The indexes had one of the most volatile sessions in recent memory yesterday. The day began with a plunge that broke important support levels but, within an hour or two of the open, much of the damage had begun to be repaired. By day’s end, after several tests to the flat line, the indexes closed [...]
Friday’s session left support and resistance levels more or less unchanged for the indexes, even with the big move in the Nasdaq 100 after Google’s strong earnings results. Part of reason is that I had left levels wider apart than usual. During earnings season it is quite common for larger-than-normal index moves to be made [...]
January 13, 2011 – 9:34 am
The Russell 2000 and the S&P 500 both managed to edge resistance, with the S&P outperforming on the back of a very strong financial sector. The Russell and the S&P both get new resistance levels as as a result of the move higher. The Nasdaq 100 approached resistance but was unable to break out. In [...]
December 27, 2010 – 9:46 am
The last trading session before Christmas was another day of light volume that saw the indexes little-changed. This time the markets ended fractionally down as opposed to the many slight in recent weeks. Levels remain largely as they were Thursday morning. One exception is that support has moved up to the 10-day moving average for [...]
December 17, 2010 – 10:57 am
After a rocky start the markets managed to pull off a green day, finishing closer to the highs than to the lows. Index levels didn’t change much, however, with the exception of the Russell 2000. The Russell has flipped back to Wednesday morning’s levels in a 180-degree turn. What was resistance now becomes support. A [...]
December 6, 2010 – 9:20 am
The indexes were relatively flat on Friday with the exception of the Russell 2000, which made fresh year-to-date and multi-year highs. Traders are clearly expressing a preference for domestic small-company stocks as we head into yearend. How long that will remain the case is yet to be seen. The last remaining resistance levels for the [...]
November 30, 2010 – 3:35 pm
Due to strong demand, Robert Prechter’s Elliott Wave International (EWI) has extended the time you can get your FREE Moving Averages eBook until December 6! The 10-page eBook, How You Can Find High-Probability Trading Opportunities Using Moving Averages by EWI Senior Analyst Jeffrey Kennedy, has rapidly become one of their most popular trading resources with [...]
November 29, 2010 – 9:16 am
The markets took a haircut in an abbreviated post-holiday session on Friday, but there are no major changes to levels as indexes trade in a relatively wide band. The bulls have tried to rally the tape back but continue to run into resistance. Life has been no easier for the bears, as support continues to [...]
November 24, 2010 – 9:15 am
Yesterday’s sharp drop took out support for all of the indexes but did not touch last week’s lows. Support and resistance are updated for the Nasdaq 100, S&P 500, and Russell 2000 today. The key now a test of the 50-day moving average, a support proxy that is a make-or-break level for each index. A [...]
October 15, 2010 – 2:13 pm
Timeless Trading Lesson In the video below, EWI senior analyst and trading instructor Jeffrey Kennedy shows how the Wave Principle can help you identify a high-probability trade set up regardless of the direction of the larger trend. This timeless educational video was taken from Jeffrey’s renowned Trader’s Classroom series and is being re-released because of [...]
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