Today I look at some overbought conditions both on the RSI and MACD, and explain the significance in these embedded environments as we hit some extremely strong necktie resistances between two huge trendlines. While the 38.2% are very close, and people expect us to hit it, I believe the first push lower of either a [...]
First of all I want to go ahead and admit that I was wrong when I said that the market would go up early in the morning and then reverse in late trading to fall about 1-1.5%. That was my intuition but it obviously didn’t happen. The market continued to stay at very strong resistance [...]
Sep. 16, 2008. LONDON (Reuters) – Investors dumped equities and oil as the financial meltdown spread on Tuesday, a day after Lehman Brothers collapsed, driving the yen and government bonds higher and unleashing a panic rush to secure short-term cash. A day after Lehman filed for bankruptcy protection and Bank of America (BAC.N: Quote, Profile, [...]
Today my friend traders and I looked at a massive selloff which we have been calling for since we hit 87.50$ on the S&P or 876$ on the $SPX. The rally in the last few weeks had no consolidation and the volume dried up leading into that strong resistance, which provided a great shorting opportunity. [...]
Breakout or Fakeout? That is the question! Today we look at the SPY, XLF, SKF, C, $TNX, S&P charts and try to make some sense of the reversal and rally that we saw throughout the day. More importantly we keep our slightly bearish view, as we believe that there is not enough proof to support [...]
Hey guys, Today as we expected (and showed on the last video) we saw a continued upward consolidation to 38.2% retracement across all stock equities before the momentum turned around in late trading on friday. In addition to just hitting the fib retracement, this weekend is a three day weekend (due to memorial day on [...]
Today I looked at the incredible action that we got from the S&P. A 3% move higher is very strong price action, and even though it looked very unpredictable and the volume was incredibly low, it must be respected and the bulls might get the benefit of the doubt for tomorrows trade. There was some [...]
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The 1929 Stock Market Crash news footage
