annoying range - The Annoying Range

The Annoying Range 

There seems to be an annoying range right now on the market. This is what is called a megaphone pattern in terms of technical analysis.

Megaphones can last a few days, or a few weeks, and normally gather momentum for a break out or break down below their extremities.

We are at 2741 on the nadaq which is the leader of the market. And need to watch things carefully to see where the leader wants to take us next.

As you can see since new years day, the market has been strong and now halted in this annoying range.

annoying range

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Range - spx range

Range - spx range

Check out the hourly chart on the SPX, for the last few days we have been trading in nothing more than a range. UP and DOWN like a yo-yo!!!! :D

Once this breaks either way, its off to the races I feel. Tis just a matter of time.

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Transports busting out - Look out above

There is no need to post lengthy charts today, as the market is doing exactly what we have been predicting.

This week is normally statistically bullish by the end. But you must have a look at the DOW JONES Transports chart (which is the leader of the market)

After weeks of being in a range, today it busted out, and its looking very very nice. :-)

1 week ago we were talking about 1500 coming on the market. CLICK HERE TO SEE. 

Right now, with the action in the last few days, that does not seem too far off or distant now. WOW!

Make no mistake about it, the bulls are so far looking like they are going to have a MERRY XMAS, and the bears, well....looking at some of the charts, they are in serious serious trouble.


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The Range Continues

The markets are finally open after Hurricane Sandy shut down the exchange for a few days. Taking a look at the charts, the range continues on S&P 500 as we come back from Hurricane Sandy. This 20 point range is holding, and the dancing around seems to be continuing so far.

I do suspect we are going to see some green today but. Maybe even nice healthy green.

The hourly chart is still suggesting a bit of upwards momentum is due, even though we have had a whole week or so of nothing.

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