Friday, January 6th 2006
Weekend Update - SPX, SML, OXY, & UPL
S&P 500 chart (SPX) - Daily chart
Good Morning. If the SPX reverses here, it is a reversal pattern. If it doesn't reverse, then obviously it is not a reversal pattern. Now is not the time to front run or over analyze the market. Just be prepared for either outcome. If you have just been waiting for E to be put in and have not been trading the market you have missed out on two months of the market rallying. The SPX is in a reverse symmetrical triangle pattern. The SPX is a close to the top of the trend line and is making new highs. The SPX seems that it wants us to get bullish at this level. This is a chaotic pattern-which goes parabolic and creates shock and awe. The SPX chart may look toppy, however it keeps going higher. Indicators and oscillators are bullish. Remember bulls live above 1246 and bears below that. Bias remains neutral. The SPX has the potential of going to 1304.
The S&P 600 Small Cap Index (SML)- Daily chart
The daily chart illustrates that the SML remains in its reverse symmetrical triangle (RST). As always, the general rule of thumb is, that higher highs are bullish even though this pattern itself is treacherous. The RSI on the daily chart is heading higher, the stochastics are bull flagging, and the williams% indicator is bullish and trending. It remains to be seen if this pattern will over shoot the upper trend line and turn into a continuation RST. Do not let this pattern scare you out of the market and prevent you from trading. Today the SML has broken out and made new highs at 354.43.
Occidental Petroleum Corp. (OXY) - Daily Chart
The daily chart of OXY illustrates that it is in a large ascending triangle pattern. Today OXY is on the verge of breaking out of the triangle to the upside. Once $89.42 is taken out there will be no overhead resistance above. The move to the North should be rather explosive. OXY is up 1.36% at $89.00. Indicators and oscillators are bullish and moving up along with price. Furthermore, I would like to add the fact that statistically any stock that crosses $88.00 will eventually move to $100.00.
Ultra Petroleum Corp. (UPL) - Daily Chart
The daily chart of UPL, like OXY, illustrates that it is in a large ascending triangle pattern. UPL is also on the verge of breaking out of the triangle to the upside. Once $60.02 is taken out there will be no overhead resistance above. The move to the North should be rather explosive. UPL is up 0.74% at $58.70. Indicators and oscillators are just beginning to turn bullish and are moving up along with price. Furthermore, I would like to add the fact that since this is a failed topping pattern it should get a very emotional breakout.
Stock quotes, stock research, stock scan and picks and free stock chart pattern recognition from Trending 123.com for smart stock market investing. We feature daily stock market email alerts including equities, indices, and currencies, identified through technical analysis trends patterns and waves. Sign up today!
Technical Analysis Examples Technical Analysis Lessons Technical Analysis Made Easy Technical Analysis Tutorials Technical Analysis Trading Technical Analysis Charting Technical Analysis Momentum Technical Analysis Market Technical Analysis Commodity Technical Analysis Investing Technical Analysis Oscillators Technical Analysis Indicators Technical Analysis Software Technical Analysis Updates Technical Analysis Screener Technical Analysis Stocks Technical Analysis Patterns Technical Analysis Stock Charts Technical Analysis Stock Buying Pressure Technical Analysis Videos
Chart Patterns | Link Exchange | Eminis Futures | Fibonacci | Market Trend | Online Trading | Pattern Recognition | Stock Advice
Stock Charts | Stock Forum | Stock Market Investing | Stock Market Report | Stock Picks | Stock Recommendations
Stock Research | Options Website | Stock Screener | Stock Watch | Swing Trading | Trade Stock | Trend Trading
Site Map | Help | FAQs | Stock Sectors | Archived Updates | Home
Subscribe | | Co-Branded Content | Webmaster Add URL | Rle
Financial Market Data powered by Quotemedia.com. All rights reserved. Terms and conditions.
NYSE/AMEX data delayed 20 minutes. NASDAQ/other data delayed 15 minutes unless indicated.
Copyright © 2007 ACP Phillips Investment Resources, LLC. All rights reserved.