Stock Market Analysis Aug 30 2016
We have a really nice rally up yesterday which made many stocks rise. As you will see below, we have some nice rise in stocks whenever the indexes have a bounce up. Markets are still meandering and trading sideways in the 60 min charts. Daily it is still in an uptrend. So once again, buying the dips and selling the rallies will be the way to profit in the market for now in the shorter time frames till the a new clear uptrend emerges in 60 min charts of SPY,DIA and QQQ.
QQQ and SPY is at its rising 60 min 200 MA and this is a key area because stocks and indexes tend to bounce from there and rise higher or may drop and start a new short term downtrend. Oil is still trading sideways with no clear trend in the 60 min charts. It is absorbing supply on the left in the daily charts and this is normal after a nice bull run in oil.
For past analysis please read Daily Stock Market Analysis 2016. For longer term view of things go to Intermarket Analysis By Stephen Loke. I wanted to write one intermarket analysis piece a week but I think I can delay it and write it once every two weeks. If I have time I will write once a week but if not once every two weeks will be good enough since intermarket relationships does not change that fast. After all in the weekly chart, it is just one or two bars.
QQQ and SPY is at its rising 60 min 200 MA and this is a key area because stocks and indexes tend to bounce from there and rise higher or may drop and start a new short term downtrend. Oil is still trading sideways with no clear trend in the 60 min charts. It is absorbing supply on the left in the daily charts and this is normal after a nice bull run in oil.
For past analysis please read Daily Stock Market Analysis 2016. For longer term view of things go to Intermarket Analysis By Stephen Loke. I wanted to write one intermarket analysis piece a week but I think I can delay it and write it once every two weeks. If I have time I will write once a week but if not once every two weeks will be good enough since intermarket relationships does not change that fast. After all in the weekly chart, it is just one or two bars.
I also felt it nice to write individual analysis on stocks or indexes, hence I set up another page for that at Individual Stock Analysis And Index Analysis. I only write it from a daily chart and weekly chart point of view. I don't write on 60 min charts which I love because sometimes it moves too fast for most readers. Another reason is those who find this site through search engines in the future will already be reading stale stuff. But daily and weekly stuff can still have some meaningful knowledge for them.
Okay, let's look at the charts now.
Okay, let's look at the charts now.
Major Indexes
Stocks
Sectors
Dollar & Commodities
Here's a summary of what the charts are telling us:
- Major indexes are trading sideways short term. No clear trend for trend followers right now in the 60 min charts so the way to make money is to buy and sell stocks in a day or two.
- Major indexes are still in a daily uptrend. We remain bullish till the charts tell us so.
- Longer term in the weekly charts we are still in a long term bull market. This is a buy the dips and breakouts market. Read my intermarket analysis for longer term view.