Negative Divergences Abound on the Hourly Charts

The hourly chart of the S&P-500 is showing several potential negative divergences on RSI and MACD. Will these potential signals get confirmed and lead to a small sell-off? Or will the bulls find a way to nullify these signals and carry on their merry way?

If the negative divergences do end up being confirmed, a move to the 752-766 area might be possible, although we'll have to use the momentum indicators as well as other levels on the daily charts in order to arrive at a more solid target.

S&P-500 hourly chart showing negative divergences on RSI and MACD

Active Traders: Intraday SPY charts (8/15/08)

Here's a look at the 5-min charts and the hourly charts of SPY. Although to be complete blunt, you're asking for trouble if you're reading too much into this action. There is NO discernable trend at the moment.

Like we've been saying for the past couple of weeks in our nightly and weekly commentary segments, WAIT for the markets to give you a clear signal. Don't jump in head first and then regret it later.

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Active Traders: SPY - Intraday Chart Trends (8/14/08)

Nice little bounce today. SPY has recovered half of the losses since the Aug 11 intraday highs. As mentioned in last night's commentary, the minor trend is still bullish and will continue to be so until/unless prices move below the 20dMA.

A look a the 15-min and hourly charts...

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Active Traders: SPY - Intraday Chart Trends (8/13/08)

Here's a look at the intraday charts...

Also check out the blog entry titled "Trouble at the Upper (daily chart) Bollinger Bands" published this morning.

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Active Traders: 5-min SPY Chart Trends (8/12/08)

Intraday support from yesterday/today at 129.90 might be worth watching. A target of 129.00 looms if that level is broken. Otherwise, the minor uptrend is to be expected to take prices higher eventually.

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Active Traders: 5-min SPY Chart Trends (8/11/08)

Updated on Monday, August 11, 2008 at 02:51PM by Asher Pinto

Updated on Monday, August 11, 2008 at 03:41PM by Asher Pinto

As you know, we've been presenting the Options Education webinar for the past several hours, so this is the first update on the short-term SPY charts for the day.

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Active Traders: 5-min SPY Chart Trends (8/08/08)

Updated on Friday, August 8, 2008 at 10:19AM by Asher Pinto

Updated on Friday, August 8, 2008 at 10:29AM by Asher Pinto

Updated on Friday, August 8, 2008 at 11:58AM by Asher Pinto

Updated on Friday, August 8, 2008 at 01:11PM by Asher Pinto

Updated on Friday, August 8, 2008 at 01:51PM by Asher Pinto

Updated on Friday, August 8, 2008 at 03:23PM by Asher Pinto

Updated on Friday, August 8, 2008 at 03:53PM by Asher Pinto

(Click the entry title to view entire entry and any subsequent updates).

So, why did SPY bounce strongly this morning?

You can thank the *flat* lower Bollinger Band on the hourly chart.

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Active Traders: 5-min SPY Chart Trends (8/07/08)

Updated on Thursday, August 7, 2008 at 11:48AM by Asher Pinto

Updated on Thursday, August 7, 2008 at 12:04PM by Asher Pinto

Updated on Thursday, August 7, 2008 at 12:42PM by Asher Pinto

Updated on Thursday, August 7, 2008 at 01:51PM by Asher Pinto

Updated on Thursday, August 7, 2008 at 03:07PM by Asher Pinto

(Click the entry title to view entire entry and any subsequent updates).

The ETF opened with a downward gap of around 1-pt, but quickly stabilized and has since filled half the gap. There are no discernable patterns on the 5-min chart, at the moment. One possible trade is a shorting of any break below 127.5-mark.

The upper bollinger band on the daily chart has risen over the past couple of days and that is a good sign for the bulls. If prices approch the highs, once again, the upper daily band will not be an impediment as it has in the recent past. It sits at 129.99 as of this morning and, as long as the minor trend remains bullish, that band will be a short-term target.

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Active Traders: 5-min SPY Chart Trends (8/06/08)

Updated on Wednesday, August 6, 2008 at 12:26PM by Asher Pinto

Updated on Wednesday, August 6, 2008 at 01:41PM by Asher Pinto

Updated on Wednesday, August 6, 2008 at 03:32PM by Asher Pinto

(Click the entry title to view entire entry and any subsequent updates).

Markets still shaking off the cobwebs from the Fed reaction. Perhaps, we'll start to get a better picture of the ensuing trend by the end of today. In the meantime, here's the chart. Note changes in some of the important price levels.

So far today prices have been caught within a 0.40-pt rectangle that targets 127.45 or 128.65, depending on direction of breakout. If the breakout is to the downside, note that there are potential support levels at 127.75 and then at 127.10.

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Active Traders: 5-min SPY Chart Trends (8/05/08)

Updated on Tuesday, August 5, 2008 at 11:55AM by Asher Pinto

Updated on Tuesday, August 5, 2008 at 01:37PM by Asher Pinto

Updated on Tuesday, August 5, 2008 at 03:01PM by Asher Pinto

(Click the entry title to view entire entry and any subsequent updates).

On a day on which the Fed is set to make an announcement with respect to interest rates, the technicals have very little weight. As such, expect commentary to be very short today. We will provide updated snapshots of the 5-min chart every hour or so, however, just to keep on top of things.

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