TomNewYork

TomNewYork

There is a bearish gartley pattern in the SPY. This pattern is also seen in the well diversified NYSE index. This particular pattern gave a clue it might work with the 2 candlestick dojis at the D point of the pattern. The sign of weakness today seems to confirm that this pattern is working and could lead to heavy selling going into next week. Note that a...

TomNewYork

Volatility is so BEATEN down, one has to think that some type of a dead cat bounce to the upside is in order. This bullish crab pattern could be hinting that this will be the case as June progresses and Greece falls down the rabbit hole...

TomNewYork

DUST looks to be in trend mode with a near term target 22 with outside chance of 28. The gold price is about to fall down the rabbit hole and likely take the miners with it. Is gold oversold? yes, but bearish long term trend remains. This could be the finale that leads to the final washout low in gold. So in the meantime scalp opportunities in DUST seem wise.

TomNewYork

VIX setting up for a monthly northward breakout. This could be the third time this type of move occurs in the last 8 years. Assuming 30 target is hit, expect some more base building before higher levels. However the VIX currently has plenty of cause to get a big run going.

TomNewYork

A large gold symmetrical triangle is forecasting a large and likely highly volatile and swift move. The direction of the break is unknown.

TomNewYork

There is a small bearish Gartley Fib Pattern in the DIA that could present itself as a very unique selling opportunity during the remainder of this week. SOMETIMES very small bearish Gartley patterns nail very important final tops in markets and stocks. However, important confirmation needs to present itself in the form of price candlestick signals assuming we...

TomNewYork

VIX breakout from long term weekly down trend again. Targeting 40 range by early May 2014.

TomNewYork

During 2013 when GLD has been very close to or at the 30 level it has led to a bottom within 1 to 6 days. During April and June it led to crash type action and extreme downside. RSI below 30 is a warning sign that price action can accelerate rapidly and that a highly volatile spike bottom is coming soon (1 to 6 trading days ).

TomNewYork

The SPY is literally within inches of a key final fib resistance level (181.93) that would define a potential turning point level on the long term SPY chart. The large potential bearish butterfly pattern encompasses the entire 2007 to 2009 correction as well as the entire 2009 to 2013 mini bull market. Because the size of the pattern is so large, any potential...

TomNewYork

Price action should be watched carefully down to 1563. If this gartley pattern is valid then price should develop a strong northward reaction from that range. Major price weakness through and under 1563 would be an ominous short term bearish sign because it would show pattern failure.

TomNewYork

ATOS is at the bottom of its longer term swing trading range. At the bottom of the range it completed a bullish butterfly pattern and did a bullish engulfing candlestick a couple of days later. Right now ATOS is trying to chew through 5.00 to 5.70. If it can hold this range, then it could build cause for a move back deeper into the swing trading range and...

TomNewYork

There was a recently completed harmonic pattern that completed near here on the daily price chart. This is potentially important because sometimes harmonic pattern completions mark the final LOW of an extended consolidation. The weekly MACD seems to be confirming this potential. ARNA is showing potential of an attractive position trade in this zone.

TomNewYork

Gold has more work to do but this Fib pattern is saying gold may churn around for several more months and then develop into a buy signal. Gold takes time to develop big buy signals. As long as key support of 151 holds then the gold bull is well and alive. If 151 is decisively broken to downside then it opens the door to a much longer pause for the gold...

TomNewYork

VHC has recently had a devastating decline that puts RSI at a near record low. BAT fib pattern complete at recent lows. Price currently consolidating in decending triangle. Break north out of decending triangle possible first sign of automatic upside rally. This setup is a counter trend trade and will work only if KEY Support level holds. Stop Loss in the...

TomNewYork

AKAM may need a few more days work before it can turn around but this looks like a short term long setup.

TomNewYork

Basic Materials Ultra Short ETF is showing a possible bullish signal. Suggests that materials sector will pull back short term near is previous highs. Whether or not this is a hint of a broader market correction remains to be seen.

TomNewYork

Currently BV is showing a possible buy zone but only at 7.13 range or slightly higher. BV shows a bullish completed bat pattern and a double bottom which SO FAR has held support zone correctly. Confidence that the double bottom and fib pattern will hold comes from a break up through down trendline at or slightly above 7.13. Note that in 2013 January BV seems to...