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Getting Better At Waiting Game

For the past few days, U.S. stock market has been shrugging off bad or lackluster economic news and marches right along. Thursday, June 2nd was no different. On Wednesday, S&P 500 futures first tanked and then recovered. It was a repeat performance on Thursday. Despite the fact that the big Kahuna of economic report is…

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Market Diary – Thursday, June 2, 2016

10:15 AM: Futures Fell Off The Bed At Open Futures were drifting down before the 9:30 AM NYSE open. They tried to hold the fort for 15-minutes before giving up and plunging to 2086.75, near support by 9:50 AM. Since then, futures are trying to bounce but the prior broken support of 2091.25 is acting…

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Was This A ‘Meh’ Day Or Something Else?

Market was almost unchanged on Wednesday June 1, 2016. Dow Jones Industrial Averages gained +2.47 or +0.01% and S&P 500 added +2.37 or +0.11%. Going by just the end-of-day figure it would seem that it was a lackluster day. But if you dig deeper then you would see a different picture. The picture at the morning…

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NASDAQ In The Front

Major U.S. indices turned around for the year in February. They formed the high for 2016 in April and then retraced. On May 19th, the market made a one-day bullish reversal candlestick and has been on an uptick since then. So let’s take a look how the major indices are doing compared to each other. The relative strength…

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Market Diary – Wednesday, June 1, 2016

1:45 PM: Beige Book Release Fed’s Beige Book will be released at 2:00 PM. It is creating some uncertainty. The futures broke above the cup-with-handle pattern at 1:00 PM but they are now back in that range just before the release time of Beige Book. Intraday support is at 2090.50 and a break below that may…

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A Holding Pattern

Historically, the day after Memorial Day has been good for Dow Jones Industrial Averages. It was up 21 out of last 29 years. Now make that out of 30 years. After a big week it was expected for the market to take a breather, though the bias was still to the upside. Market chose to…

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Market Diary – Tuesday, May 31, 2016

Directional Bias For The Day: Odds are good for the market to follow through after last week’s big gain and Friday’s late breakout above an ascending triangle Europe may be a drag based upon the economic reports, its stock markets’ performance for the week and because of the uncertainty before the ECB’s rate-decision on Thursday Watch the opening range…

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Happy Days Are Here Again!

For most of this week we have been highlighting various bullish patterns emerging in S&P 500 on different timeframes. So far, breakouts from most of these patterns have confirmed their initial bullish intent. After Monday May 23, 2016, we commented on the emerging bullish flag on the daily charts. That day, the market was mostly range bound but still, many…

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Market Diary – Friday, May 27, 2016

Directional Bias For The Day: Odds are high for the market to stay in a trading range A breakout to the upside is possible if futures break above 2094.00 (S&P futures) A break down is less likely but if futures drop below 2084.00 then all bets are off Watch the opening range and first hour of trading for clues Preliminary…