S&P 500 Composite Closing Price Fell Below 7-Week Lows by Robert W. Colby

Summary: S&P 500 Composite (SPX, 1,047.22) closing price fell below 7-week lows. Energy stock sector Relative Strength Ratio (XLE/SPY) has been bearish since peaking on 7/1/08 and fell below 8-week lows on 8/26/10. Financial stock sector Relative Strength Ratio (XLF/SPY) fell to a new 9-month…

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Last week was exciting as investments rocketed higher or tank… We saw Gold and the US Dollar pop while oil and equities dropped sharply with heavy volume.

Just to recap, Wednesday the market went into free-fall mode sending traders and investors running for the door. This was obvious from looking at the large percent drop coupled with heavy selling. That day the NYSE showed panic selling with 37 shares sold for every 1 share purchased meaning pure panic. In my Wednesday night report “How to Take Advantage of Panic Selling for SP500 and Gold ” I explained how to read these extreme market conditions and what to expect the following sessions.

Currently the price of gold, oil, spx are trading somewhat at the opposite extremes seen last week. Below are a few charts explaining the situations:

GLD – Gold ETF Trading Signals

This 60 minute chart shows gold getting hit hard on Wednesday morning. Investors and traders around the globe were closing out positions and moving to cash. This high volume dumping of positions pulled virtually all investments lower and was the first tip-off that the market was in panic mode.

One the dust settled and investor’s regrouped we saw money surge back into gold creating a nice pop the following day. Problem I see is that gold is now trading at a key resistance level when reviewing the daily chart. And if you take a look at the 60 minute chart below you can see the price of gold sold down in the morning on August 13th and drifted up into the close on Friday forming a bearish wedge. Also there was some very strong selling just before the market closed which is also a concern.

USO – Oil Traded Fund

Both times oil has fallen we have seen the price pierce key support levels where the bulls would have the majority of their stops placed. The intraday pierce causes the stops to be triggered washing the market of long positions while the smart money loads up accumulating everyone’s sell orders . This is something which happens with virtually every type of investment and the main reason traders get shaken out just before the market goes in their direction. Anyways, running of the stops is something I will cover in a future report.

Looking at the chart below you can see oil trading at trendline support. Each time the key support levels (blue arrows) have been pierced the market has rocketed higher. Just from looking at the chart from August 9th forward you can see that this move down is overextended and visually looks ready for a pause or bounce in the coming days.

*Trading Tidbit - When trading trendlines it is important to try and play the third test. Reason being is that the first two pullbacks create the trendline and the third test is when active traders generally jump on board causing a sizable bounce. Each test of a trendline it becomes weaker and the probability of a breakdown is more likely.*

SPY – SP500 ETF Trading Fund

The SP500 chart shows last week’s breakdown on the 5th test of the trendline. The market is oversold here and ready for a bounce which I hope we get this week. My concern is that the downward momentum is to strong and a bounce will be negated.

US Dollar Index

US dollar put in a huge bounce last week after testing is 61.8% Fib retracement level from the 2009 December low. The strong bounce has pushed the dollar up to a key resistance level which happens to be 38.2% Fib retracement level from both the December up trend and the recent sell off. I figure this will hold the dollar down for a few days easing the pressure on oil and equities.

Weekend Gold, Oil, SPX and Dollar Trading Conclusion:

In short, I feel there will be a relief bounce in oil and equities while the dollar and gold will have some profit taking and trade sideways or down at the beginning of the week. After that it looks as though stocks and oil will head lower while the dollar and gold rally.

If you would like to receive my Trading Analysis and Signals Complete with Entry, Targets and Protective Stops please visit my website at: www.TheGoldAndOilGuy.com

Chris Vermeulen

- About the Author: Chris Vermeulen is Founder of the popular trading site http://www.thegoldandoilguy.com. There he shares his highly successful, low-risk trading method. Since 2001 Chris has been a leader in teaching others to skillfully trade in gold, oil, and silver in both bull and bear markets. Subscribers to his service depend on Chris’ uniquely consistent investment opportunities that carry exceptionally low risk and high return. Reach Chris at: Chris[at]theGoildAndOilGuy[dot]com Article Source

Trend trading the e-mini S&P futures is easy once someone, like me, shows you how.  First we start off getting free live charts from your broker, then we check out the time delayed charts available for free like BIG CHARTS.  Switching off between these two charts will allow you to see a trend developing that you can latch onto and grab more than the usual 1-2 points most traders try to attempt getting with day trading.  Learn to trend trade the day trade!   

Remember , markets make their moves near the hour and on the half hour.  So check both the live and time delayed charts about 10am – 11am for starters,  And track constantly until you have a trend brewing that you can see and follow for a trade.  Grab 4-6 points with a 7 point stop from your entry – long or short.  Always use a stop to protect you and protect your trading monies.   

Paper trade first with your live charts and your delayed charts.  Once you get good you can start trading with real money 1 contract at a time to begin, then move to two contracts and stagger one at two points and one at four points to get six points in the space of 4 points.  After you get good, you can trade for other people and make $1,000′s a day legally trading for other people after you register with one of the regulatory authorities governing futures for FREE.   

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NIFTY OPTION JACKPOT SERVICES This package is Designed for Option traders who trade in Nifty Option Calls/Puts on intraday basis. Nifty option tips are provided to traders for trading in nifty options call & Puts in intraday basis. Highlights of Package Daily 20-60% Returns or monthly 500-600% returns Daily 1-2 Option Jackpot Tips will be provided Accuracy is maintained Above 90%. Each call is given with one Target and One Stop Loss Calls are provided by way of SMS with ultra high Servers Minimum Capital Required – Rs 20,000 Only Entry ,Exit and Follow up messages are given Pattern Of Tips NIFTY BUY NIFTY 5100 CE AT C.M.P 40 TGT 53 SL 34

- About the Author: NIFTY OPTION JACKPOT SERVICES This package is Designed for Option traders who trade in Nifty Option Calls/Puts on intraday basis. Nifty option tips are provided to traders for trading in nifty options call & Puts in intraday basis. Highlights of Package Daily 20-60% Returns or monthly 500-600% returns Daily 1-2 Option Jackpot Tips will be provided Accuracy is maintained Above 90%. Each call is given with one Target and One Stop Loss Calls are provided by way of SMS with ultra high Servers Minimum Capital Required – Rs 20,000 Only Entry ,Exit and Follow up messages are given Pattern Of Tips NIFTY BUY NIFTY 5100 CE AT C.M.P 40 TGT 53 SL 34   Article Source

Overnight Developments

• European stocks are trading mildly lower with the European Stoxx 50 down -0.28%. Sep S&Ps are down 4.80 points (-0.44%). S&Ps are on edge ahead of this morning’s Q2 GDP report (expected +2.6%). There is also some caution ahead of Sunday’s expected release of China’s purchasing managers index due to talk of a sharply weaker figure. The market consensus is for a moderate 0.7 point decline to 51.4 from 52.1 in June. The Eurozone July CPI rose to a 20-month high of +1.7% y/y from +1.4% y/y in June, which was in line with market expectations. However, the core CPI rose to only +0.9% y/y from +0.8% y/y in June. Meanwhile, the Eurozone June unmeployment rate remained at 10%, the highest level in almost 12 years. The IMF said today that US banks may need as much as $76 billion more in capital. A senior executive from Moody’s said that Spain, already on review for a possible downgrade, will probably lose its Aaa rating. Spain has already lost its triple-A ra ting from S&P and Fitch. The Moody’s executive also said that the U.S. needs a "clear plan" for tackling its deficit.
• The Asian markets today closed lower across the board: Japan -1.64%, Hong Kong -0.30%, China -0.32%, Taiwan -0.49%, Australia -0.68%, Singapore -0.33%, South Korea -0.83%, Bombay -0.69%. Asian markets were undercut by the report that Japan’s June unemployment rate rose to a 7-month high of 5.3%, which was higher than the consensus of 5.2%. In addition, Japan’s factory output fell 1.5% m/m versus the consensus for a +0.2% rise.

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News plays an important role in stock market as we all know.So for trading stocks/options, you should always be aware of the latest news regarding the stock that you are going to buy or sell.

Here i put forward a very helpful site which enables you to take the most winning decision about which stock or option is truly sound and fruitful to buy or sell.This site gathers each and every information available for a stock having earnings release,from across Twitter and Google.

A short explanation of the site:-

It shows Tweets from Twitter and News from Google separately along with chart, for each stocks.

In the Earnings Release section on the right hand side,you can see:

All the stocks which have earnings anouncements for today. Stocks whose earnings reports were already released yesterday. Stocks which have scheduled their earnings release tomorrow.

You also have the option to see the stocks having earnings BEFORE, DURING and AFTER market hours.

By clicking on a particular stock in the Earnings Release section, you will get all the information about that stock. For example, if you click AAPL, you can see:

Apple Tweets – which gathers all the latest news concerning the stock AAPL, from Twitter which is on the left hand side. Chart – which shows the quotes for that stock on top right side. AAPL news – which filters all news updates concerning AAPL from Google.

So altogether this is an excellent perfect site for those who are keenly interested in stocks.

I would recommend this site which is designed for enthusiastic traders.

Why dont u have a look on www.earningsbuzz.com?

???

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Stock Indications Suggest Minor Downtrend for Short-Term by Robert W. Colby

Summary: stock indications suggest a minor downtrend for the short-term, at least, but damages may prove to be limited. S&P 500 Composite (SPX) fell below 5-day lows on 7/16/10, indicating a minor downtrend for the short-tem, at least. SPX fell below its 50-day SMA, remains below its 200-day … Day Trader: Click here to read the full commentary …More »

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