Thread: tsptalk's Market Talk

Who knows where this will end today, but so far the SPY filled a gap and rebounded. But it is back below the 50-day EMA.

The space between Monday's close and today's high (currently about 244.50 and 244.10) can be considered an open gap, although not everyone views those as gaps and they aren't as apparent on the chart.

Small caps are trying to break the downtrend, but 50 EMA still in the way...




Transports testing resistance too, although peaking above the 50 EMA. Tough one here , but you never know before a holiday. They can be pushed around pretty easily.

Depending on where you draw your crayon lines, this Nasdaq 100 looks like it really wants to (or has already) breakout of the bull flag....

Originally Posted by tsptalk

Small caps are trying to break the downtrend, but 50 EMA still in the way...




Transports testing resistance too, although peaking above the 50 EMA. Tough one here , but you never know before a holiday. They can be pushed around pretty easily.

Nice to see DWCPF move up above the 50 day and transports cracking above resistance. Hopefully, the advance will hold through the close and we get a nice wave up before the weekend holiday.

Nasdaq 100 (aka QQQ) just a few points from a new all time high. What a difference a week makes.

Originally Posted by tsptalk

Nasdaq 100 (aka QQQ) just a few points from a new all time high. What a difference a week makes.

So what would this three day pattern be called? It is not technically a three white soldiers pattern since the opening price (for each of the last two days) was not within the previous day's candlestick.

I don't know candlestick patterns in that way. I just see a breakout from a bull flag but I'm also concerned about this being a pre-holiday trading week on light volume.

Normally a bull flag's upside target is the length of the pole so in this case we'd be talking about 6275 - 6300 before it's over, but that's if this is "normal" action. The jobs report tomorrow will make things interesting.

Well, here's the post holiday reversal we've been talking about in our daily commentary.

The Nasdaq 100 (QQQ) had a tiny open gap that got filled this morning, but more importantly it is testing the top of its big bull flag today. So far not terrible technical action but the top of the flag or the 20-day EMA really need to hold.

Looks like more than post holiday reversal to me. I think it's the NK fear more than profit taking at work here.

Originally Posted by tsptalk

The Nasdaq 100 (QQQ) had a tiny open gap that got filled this morning, but more importantly it is testing the top of its big bull flag today. So far not terrible technical action but the top of the flag or the 20-day EMA really need to hold.

Interesting little drop and a pop in the Corp. high yield bond fund today. That double top gave us a pullback, but was that it?