The number of new single-family homes sold in April surprised to the upside. The equity market was already on an upswing but this piece of good propelled it even more. The trend of the annualized new home sales data is showing an up-trend. The year-over-year change healthy. This bodes well for the economy in general and home…
Directional Bias For The Day: To the upside 10:00 AM – S&P Futures Breakout of a Bullish Flag On 6-minute time frame, eMini broke out of a down-sloping bullish flag at the NYSE open. The flag pole started to form at 3:00 AM NY time. The low was at 2041.25. The high of 2058.00 was reached…
Monday, May 23rd 106, was a range bound day for the U.S. equity market. S&P 500 fluctuated between a high of 2055.58 and a low of 2049.06 before breaking down in the last half-hour of NYSE trading to drop to 2047.26. In the process a symmetrical triangle was formed on 30-minute time frame. This shows an…
S&P 500 has been on a roller coaster ride since November 2015. First it meandered along for a while to close the year. Then it dropped like a rock to start 2016. Then, it staged a turnaround to recover the lost ground before getting into some headwinds. But, now it is forming a bullish flag(i). The October 2014…
Last week the minutes of FOMC’s April meetings were released. For some time, the market was anticipating that the Fed will keep the option to hike rates in June open. Hence the dollar had been gradually rising along with the volatility in the equity market for the last few days. The initial reaction of the market after…
The minutes of FOMC’s April Meeting were released on Wed, May 18th, 2016 and they rattled the market. On Friday, May 13, 2016 the S&P 500 futures made a low 2038.50, just above the May 6th low of 2030.50. Between May 6th and May 13th, the futures had rallied to 2079.75 on May 10th, just…
The doyen of Technical Analysis, Robert W. Schabacker, in his ground-breaking book, “Technical Analysis and Stock Market Profits“, described symmetrical triangles as such, In its basic form, which we will take up first, it has the appearance of an equilateral triangle lying on its right side, with its base a perpendicular line at the left…
Time is a master worker that heals the wounds of temporary defeat and equalizes the inequalities and rights the wrongs of the world. There is nothing “Impossible” with time. – Napoleon Hill (The Law of Success)
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