Michelle B submits:
On Tuesday, April 24, approaching 2 PM, the time of the day that I regard as the Period Of Treachery—fondly referred to as POT—I noted MNST screaming red on the low ticker. I checked to see if there was news to explain the decline, and there was none. I quickly [...]

You won’t see many better looking morning star patterns than this:

Tags: Bullish_Candlesticks, Japanese Candlestick Charts, Morning_Star

Yesterday’s action has everybody screaming ‘bottom’. As many of you know, I’m always looking for the day that feels like death all through the morning and has a furious rally late in the day as a mark of a believable bottom. Well that exactly what we got yesterday. In addition, the lows [...]

Just like on Monday, there were a ton of bullish candlestick patterns made yesterday. This time there were a lot of harami and bullish engulfing patterns, and even a few morning stars. Yet, the prevailing trend on the vast majority of those stocks is still down. So I think it’s still wise [...]

We certainly had some interesting action yesterday. The S&P 500 bounced just a couple of points above its 200 day moving average, while the Dow sliced through its 200 DMA (currently at 10,006) and the 10,000 level. It gave a good effort to bounce back above both levels but didn’t quite make it. [...]

There’s a confluence of bullish indicators on the NASDAQ.

I think the market did a good job of hanging in there given the mood at the end of last week, and the reaction to the GDP report on Friday. For the second day in a row there was a plethora of bullish candlestick patterns made. This time they were mainly hammers, harami, [...]

Yesterday’s drop and snap-back rally created hammers all over the place. I have a long list (too long) of buy candidates based on that fact. Like yesterday, I’ll be surprised if many of them actually trigger because the GDP report seems to have sucked the early morning enthusiasm out of the bulls. [...]

We’ve now had 3 days of thrashing around the 50-day moving averages on the indices. I’m getting a sense of déjà vue because this is exactly what happened at the end of September. The S&P chart shows this action well:

You can see how deeply oversold we are by the stochastic reading. Unless [...]

Last night when I mentioned looking for a bounce around the 50-day moving averages I had no idea we’d get there this quick. It’s clear that technical traders went to work today, once again buying at that popular moving average. This is the third time since late September that the indices have found [...]