Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Gappy New Year!

Stock-Markets / Stock Markets 2014 Jan 01, 2015 - 12:55 PM GMT

By: Gary_Tanashian

Stock-Markets

It looked like a few rats tried to jump ship as the bell rang on 2014.  But it is hard to trust any one day or week as a guide during the holidays so we can just call it what it was, a down week within a general US market uptrend.

The strong uptrend however, is on the longer-term charts.  Some dailies are in down trends kicked off by the pre-Santa correction (ref. the NDX below and the NYSE, as two examples).  As we noted in NFTRH, the Russell 2000 was the first to go daily trend up into what is often ‘small cap season’.  It has got a big fat gap though, and a test of the MA 50 seems in store.


Nasdaq 100 is relatively sloppy, remains in a daily downtrend and also has a big gap to fill.  Of course, this index had a lot of momo in it into December and can fall quite a way without losing its bull market.  The next two support levels are shown.  As an aside, I sold Tech Generals INTC, MSFT and AAPL into the post-FOMC rise with a level of remorse.  Now?  Not so much.  They remain on watch pending coming interpretation of this pullback.

Like the RUT, the S&P 500 is in good shape relative to some other indexes.  It is just above short-term support at 2050, where it may try to bounce, but there is a gap above 2000 that can easily fill (note that on the SPY ETF the gap is much more pronounced).

Finally, the venerable one; the Dow shows no gap but again, the DIA ETF shows a huge one.  There’s a virtual gap down there from the post-FOMC hype.  Dow has some short-term support but if it loses that level, there is a lot of hot air down to the 17,200 level.

Having some time to relax on New Year’s Day, I find it enjoyable to go over these and many other simple nominal charts of US and global markets and of course crashing commodities and the ‘hmmmm, let’s keep an eye on em’ precious metals stocks.

Sometimes I get so caught up in macro data, ratio indicators and all the mechanics whirring along beneath the surface of the market that I forget that simple charting of markets is one of my favorite things to do, going back 15 years or so.

Subscribe to NFTRH Premium for your 25-35 page weekly report, interim updates (including Key ETF charts) and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com.

By Gary Tanashian

http://biiwii.com

© 2014 Copyright  Gary Tanashian - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in