The Best of Chartly’s Weekend Charts – 7/19/09

• theEquilibrium
• July 19th, 2009

After a big move up in the markets this past week, the weekend Chart.ly stream has been filled with excellent chart work.  The following are just a few examples of the high quality charting that was posted over the last two days:

@alphatrends gives us a weekly look at volume-by-price on the $QQQQ, and $SMH, clearly showing the lack of supply immediately overhead.  These charts are an excellent representation of not only the power and speed of the down move, but the potential of an equally powerful move up.

@lasertrader shows an interesting, and slightly lesser known, pattern on the $SPX daily: a reverse symmetrical triangle.

@stevenplace illustrates that even with the recent big move in $SPY, it still remains range-bound at current levels.

@snoopyjc takes a look at $RMZ backing off a test of recent resistance, and retreating from the declining 200 day SMA.

Would you be long or short this chart?  I posted a weekly $SPX chart flipped upside-down, something I’ve never done before.  Big thanks to @beanieville for the suggestion.  It’s always worthwhile to gain a fresh perspective, and look at things in a very different light.

Another one of my charts (@theEquilibrium): weekly $XLF with volume-by-price.  A similar dynamic to @alphatrends’ work on his QQQQ and SMH charts.  The low level of supply immediately overhead creates a zone that could potentially see a quick and powerful move to the upside in a long-term time frame.

@ZMoose12 illustrates the tightening triangle on $BAC and also highlights recent decreased volume.

@PortfolioTilt charts $AXP and shows us the recent bull flag that has broken to the upside just under long term resistance. This has been a very common pattern throughout the market recently.

@zortrades takes a look at $GROW and marks Friday’s break of long standing resistance on huge volume.  Price and volume are always the key to clear charts.

Another weekend of great stuff from a growing community of chartists willing to share their work.  I look forward to watching the stream next week.  Thanks to everyone for their time and effort.

Happy Charting

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