MarketWatchers LIVE

8/11 - MarketWatchers LIVE Recap - Talking Technically - 10 in 10 - Gold Analysis

Tom Bowley

Tom Bowley

Chief Market Strategist, EarningsBeats.com

Welcome to the recap of Friday'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 with live market updates and symbols that are hot.


Information abounds in our Monday/Wednesday/Friday 12:00pm - 1:30pm EST shows, but the MWL blog will give you a quick recap.  Be sure and check out the MarketWatchers LIVE ChartList for many of today's charts.  When you first arrive at the MarketWatchers LIVE blog page, you'll see a link to the ChartList in the upper left corner.  Also, we're now recording MarketWatchers LIVE shows and archiving them until the next show starts - so for a couple days you'll be able to go back at your leisure to review.  That will give you an opportunity to review parts of the show, or to review it in its entirety later if you were unable to attend live.  CLICK HERE for a replay of our latest show.

Your comments, questions and suggestions are welcome.  Our Twitter handle is @MktWatchersLive and/or #mktwatchers, email is marketwatchers@stockcharts.com and our Facebook page is up and running so "like" it at MarketWatchers LIVE.  Don't forget to sign up for notifications at the bottom of this blog article by filling in your email address and hitting the green "Notify Me!" button.

Talking Technically

Tom reviewed the recent reversal in the NASDAQ 100 stocks ($NDX) and drew channel lines marking key overhead resistance in addition to the price resistance levels to look for.  Later in the Friday session, prices did rise to test the channel lines drawn, but we didn't see a breakout.  This is a very short-term 10 day, 10 minute chart:

Tom went a step further to demonstrate key resistance on an hourly chart and that looked like this:

When new lows trigger fresh MACD lows, price bounces are typically limited to 20 period EMA tests.  While Friday's recovery was nice, the 20 hour EMA was never tested, leaving open the possibility of a test there as a new trading week unfolds.  That level is currently 5848 and fits nicely within the price resistance reflected earlier on the 10 day 10 minute chart.

10 in 10

During his regular segment at 12:50pm EST, Tom showed how quickly you can review and annotate 10 stocks into a ChartList using the powerful tools here at StockCharts.com.  Symbol requests were sent in by viewers on Twitter and LiveStream as Tom demonstrated how to use the annotation tool to highlight key levels of price support/resistance, trendline support, candlestick patterns, etc.  Symbols reviewed today included NVDA, GBTC, EXTR, RBA, TTD, TGT, LUV, THO, UPS and APO.  You'll find all of the charts in the MarketWatchers LIVE ChartList, located at the top of the MarketWatchers LIVE blog page, or simply CLICK HERE.  This link provides many annotated charts from the last two MW Live shows.

Greg chimed in with a look at how the Chandelier Exit would have worked with GBTC:

Greg further explained that the Chandelier Exits can be used effectively with stocks making parabolic moves to the upside.  The idea is to capture gains as long as the stock continues rising, but as soon as weakness sets in, the Chandelier Exit will take you out of the stock.  It's a disciplined way to avoid giving back big gains.

Gold Analysis

Greg took a few minutes to discuss the key long-term trendline that gold ($GOLD) was testing:

It would certainly be worthwhile to keep an eye on the U.S. Dollar Index ($USD) and gold.  The two have an inverse relationship and the USD is currently testing multi-year support in the 92-93 area.  A breakdown there could be the catalyst for a major trendline and price resistance breakout for gold.

Looking Ahead

Tom will be manning the ship on Monday as both Greg and Erin will be unavailable.  He plans to discuss candlesticks in greater detail while also keeping an eye on key price support and resistance on the major U.S indices.  After a week of turmoil in global markets, you'll want to make sure you're tuned in on Monday!

Happy trading!

Tom Bowley
About the author: is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market. Learn More