John Lansing's Trending123
John Lansing's Trending123
Username: Password: Login
Trade Talk E-Letter Products & Services Trading Tools Portfolios Members Home
Technical Analysis MiddayUpdate
January 26, 2006

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.


SP500
chart patterns
$SPX 60 MINUTE
chart patterns
$SML
chart patterns
OXY
chart patterns
UPL
chart patterns