening below Wednesday's low, price reversed and closed above Wednesday's high. Today's range was wide (yesterday's Nasdaq range was 22 points, while today's range was 70 points)… On Wednesday, the market made a higher daily high, but the day closed in the midrange for the day. After 5 consecutive up days (Nasdaq), today was time for the market to take a breather, moving sideways in a narrow range. The Nasdaq closed up +10… Today, new Fed Chair Janet Yellen spoke before congress and her tone was apparently reassuring to the market. She indicated that interest rates would continue to remain low and that the bond buying program would be decreased in measured steps… Monday started slowly as the market traded sideways for most of the day and closed slightly up on lower volume than Friday. The S&P 500 gained just +2 points (+0.16%), but the Nasdaq Composite rose +22 points (+0.54%). The Dow finished the day… Last week started out with a big market decline (Monday) as price broke below a 5-day range pattern that formed near the 50 EMA. But after a sideways Tuesday and Wednesday, the market ended the last two days with fairly strong up moves that erased…ProTrend ProFiles
Market Opens Lower and Closes Higher
Market Takes a Breather After 5 Up Days
Correction Ends on Volume-driven Market Advance
Market Could Be Setting Up a Bull Trap
Market Faces Test at the 50 EMA
Historically, August is one of the 4 worst performing months for the S&P 500 (source: Stock Trader's Almanac). This year, the S&P's performance in August fit the history, falling -2.8% during a market correction. The large, blue arrow represents the month of August....keep reading