Market Updates

Market Update 05-13-16

Each week I put up my thoughts on the current market direction and any patterns or support/resistance levels I see on the charts. You can read more about how I trade here. You can read about my 3 core trading strategies here. For my take on trading breakouts, read this. For my ideas on market trend analysis, read this.

Alright, so it’s Friday night and I’m watching The Force Awakens — again — because — well, I have no idea! This movie is strangely relaxing — and it’s full of people on quests — just like we are on a quest to make lots of money in the market.

Anyway — let’s take a look at the charts and how $SPY may have just lost a crucial level of support.


spy 60 min

The hourly chart is showing a pretty pronounced head and shoulders pattern and if it plays out according to plan we should be seeing sub $200.00 prices soon.


spy daily

Here’s the daily chart with the deteriorating support at the 50 day MA.  If this gives way next support is at the 195 mark.


spy weekly

The weekly chart is starting to look pretty intense with this massive looking top formation.  Of course, we’re way too close to highs to say at the moment — but I’m watching it closely.


  • Hourly – Down
  • Daily – Sideways
  • Weekly – Sideways

Join The Discussion

Trade Pocket Pivots Like an O’Neil Disciple
How To Make A Lot Of Money With A Small Trading Account
Trend Trading Vs. Counter Trend Trading, Which One Is Better?
How The Biggest Retail Traders Got Rich
Russell 2000 (IWM) in Trouble…?

The markets have been rallying for quite some time — have...

Market Update 03-19-17

Happy Sunday everyone! I hope you all had a killer week...

Market Update 01-29-17

Well, January is coming to a close, the Dow topped 20,000...

Market Update 11-01-17

If you’re wondering why your trading might be a little choppy...

Get the Ebook today - Breakouts For BeginnersDownload
+ +