Welcome to the recap of Monday's MarketWatchers LIVE show, your antidote for the CNBC/FBN lunchtime talking heads. Listen and watch a show devoted to technical analysis of the stock market. Use the convenient "ON AIR" button from the StockCharts.com homepage during show hours and listen while you peruse your own charts!
Information abounds in our Monday/Wednesday/Friday 12:00p - 1:30p shows, but we will try to incorporate a few charts that you found the most interesting during the show (or that we found most interesting!). Your comments, questions and suggestions are welcome. Our Twitter handle is @MktWatchersLIVE (use #MWLSCC to chat with other viewers), Email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.
What Happened Today?
Monday Set-Ups:
Every Monday, Tom and Erin look at which charts are shaping up as "ones to watch" for the week. Today's charts included ABB, CTAS, AKAO, EWS, EWH CLLS, among others. Tom's pick:
Erin's top pick: Really like this chart. Nice breakout today. New PMO BUY Signal. SCTR back in the "hot zone". Weekly chart shows upside potential near $25.50.
Indicators/Sentiment/Polls: On Mondays Erin reviews the latest sentiment charts, reviews our polls and looks at DecisionPoint indicator charts in ultra-short term, short term and intermediate terms to prepare you for the week.
To find excellent commentary on the indicator charts, please go to this week's DecisionPoint Weekly Wrap located in the DecisionPoint blog.
As far as sentiment, nothing that interesting overall with sentiment ratios near "1" (meaning equal amount of bears and bulls).
Wall Street Weekly sentiment came out on Sunday. This poll asks market timers each Friday after the close whether they believe the market will close higher or lower the following week. As you can see from the chart, 40% were bullish and 47% were bearish.
As far as our viewers:
** Greg Schnell and Erin Heim's "pick".
Market Updates: Erin reviews the intraday action of the major indexes, sectors and the "Big Four", (Dollar, Gold, Oil & Bonds). Since the weekly and monthly charts went final on Friday, Erin reviewed a few of the more interesting ones:
Weekly SPX chart:
Monthly Dollar chart:
Weekly chart for Gold: Intense support/resistance.
Ten in Ten Before 1: In this regular segment, Tom annotates ten charts in ten minutes, followed by Erin's comments and comments from the Twitter "peanut gallery". Send in your symbol requests via Twitter (@mktwatcherslive) before the show and we'll try and add them. Erin and Tom were somewhat bullish when both looked at Pfizer (PFE). Upside potential not great:
Seasonality Update: Tom reviews some of the sectors or stocks that show high or low seasonality for the upcoming month. In particular, he looked at the seasonality chart of $DJUSPT:
Mailbag Segment: Each show Erin and Tom answer questions received via Twitter, Facebook and Email. A few of today's questions...Tom was asked why he uses a 20-EMA but 50/200-SMAs. As with many chartists, we all have our preferences. Tom explained that he likes to use and EMA in the shorter timeframe because it puts more emphasis on the near-term. However for the longer term, he wants the data unweighted and uses a simple moving average. What do you use? Take the Twitter poll here to let us know!
It's a Wrap! In closing, Tom and Erin were decidedly bullish on the market this week (with Erin regretting somewhat her "Neutral" stance given to the Wall Street Weekly poll last Friday).
Looking Forward:
Tune in on Wednesday at 12:00p - 1:30p EST on 05/03. Erin will announce the results of the latest Twitter poll. The "Agree or Disagree" segment returns, Ten in Ten to One, and both will be answering more mailbag questions as well as giving you regular market updates and indicator reviews!
