Henry Ford's MarketWatch LIVE!
Intraday Market Insights
:: Tuesday, July 23, 2002 ::
4:25 PM
MARKET CLOSEWe STILL closed the DOW within the confines of the declining wedge...The catalyst is going to come from ????. (I don't know .....but when it hits it will be like a Roman candle). There is no economic news out till Thursday.
:: Henry Ford ::
2:46 PM
UPDATE Unbelievably the DOW has stayed within the declining Wedge...The SP made a short excursion through the downside support and is barely back in as well...no true break either way. Might as well throw up a chart...nothing else working here.
:: Henry Ford ::
1:55 PM
UPDATEObviously the Wedge broke, so waiting for new pattern VIX over 52.
:: Henry Ford ::
12:18 PM
UPDATEFalling Wedges (see last chart) have a success rate over 90 %. When you wait for a 5% breakout that goes up to 98% success. 27% of the time you can have a premature breakout that does not exceed 5% and will result in a throwback, or retracement to the breakout point before moving higher if it doesn't rebreak. These are especially powerful at the end of sustained downtrends. When and if we actually get the breakout I will show you how we project price targets for the initial move.
:: Henry Ford ::
12:09 PM
UPDATELooks like we are forming a "Falling Wedge' on the SP and DOW which is a potentially very bullish pattern on the SP and DOW hourly charts...No confirmation yet, but here it is....
:: Henry Ford ::
11:07 AM
UPDATEThis is like playing ping-pong...just doesn't want to set a trend, huge volumes, but little movement.
:: Henry Ford ::
10:41 AM
UPDATEDOW and NASDAQs survived the bottom test so far. SP Futures took out stops, which is not unusual...still no clear patterns here.Shorter time frame, (5 minutes) we have established a declining tops trendline that we have been bumping up against on every rally attempt since 2PM yesterday. If we can break above we might be able to get some action going here.
:: Henry Ford ::
10:38 AM
UPDATEGroups with decent relative strength thus far are homebuilders, networkers, storage, semis, auto components, integrated oil, oil services, airlines, retail. Weak sectors include banks, brokers, drugs, casinos, coal, gold. NYSE Adv/Dec 1112/1725... Nasdaq Adv/Dec 1197/1625
:: Henry Ford ::
10:15 AM
UPDATESP weak here...dragging the rest down. Looking for a test of yesterday's bottom here.
:: Henry Ford ::
9:52 AM
UPDATEStill too early to call direction or look for patterns here...Should be able to make some projections in next half hour. Fortunately we left no gaps this morning.
:: Henry Ford ::
9:50 AM
LEADING NAZ & DOW STOCKS
:: Henry Ford ::
8:54 AM
GOOD MORNING Overnight we had been up as much as 12 points on SP futures. Now S&P futures vs fair value: flat. Nasdaq futures vs fair value: flat. Equity futures had been strong, but are trending lower, pointing to a flat open. Early strength spurred by European/Asian stocks, strong dollar and generally positive corporate earnings news (e.g., TXN, T, TYC). However, the futures are slipping here as some drug stocks report in-line, but offer no guidance. Also not helping is a Novellus downgrade and Banc of America downgrading ten energy companies.
:: Henry Ford ::