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Charts Traders Are Watching
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THIS WEEK'S CHARTS |
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Friday, November 20, 2009
Two Weak Sectors
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The Philadelphia oil services and semiconductor indices were two of the weakest on Thursday, both down almost 3.5%. The A/D numbers were almost 4:1 negative, which as we discussed in this recent trading lesson, is not encouraging. Both sectors show well-defined chart support that needs to hold on any further decline.
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Thursday, November 19, 2009
Volume Declining in Emerging Markets
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The emerging markets ETF (EEM) made new highs on Monday as the major 61.8% resistance was reached. Volume on the rally has not been impressive, and while the weekly OBV is positive, the daily did not confirm this week’s highs. If daily OBV support is broken, it would signal a correction in the intermediate uptrend.
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Wednesday, November 18, 2009
Crude Close to Breaking Out
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January crude oil remains it its flag formation despite the sharp drop
last week that took the OBV below its support. The weekly OBV made new highs in
October and continues to favor an upside breakout. January crude (as of
noon) is trading above its downtrend, currently at $80.50, therefore, today's
close could be important.
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Wednesday, November 18, 2009
Materials Still Lead
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With the market averages at new highs, it is important to see what sectors
are leading and lagging. The materials sector ETF (XLB) has broken out to the upside with targets at $33.
The energy (XLE) and financial sector (XLF) ETFs are still lagging, though XLE shows a series of
higher highs and higher lows. A breakout in crude oil could push XLE to new
highs.
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Tuesday, November 17, 2009
S&P 500 Clears 1100
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Stocks closed with nice gains on Monday and the short-term momentum studies have broken out to the upside, consistent with further gains. The market internals were strong as the number of new highs did confirm prices (see today's Tips for Traders feature for more), but the A/D lines on both the NYSE and NASDAQ have not yet confirmed the price action with key support now at the November lows.
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CHARTS TO
WATCH
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Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com Video Network. He was originally trained as a biochemist but began using his computer expertise to analyze the financial markets in the early 1980s. Mr. Aspray has written widely on technical analysis and has given over 60 presentations around the world. Many of the technical indicators that Mr. Aspray wrote about in the 1980s, such as the MACD, have since gained worldwide acceptance.
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