Market Update for Thursday, September 14th, 2023

Good afternoon, traders.

Yesterday we had good reason to suppose that we might move up, and that worked. The S&P 500 gapped up over not only this green trend line, but it also gapped up over the 50-day SMA and then rallied most of the day:


Read more “Market Update for Thursday, September 14th, 2023”

A Brief Look at $OXY

I have a few basic remarks I can make on OXY, a stock I don’t usually cover. I wanted to point out the breakout is has made from this contracting price action, a wedge that has a bullish bias:


I also like way its riding its 50-day SMA here. So long as that can be maintained, this may target the prior highs. Any fall below the lower red rail would spell trouble and spoil the call.

Market Update for Monday, September 11th, 2023

Good afternoon, traders.

At the end of last week I said that I thought the S&P had produced a very good-looking impulse wave up, and because of that I thought more upside was possible from there. And we got that right from the open with a strong gap. That gap put us right into the gap we made on our way down, and it remained as resistance as it produced some selling pressure right from today’s open and we smashed against it for much of the afternoon, but we weren’t able to enter it again:


Read more “Market Update for Monday, September 11th, 2023”