Weekly Stock Charts

Jonathan Parsons Rank: 68 Followers: 13 Votes: 1 Years Member: 12 Last Update: 29 August 2015, 10:09 Categories: Chart Patterns
Trend Analysis
Volume Analysis

Aug 21st 5:30P Update: Wow! What a week!!! Everyone is asking, 'is this a buy?' Not for me. Will we get a bounce at some point? Absolutely. But you don't buy vicious slices through S2 that close below VWAP. The risk is that it gaps down even more on Monday (same set-up as Thursday into Friday). If we had some stabilization towards the close, some sign of short covering, some sign of bulls buying....anything, really.....you could start buying with a stop. We didn't get any of that. So, you would be buying on hope that it goes up....and hope is a 4-letter word. The weekly $SPX chart went negative for the first time since 2011! Yes, Virginia, the last bear cross was August 2011. That's probably not a bad model of what to expect (2011). We didn't reach the absolute low for ~2 months in 2011. And it took until the end of the year to get back to bull mode on the weekly. Short-term, besides being viciously oversold, elevated $VIX, etc. - the only minor positive is the small caps didn't get smoked as bad as you might think. That's very mildly bullish, but you need more than that to make a trade. What else showed some RS? Homebuilders ($ITB) - watch for a bounce here (and small caps) first. Most bounces will be short set-ups until the weekly trend changes. Many charts were broken this week and it will take some time to repair. Bottomline, if you've got fast fingers, watch for a bounce in small caps + homebuilders, expect the first rally attempt to fail (and then look to short); longer-term trend has turned bearish....usually this is a good time to raise cash + wait for better days ahead for new longs. I'm going on vacation for a few days.



$ Bullish Stock Screen Results

$ SPX0 - Monthly Overview

$ SPX1 - Weekly

$ SPX2 - !ITVMNYC - Daily Heikin-Ashi, 900

$ SPX3 - $TICK - Daily Cumulative, 900

$ SPX4 - Equal-Weight - Daily

$ SPX5 - SPY - Daily OHLC Bars (thick), 900

$ SPY6 - 30 min OHLC Bars (thick), 900

$ SPY7 - 5 min OHLC Bars (thick), 900

This information is presented for education purposes only. StockCharts.com is not responsible for any comments, advice, or annotations presented on this page. Please review our Terms of Use for more details.