Briefly at record high 5-2-13

Market Sentiment

The market flew from the start, reached record high at 1598 briefly, before closing at 1597.

Trading

Yesterday i talked about a double top, today is almost like a triple top. I strongly believe if we can break above 1610, we are heading up for a lot more. 1600 is a resistance point, but 1610 markets the trend line and a break above that trend line moves up to a even more bullish market.

The trend is bullish as always and no negative news seem to be affecting it.

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 59.09 over the last 20 trading periods – Neutral
  3. Volume below 50 day MA – Bullish volume, noticeably less volume today than yesterday, on mirroring movements
  4. MACD histogram of 1.692 – Bull trend
  5. MACD is above the MACD signal line with negative slope – Bull trend, possibly reversal
  6. Trading above 1580, 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

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Double top 5-1-13

Sorry missed yesterday’s review, but yesterday was a bullish day and closed at 1597.

Market Sentiment

The market fell from the start and closed at 1582.

Trading 

Trading range for this week 1530-1600

Today showed a double top pattern a t 1597 and it is a very bearish pattern. It would be wise to sell now and look to buyback lower, possibly at the 1540 range. We also see investors shook off, a what could be possible, good fed minute report saying bond buying and rates will stay the same. The overall earnings this season had been lackluster to say the least, with decreasing revenues on all industries.

The trend is still bullish, but a reversal is likely happening, if not begun already.

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 55.83 over the last 20 trading periods – Neutral
  3. Volume at 50 day MA – Bearish volume
  4. MACD histogram of 1.328 – Bull trend, possibly on the way down
  5. MACD is above the MACD signal line with negative slope – Bull trend, possibly reversal
  6. Trading above 1580, 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

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Record high levels 4-29-13

Market Sentiment

The market rose from the start, struggled a bit at the end, but is still at record high levels of 1593.

Trading

Trading range for this week 1530-1600

At these levels, almost everyone think that there’ll be a correction soon. I also believe that there would be a correction soon. But with this market, it wont surprised me if we break the 1600 resistance point.

The trend is as bullish as imaginable. Just remember May is coming…

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 59.56 over the last 20 trading periods – Neutral
  3. Volume way below 50 day MA – Bullish volume, weak momentum today
  4. MACD histogram of 1.371 – Bull trend
  5. MACD is above the MACD signal line with positive slope – Bull trend
  6. Trading above 1580, 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

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Wasted day 4-26-13

Market Sentiment

The market sank at the start but slowly recovered to close at 1582, not moving much from yesterday.

Trading

Trading range for next week: 1530-1600

I am quite surprise that the market didnt tank considering the bad GDP data. At this point, we are 2 trading sessions away from May, i do suggest longs to sell majority of their position. One: May a historically bad month, two: we are at 52 week high, three: the market should be headed for a correction soon. However, technical indicators say otherwise. The trend is still bullish.

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 57.09 over the last 20 trading periods – Neutral
  3. Volume at 50 day MA – Bearish volume
  4. MACD histogram of 0.493 – Bull trend, starting of a Bull trend which is a good entry position
  5. MACD is above the MACD signal line with positive slope – Bull trend
  6. Trading above 1580, 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

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Small climb 4-25-13

Market Sentiment

The market climbed up early until given up gains near the end, but still ended up at 1585.

Trading

Trading range for this week: 1530-1600

The market did set up for a double top today at 1590 and everyone should be cautious. The head and shoulder pattern is out of the picture now, so that is one thing less to worry about. With all that said, all the technical indicator is pointing at a bullish trend. Could this be a head fake heading into May, the worst month for stocks historically? Only time will tell.

The trend is still bullish.

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 57.95 over the last 20 trading periods – Neutral
  3. Volume above 50 day MA – Bullish volume
  4. MACD histogram of 0.111 – Bull trend
  5. MACD is above the MACD signal line with positive slope – Bull trend
  6. Trading above 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

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Technical Setup 4-24-13

Market Sentiment

Market struggled to find direction all day closing at 1578.

Trading

Trading range for this week 1530-1600

Today was basically a lost day as nothing really moved since the bull and the bear fought all day. One technical aspect is today does set up for a possible head and shoulder or evening star pattern, which is very bearish. Of course this will depend on how tomorrow pans out. If tomorrow close below 1560, sell right away.

The trend is still bullish but be cautious. One very uncommon thing is the RSI did not move at all from yesterday.

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 56.59 over the last 20 trading periods – Neutral
  3. Volume above 50 day MA – Bullish volume
  4. MACD histogram of -0.904 – Bear trend, possible reversing into a Bull trend
  5. MACD is below the MACD signal line with positive slope – Bear trend, possible reversing to Bull trend with positive slope
  6. Trading above 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

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Rebound continues 4-23-13

Market Sentiment

Overall an up day other than a 5 minute flash crash caused by a hacker hacking AP new’s twitter account. The market closed at 1578.

Trading

Trading range for this week 1530-1600

The double top of 1590 is nearing and longs should be cautious, selling partial positions on strength like today. More economic data have been coming in that is not too good and earnings have overall been not too surprising. This rally could end fast and soon. But right now, we are still in a strong bull market after 3 consecutive up days on decent volume.

The trend is still bullish.

Technicals

  1. Trading in between the 20 day MA bollinger bands – Neutral
  2. Rsi of 56.59 over the last 20 trading periods – Neutral
  3. Volume above 50 day MA – Bullish volume
  4. MACD histogram of -1.894 – Bear trend, possible reversing into a Bull trend
  5. MACD is below the MACD signal line with positive slope – Bear trend, possible reversing to Bull trend with positive slope
  6. Trading above 1550, 1530 – Bull trend

Trade Wisely

The purpose of this blog is for entertainment purposes only. All posts are of personal opinion and are NOT trading advice, recommendations, or solicitations to buy or sell securities.

Posted in Market Review | Leave a comment