The Best of Chart.ly’s Weekend Charts – 12/6/09

• Posted by theEquilibrium
• on December 7th, 2009

While a choppy, range-bound market continued to whipsaw traders last week amidst increasing noise, the $SPX managed a 1.72% gain, the $COMPQ a 2.61% gain, and the $IWM a strong 4.93% weekly gain.  The trend remains up until we see true technical breaks.

Here’s a look at the range on the daily $SPX chart:

Note the long standing negative divergences on RSI and MACD, as well as the recently contracting Bollinger Bands.  All the ingredients are present for a large move out of the range, and as technicians and traders, we should relish the coming opportunity, no matter the direction.

The following are just a few examples of the excellent charting coming through the Chart.ly stream this weekend:

@gtotoy and @upsidetrader take a look at the dollar ($USDX and $UUP).  The dollar’s movement has been critical to the equities market, and the following are two excellent looks at the action, in weekly and daily time frames:

@TraderFlorida as he charts $AMZN in two separate looks on the daily time frame.  Both show us $AMZN is at an important level of support.  It’s always good to take multiple ‘looks’ at a chart, and see the price action from differing perspectives.

@traderstewie posts the daily chart of $CTFO, showing a symmetrical triangle nearing resolution.  Watch for an upside break, or a retreat to the bottom trend line.

@trader_paradise looks at a daily chart of $FCX losing support on big volume.  Further weakness could lead to a 72 short target.

@FibLine posts a weekly chart of $APKT noting the break of recent resistance that has room to move to 12.50-ish on continued follow-thru.

@VPgradient shows high trading volume on $RIMM at the 59.75 level, making it a key level to watch.

@trendarchitect charts $MCO in a daily time frame, showing price regaining support at 23, and nearing a test of the primary downtrend line.  Resolution of a descending triangle seems imminent.

Finally, @TraderFlorida gives us another nice chart – this time it’s a daily look at $GLD, highlighting the trend line break on big volume.

Thanks once more to the talented and generous chartists that post their work on Chart.ly.  I look forward to next weekend’s work.

Happy Charting,

@theEquilibrium

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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