Exposing Ideas to the Envelope of Serendipity

Contact moo at: bluechipbulldog@gmail.com

Monday, February 22, 2010

Charts for the Week Ahead

The markets are sending mixed messages in recent trading, with short-term indicators now edging into overbought territory and volume waning on last week's move higher, yet with an increasing number of price patterns starting to break out of sound bases and multiple resistance levels being overcome. Underwhelmed by the overall action last week and finishing with a sense of the market being in limbo, I embarked on my weekend chart review expecting to come away with a more bearish impression than what I was left with. To cut out some of the "noise" inherent in the wild price swings of late, I ran through well over a thousand weekly line charts. Many of the patterns that popped out were far from bearish, so we'll have to see how the conflicting signals play out over the next couple of weeks, which I suspect may be key. Let's take a look at some charts, and you may want to check during Monday's session to see if I've added more as the day unfolds. 

First up are the McClellan Oscillators, both the Nasdaq and the NYSE, followed by a longer-term look at the S&P 500, and then some stock charts with strong set-ups and swing potential.

That's it for now. 

Trade well.

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