Weekly Stock Charts

Jonathan Parsons Rank: 41 Followers: 20 Votes: 5 Years Member: 14 Last Update: 22 April 2017, 8:48 Categories: Chart Patterns
Trend Analysis
Volume Analysis

April 17th 2017 2:06P: Sloppy action out there - seems like people are still on vacation (and maybe they are). Last week, we had some volatility. The weekly VXX bar went inside & up which caused XIV/SVXY twins to go inside & down (hard). If you ignore the geopolitical headlines, that action alone caused a great deal of upheaval in the markets. Now you certainly have a chicken vs. egg debate about which came first, but my point is that you didn't need to figure out the geopolitics and ultimate end-game (hint: nobody knows). All you needed to do was to watch the price action in the charts. OK, enough about that. What else happened? IJR closed below it's recent range and TLT closed above its recent range. That's somewhat significant since those ranges were months in the making. But that's all in the past....what's next? Bios were too strong to close lower - they stayed inside on the week. I'm watching for them to start leading, but so far no dice. What else? There's a number of indicators that say we're oversold & due for a bounce.....$SKEW:$VIX, McClellan Osc., $CPCE, etc. There's also a number of indicators like the $SPX summation index, $SPX IT Vol Mom indicator, & $BPCOMPQ which suggest the sloppy downtrend is still in place. So, what does it all mean? We're set-up for a bounce this week. There's no indication of a major inflection point higher. My plan is to tread lightly and look for quick flips, if any. Watch out for earnings, too! Good luck out there!


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$ Bullish Stock Screen Results

$ SPX1 - Monthly

$ SPX2 - Weekly SPY

$ SPX4 - IT Volume Momentum Oscillator

$ SPX5 - SPX-specific McClellan Summation Index

$ SPX6 - SVXY (relates to SPX performance)

$ SPX7 - $TICK - 15 min

$ SPX8 - $VIX:$VXV

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