Have been on the road so am not paying the closest attention to the markets at the moment, but today would have been quite a signal even if I’d only stopped in at the close. On pretty measly volume, the recent short-term downtrend on $SPY was broken, and the market had a big up day familiar to anyone who traded from March until early May.

The only observation I would make from checking in and watching the charts throughout the day was that the movement felt a lot more skittish. No more of the surging and steep green candles–much more of a “melt up” effect. Sellers were clearly absent, but buyers were (rightfully, I would say) cautious.

I do not see today as any indication of a new trend, but merely the elimination of the previous short-term trend. Nevertheless, I’m going to be getting a lot more cautious with any short trading in the next couple of days–can’t be a trend until it carries on a couple of days.

Without further ado, your recaps:

  • Market Talk (summary, no charts, but a great and concise point of view)
  • Trader Mike (chart interpretation by the best)
  • Jack McHugh (summary, no charts)
  • The Chart Pattern Trader (video chart analysis, very technical, ~29 mins. Tonight’s session includes lots of MACD explanation for new traders.)

Also recommend you take a look at Sentiment Trader’s Tick reading from today.

Good luck out there. Normal posting to resume later this week.

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