The Best of Chartly’s Weekend Charts – 7/26/09

This week saw another strong bull move in the markets, with the $SPX rising 4.13% and breaking above key resistance at 956.  Many traders are still looking to catch a quick reversal due to near-term overbought conditions, while bulls are anxious to hold the important breakout level.  As a result, the Chart.ly stream has been ablaze with excellent TA work from a growing community of chartists willing to share their efforts.

The following are just a few examples of the excellent work posted to Chart.ly this weekend:

@alphatrends updates a weekly $SPY chart showing key levels and the formation of a possible inverse head and shoulders pattern – volume-by-price also clearly illustrates the lack of overhead supply that could help lead to a quick, continued move up.

@witchescauldron takes a look at Fibonacci retracement levels on a weekly $SPY chart, and notes that $SPY is approaching the important 38.2% level.  The chart also points out the late September gap, just below the 50% Fib retrace level.

@1Gunnski posts a daily $MOO chart with possible support and resistance levels, including a pitchfork projection.

I put up this daily $COMPQ (Naz) chart to simply illustrate that many significant daily moving averages are stacked atop one another in a bullish configuration.  This is the first time these MA’s have been aligned in this manner since October 2007 – and since they are all rising (or beginning a rise) they should be looked at to provide a cushion of support on retracements.  Also note the RSI in overbought territory.

@ZMoose12 shows us a daily chart of $AXP – highlighting the recent bull flag that broke to the upside, now consolidating just below key resistance.

@ichimokucharts takes a look at $GLD in the daily time frame, showing price being rejected at the top of the current cloud.  I must admit I’m not terribly familiar with ichimoku clouds, but I’m learning a lot from these excellent charts.  Everyone can benefit from the never-ending education other traders can provide – there is always more to learn, and always a different perspective or method to consider.

@1Gunnski charts $GROW on a daily time frame, highlighting the clear cup and handle and the big bull moves that came on huge volume.

@RaginCajun posts a $WRES chart that shows a clear symmetrical triangle pattern that appears close to resolution, with price coming into the 200 day MA.

@gtotoy charts $SQM on a daily time frame, noting some key resistance/support levels, as well as the clear consolidation pattern setting up over the past month.  Also noted is the positive divergence on the MACD histogram, and possible looming bull cross.

@alphatrends put up a side-by-side of $SPY and $QQQQ near the end of Friday’s session, showing how Friday’s low would be a key level to defend next week.  A break of the low would embolden bears and likely result in a further move down.

I’m sure this upcoming week will provide ample fodder for chartists, and I look forward to browsing through more charts next weekend.  Thanks to everyone for their ongoing contributions and willingness to share valuable insights.

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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