4:05pm
SPY 60m: Inverse head and shoulders forming?

220 Comments

3:54pm
ES 10m: Still trading above the 61.8% retracement at $895.

3:02pm
Regarding Elliot Wave, it is still not clear whether which wave structure is playing out. Always important to keep an open mind.

Wave 1 down of wave 5 of 3(3)

I favor this scenario because this selloff feels impulsive, not corrective

Wave b down of 3(4)

Wave b retraced nearly [...]

180 Comments

Here is the Meredith Whitney interview on CNBC earlier today.

4:05pm
ES 60m: Has retraced 33% of its bounce off the $825 low.

180 Comments

Possible Wave Count
SPX 60m: Credit on this one goes to Kenny from his public chart list. Scroll down to the bottom to view his chart and supporting analysis.

* There are several possible wave counts right now from different technicians, so be careful putting too much stake in any one count.

11 Comments

Check out the Intraday Commentary Guide for answers to frequently asked questions and general tips and guidelines on how to use this daily forum.
Strong market today, closing near session highs. SPX finished higher by more than 4% to 1005.69. Again, the volume was light, but price action trumps volume.

217 Comments

StockTock.com discusses the various scenarios that could play out in the S&P. I remain very cautious in the short-term. The market has not violated the triangle pattern and I am very suspicious of claims that 3(3) is over. The VIX pulled back into support. XLF, GS, C, DB, and IYR all look weak. The light volume lately does not support the bull case. It looks more like the calm before the storm than smart money getting in. Also, I am surprised how quickly market sentiment has shifted to the bull camp. When everyone on TV is telling you to buy, it’s usually time to sell.

13 Comments

7:40pm
FT reports that a Goldman Sachs Hedge Fund with assets under management of more than $6B lost close to $1B by September. The fund, called Goldman Sachs Investment Partners, was launched in January. The losses at the fund were driven by investments in commodities and convertible bonds.

11 Comments

Here is a 30-minute chart of the S&P E-Mini Futures (ES) contract. Notice that the market has traded in an ascending channel over the past four trading days. There is also a descending resistance trendline that has developed over the past two trading days. Together, the support and resistance levels produce a tightening triangle. We [...]

13 Comments

Stay tuned for today’s analysis.
4:00pm
ES Daily: Market ends near the flat line on extremely light volume ahead of Election Day tomorrow.

137 Comments

Monday, November 03, 2008
3:45am Fed’s Lacker speaks on monetary policy in Israel.
8:30am Earnings Before the Open: ASF, AYE, ALVR, AMT, ATN, BLC, BRNC, CCRN, DVA, FRP, GWR, GEO, GT, GBE, HWCC, ICON, KEI, MMP, MNKD, MXGL, MCY, MFA, MNTA, MFLX, NTE, NSTC, GAS, OSK, PEI, PMI, PRA, RDWR, COL, SRP, SPG, SSYS, SUP, SYY.
10:00am Oct [...]

2 Comments