Monthly Archives: January 2017

SP 500 Cash Index Cycle Location

On the day of inauguration, the SP 500 index gapped higher at open. But it failed to exceed 15-minute open range.  The intraday high was made at open.  Open range high is statistically significant.  It means the market had good reaction to good news (inauguration), but there was no follow through.  Simply there weren’t continuous buyers

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Short GDX Against Resistance

GDX spent nine trading days and it can’t get over 23.63 resistance.  Yesterday (Wednesday Jan 18) we thought it could possibly overcome 23.63 to produce a cycle inversion, which would lead to the beginning of a new cycle.  But it didn’t happen.  We are selling GDX short at open.  Stop loss 23.63. Stay tuned.  Our short order was filled

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AMD in Bottom Timing Band

AMD has been in selloff mode since the high at 12.42 made on 12/28/2016.  It has been 13 trading days since the top.  It traveled from 12.42 to 9.42, about 24% decrease.  Today’s drastic rally from 9.42 indicates strong support from this level.  9.42 is between 38-50% retracement of the weekly cycle.  It is in an ideal location for a band

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Short Trade $BAC 2nd Update

At 11:58am today, we posted a chart stating the intraday bounce to the 38% retracement was likely over if the price was able to violate 22.17 on the downside.  It stopped right at 22.18 and turned around to take out the previous high @22.58.  It closed at 22.63.  The action from 22.18 low to 22.63 was commendable on the bull side.  The strength of the rally was impressive.

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$BAC Intraday Bounce is Over

BAC bounced to 22.58 to meet resistance at R1 and 38% retracement of the swing from 23.41-22.01.  It breached daily pivot range high at 22.40, but was unable to breach 3-day rolling pivot range high at 22.71.  Once it violates 22.17 to the downside, it will resume selloff to test 21.77.  If it can’t take out 21.77, it just means BAC is taking a break on the downside.

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