MarketChess

12Sep12:11 pmEST

Sneaky Pal

In the wake of gold printing a new high today we have Palladium making a sneaky push higher, too, after a protracted period of poor performance. On PALL, ETF for the Palladium precious metal, below on the updated daily chart, we see the move above the 200-day moving average to confirm an inverse head and shoulders bullish bottom, which took all...

Read More

11Sep12:39 pmEST

Once Again, the Price Swings ARE the Message

The continued intraday wild price swings across this market are effectively making mincemeat out of just about all traders of late, as one minute bears are celebrating and the next bulls are foaming at the mouth for a squeeze to new highs...only to see the market come right back down and start the whole process over again. As we noted inside...

Read More

10Sep12:48 pmEST

Dimons Are Not Forever

On the back of rate cuts hopes we have seen banks melting up since the August 5th lows even more than other sectors did in that time. JPMorgan, in particular, with its highly visible CEO Jamie Dimon, was right at the forefront.  In fact, inside the service with Members we noted that the $215 level on JPM's chart seemed like a good spot to see...

Read More

09Sep11:57 amEST

A Natural Buffer

I went short small caps last week inside the service for Members using a long bear ETF as a way to play for the fashionable rotation play over the summer to unravel. Thus far we have seen some weakness out of the IWM, ETF for the Russell 2000 Index. However, the larger point seems apparent when we zoom out to a longer-term timeframe, beyond...

Read More

06Sep1:53 pmEST

Afternoon Update 09/06/24 {Video}

Read More

05Sep1:25 pmEST

Face/Off for the Head/Off

The Nasdaq Composite Index, updated below on the daily chart, now has a high quality setup to rug-pull a sizable portion of market participants.  Specifically, we have competing head and shoulders patterns, each highlighted below. The top one is, of course, a bearish head and shoulders top setup. And with the recent rallies, selloffs, backing...

Read More

04Sep1:23 pmEST

Then You've Already Lost

"If you must resort to violence, then you've already lost." -John Connor (Sean Connery), Rising Sun (1993).  Don't look now, but the Japanese Yen currency is strengthening again.  As we saw (briefly) in early-August, when the Yen moves higher it pressures the much-ballyhooed "Yen carry trade," where speculators have cheaply borrowed the...

Read More

03Sep11:44 amEST

Back to School Equals Back to Basics

As opposed to the rest of the country, here in the northeast the Labor Day holiday, as much as anything else, is synonymous with K-12 schools kicking off the new year.  And with that new school year of education one has to wonder if the market, itself, will get back to basics.  Specifically, bearish chart patterns have mostly become so...

Read More

30Aug1:15 pmEST

The Ultimate Standoff

With such historically aggressively interventionist monetary and fiscal policies since the global financial crisis--and even more since the pandemic--one ought not be surprised (even though many are, clutching pearls firmly in hand) that the overarching theme in markets and the economy is bifurcation. The financial news media has referred to it...

Read More

29Aug2:42 pmEST

Surviving the Game

An afternoon fade is seeing the Nasdaq turn red as I write this, with the 17,780 level we noted here and with Members on the Nasdaq Composite Index asserting itself as firm resistance today.  NVDA is currently down 6%, GOOGL is a dud again, yet bulls were as cocky as I can recall earlier today on the prospect of an unstoppable freight train of...

Read More