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Stocks & Equities

More New Record Highs As S&P 500 Gets Closer To 2,600 Mark

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Posted by Paul Rejczak - Sunshine Profits

on Monday, 23 October 2017 06:52

Briefly:

Intraday trade: Our Friday's intraday trading outlook was neutral. It proved wrong because the S&P 500 index gained 0.5%, following higher opening of the trading session. The broad stock market accelerated its uptrend on Friday. There have been no confirmed negative signals so far. On the other hand, we still can see some short-term overbought conditions. Therefore, we prefer to be out of the market today, avoiding low risk/reward ratio trades.

Our intraday outlook is neutral today. Our short-term outlook is neutral, and our medium-term outlook is neutral:

Intraday outlook (next 24 hours): neutral
Short-term outlook (next 1-2 weeks): neutral
Medium-term outlook (next 1-3 months): neutral

The main U.S. stock market indexes gained between 0.4% and 0.7% on Friday, extending their long-term uptrend, as investors' sentiment remained very bullish following Thursday's rebound off support level. The S&P 500 index has reached new record high at the level of 2,575.44. The Dow Jones Industrial Average reached another all-time high at the level of 23,328.84. It accelerated its recent run-up, as investors were euphorically buying blue-chip stocks. The technology Nasdaq Composite was relatively weaker than the broad stock market. However, it reached new record high at the level of 6,640.03, around 0.1% above its Wednesday's high. The nearest important level of support of the S&P 500 index is now at around 2,565, marked by Friday's daily gap up of 2,562.36-2,567.56. The next support level remains at around 2,550, marked by previous level of resistance, among others. The next support level is at 2,540, marked by recent fluctuations. On the other hand, potential resistance level is at around 2,600. The S&P 500 index accelerated its uptrend, as it broke above recent consolidation. Will it continue even higher? There have been no confirmed negative signals so far. However, we can see some medium-term technical overbought conditions:

1

Close To New Record High



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Stocks & Equities

Todd Market Forecast: Keep Riding This Horse 'till it Gives Out

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Posted by Stephen Todd - Todd Market Forecast

on Friday, 20 October 2017 05:46

Todd Market Forecast for 3:00 Pacific Thursday October 19, 2017

DOW + 5 on 9 net advances

NASDAQ COMP - 19 on 419 net Declines

SHORT TERM TREND Bullish

INTERMEDIATE TERM Bullish

STOCKS: Some negative news from Europe and some downbeat earnings hit an overbought market and the result was a sharp decline at the opening with the Dow down 104 points.

However, like so many times before, the decline was soon halted and the remainder of the session saw buying come in. This market is like a ball being pushed under water. It keeps popping back up.

This is even more remarkable given the fact that this is October, the month of so many sharp drops in previous years.

Perhaps the memory of the sharpest one day drop in history exactly 30 years ago played a bit part in this drama in the very early going.

But our task is simple. We're going to keep riding this horse 'till if gives out. We'll stay with our positions.

GOLD: Gold was up $3. Just a small move without consequence. At least for now.

CHART: The S&P reversed and maintained its bullish posture. These kinds of reversals tend to be bullish more often than not.  

Screen Shot 2017-10-19 at 6.10.36 PM

BOTTOM LINE:  (Trading)



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Stocks & Equities

The SPX 500 Is Headed Over 3000

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Posted by Avi Gilburt - Elliottwavetrader.net

on Wednesday, 18 October 2017 06:40

full-hWc0xMq9Skx6yE2RZaAgTMany will simply read the headline to this article, and use it as support for their belief in the market striking a multi-year top right now. I mean, aren’t headlines like this proof that the market is overheated?

Well, the answer is a definite “sometimes.” You see, back in 2015 and 2016 I was writing articles with headlines saying that we are going to target the 2500SPX region. And, if you thought that those headlines were portending the end of the bull market, then you were clearly wrong. So, consider, maybe this headline is prescient rather than a contrarian signal.                double click larger chart

 While it is quite profitable at times to be a contrarian in the market, at other times it is downright dangerous. When you are standing in front of a bull who is charging ahead at full speed, you either get gored or trampled. The key is to know when the time is ripe to be a contrarian rather than simply being a contrarian because you “feel” the market is too high.



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Stocks & Equities

Stocks Entering Period of Seasonal Strength Today

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Posted by Jon Vialoux - Equity Clock

on Tuesday, 17 October 2017 06:53

**NEW** As part of the ongoing process to offer new and up-to-date information regarding seasonal and technical investing, we are adding a section to the daily reports that details the stocks that are entering their period of seasonal strength, based on average historical start dates.   Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.   As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.

Click for larger images:

ELY

Callaway Golf Co (NYSE:ELY) Seasonal Chart

Six Flags Entertainment Corp. (NYSE:SIX) Seasonal Chart

Six Flags Entertainment Corp. (NYSE:SIX) Seasonal Chart

MSG Networks Inc. (NYSE:MSGN) Seasonal Chart

MSG Networks Inc. (NYSE:MSGN) Seasonal Chart



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Stocks & Equities

Stock Market crashes; the greater the Deviation, the better the Opportunity

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Posted by Sol Palha - Tactical Investor

on Monday, 16 October 2017 06:22

Ability is a poor man's wealth.

  1. Wren

The reaction when the market starts to correct is the same; run for the hills, the world is ending or some variation of that theme. However, if you spend a little time on looking at the history of the markets; one thing becomes clear. Those that panic gets hammered and those that remain calm walk away with the spoils.

 One way to visually see the “deviation factor” is through the use of standard deviation bands. Many software programs on the market will automatically fill in the Standard Deviation (SD) bands; Ideally, the setting should be set at 3SD from the norm, but settings of 2SD will suffice if you are unable to alter the settings manually. When the markets touch these ranges, and the trend is up, then backing up the truck is the thing to do.

1980ChartofDow



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