Archive for the ‘Chart of the Day’ Category


Gold got the pop above 1340.  As stated earlier in the week – want to see last week’s lows hold on a closing basis.

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Earlier in the week.

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Demand For Unemployment Benefits Continue To Drop


Key part:   The numbers: Initial U.S. jobless claims rose by 3,000 to 229,000 in mid-March, but they remain near the lowest levels since 1970. And the number of people collecting benefits fell to a fresh 45-year low.

Economists polled by MarketWatch has forecast claims to total 225,000 in the seven days ended March 17. The level of claims gives a rough idea of how many people are losing their jobs.

The more stable monthly average of claims increased by 2,250 to 223,750, the government said Thursday.

The number of people already collecting unemployment benefits, known as continuing claims, fell by 57,000 to 1.83 million. That’s the lowest level since December 1973.

Hat tip

SP500 Futures

Hard to argue that this doesn’t look like a technical top until and if it trades back above 2800 on the SP500 Futures

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Possibly a run at resistance = 1340.  Not bad here – better w/ a close above 1340.  Want to see last week’s lows hold on a closing basis.

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Crude Breakout?


Big day for USO(United States Oil Fund).  The index finished the session with a 2.1% gain after a gap higher open pushed it to new March highs.  This breakout type move has set crude up well for more upside.  Similar setups, back on Oct. 27 and December 26, sparked powerful rallies.  Considering the USO has quite a long way to travel before returning to overbought territory, a fresh bull move could carry the index well past the $13.30 area(2018 high).  In the near term we consider the USO a low risk buy near current levels.  A close back below $12.00 would violate last week’s low sending a clear warning sign that more range bound trade is ahead.

At time of publication we are long USO in some managed accounts.



Facebook Flush Leaves A Mark


Facebook, the top loser in the S&P 500 Index, is under extremely heavy pressure today.  Shares are off over 7% on what will be the heaviest downside volume in nearly two years.  This powerful news inspired flush has driven FB below its 200 day moving average for the first time since November 2016.  Since the dawn of its existence FB has closed above its 200 day moving average an incredible 95% of the time.   Today could prove to be quite a trend changer.  Next stop, major support near the $165.00 area.  We will be watching the action closely this week.  

At time of publication we do not have a position in FB.


Nasdaq 100


Investors Are Just A Bit On Edge

On Feb. 5th, the day the Dow Jones Industrials lost 4.6%, the VIX marked its single biggest one day gain since historical data began. 


Hat tip Pimco



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