Henry Ford's MarketWatch LIVE!

4:26 PM
ADMINISTRATIVE NOTE
1. The address of this page will be changing this evening, so do not save this bookmark. Use your regular login through pitbullinvestor.com tomorrow morning and click on MarketWatch from the sign in menu.
2. We have been notified of a planned power outage tomorrow between 11:30 and 1:30PM PST. We have a generator in place, but have never used it, so will be testing late night tonight. We may still not be able to get back online till after the market close...just to prepare you.
3. We will be adding a new program element later this week that will let you check the status of each of your services and expiration dates. This is going to be a handy way to ensure you don't miss out because of lapsed services.
:: Henry Ford ::

4:01 PM
MARKET WRAP Ending at the highs of the day which is the perfect setup for a continuation run tomorrow. We will be discussing those major patterns we mentioned and also show you how to calculate predicted targets. This could be a very important day, so don't miss it. Time permitting I will also discuss Fibonaccis in more detail and how I use them to show most probable turning points.[BRIEFING.COM] The bulls are on a role with today's impressive turnaround leading to a new recovery high for the S&P 500. The Nasdaq Composite has outperformed the Dow today but the latter index is closer (1.1%) to achieving the same feat as the S&P (Nasdaq 2.3%). Regardless of the leading index, the surge has been impressive in terms of percentage move and broad based in scope. Retail has played a key role today (RLX +6.3%) and there are two retailers due to report after the close today (ANN, JWN). Other stocks scheduled to report include: ALKS, BEAS, BRCD, CREAF, GMST, INTU, PGTV and PLAB. SOX +6.6%... DOT +6.7%... XOI +2.1%... BTK +4.1%... NYSE Adv/Dec 2210/1020... Nasdaq Adv/Dec 2091/1240.

:: Henry Ford ::

3:18 PM
UPDATECURBS IN...as we approach target resistance of 8694...just love it when a trading plan comes together....
:: Henry Ford ::

3:03 PM
UPDATE 3PM balloon now looks like it has turned into a rocket...nice move right after the turn of the hour that took out the resistance line in a quick thrust...We would like this to hold and set up the next leg of the advance. There are two levels needed to take out for my scenario to playout. The first is the declining green top of the large triangle at 8694. The second and most important is the pattern we will be discussing tomorrow which has resistance at 8760. A confirmed break of 8760 should see a minimum of 400 points and maybe even 600 points tacked on the DOW...but don't want to spoil tomorrow's thunder.
:: Henry Ford ::

3:00 PM
UPDATEThis market could get real exciting in the next couple of days to the upside. We have some MAJOR patterns converging on all the indices that portend very powerful upmoves once confirmed. I will be putting up some daily charts on all the Indices tomorrow as well as discussing a couple of sectors that are beginning to look real interesting.
:: Henry Ford ::

2:57 PM
UPDATE In the scheme of things we often have a rally into the last hour we call the 3PM bubble and can see a selloff immediately thereafter...In the following half hour traders begin to jockey for the positions they want to go home with and put their Market On Close (MOC) orders in about 20 minutes before the close.
:: Henry Ford ::

2:42 PM
UPDATEWe have now reached the bottom of the rectangular top pattern which foretold the recent drop. This now becomes resistance at 8612. Once this is breached, the next target will be the declining green triangle.
:: Henry Ford ::

2:01 PM
UPDATEWe have decisively broken above the hanging man and looks like we are on our way. Next resistance is yellow line, then green line from large symmetrical triangle. RSI turned nicely

:: Henry Ford ::

1:53 PM
UPDATEGetting a little rally move ahead of 2PM
:: Henry Ford ::

12:54 PM
UPDATEAs expected here, no direction during the lunch break. I would not be surprised to see a trip down to the 62% retracement line around 8300, but my saying so is just as likely to make a rally here...just in wait and see mode.
:: Henry Ford ::

11:54 AM
UPDATEComing into the noon hour...As I have said before, this is the time that most traders take off and don't return till after 2PM. During this period scalpers can push the indices back and forth to take out stops. So far the hanging man is "hanging" in there, but keep an eye out for a break of the low.
:: Henry Ford ::

11:31 AM
UPDATEPrice dropping, but still within the confines of the last bar. This pattern will expire on break of last hour's lows...8353 DOW
13 hour RSI down to 23, but no signs of a turn yet..This is an indicator built on averages, so it is sometimes slow to react.
:: Henry Ford ::

10:58 AM
UPDATEGot a nice spike to take out the Fibonacci and bounce off of rising trendline on DOW...I have also marked a typical reversal pattern called a "Hanging Man"...This one has lots of names...DOJI or DRAGONFLY DOJI are the most common. Basically it occurs on selloffs in any timeframe when the opening and closing price are at or near the high with a significantly lower low. A breakout above the highs in the ensuing bars has an 89% success rate,,,obviously a bar closing below the low negates the pattern. This is a great pattern to look for on daily charts of stocks of interest and makes a very low risk entry with a clearly identifiable stoploss point. I love to look for these patterns in stocks that have had sharp selloffs ...wait for the confiming higher bar or your breakout success rate drops to 67%

:: Henry Ford ::

10:17 AM
UPDATEAs I posted the previous chart we took out 8400. You can see the thin green cyclical line which is the 13 hour RSI currently around 30. That is what we follow for overbought/oversold and it is a fairly accurate predictor of turns (although it should not be used with out other indicators and common sense). It should bottom by going below 20 and then reversing back through as it did on the left-hand side of the chart presaging the last rally. You can also see that we are near the bottom of the range bounded by our new long term symmetrical triangle pattern bounded by the heavy red and green lines.
:: Henry Ford ::

10:07 AM
UPDATEHere is the DOW snapshot at 10AM...I have drawn the major support resistance lines along with the Fibonacci retracement levels.

:: Henry Ford ::

10:01 AM
UPDATESlow drift here as we head to the first retracement target of 8400 on the DOW. I see a worst case overshoot of another 100 points for this index, We still have not bottomed on the 13hour RSI and looks like the hourly model won't be in position until the end of the day or early tomorrow to stage any kind of a rally.
:: Henry Ford ::

9:45 AM
UPDATE

:: Henry Ford ::

9:14 AM
GOOD MORNINGNeutral opening this morning..We will have to wait to see if they are going to continue the pullback that they started in the last half hour yesterday. S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +7.0. A reversal of fortune for the pre-market indicators despite weakness in semi equip and some cautious commentary in tech (TXN, ISSX). Storage of interest on the upside following the NTAP (+14.3%) results. The Nasdaq 100 PMI is up 2.82 points.

:: Henry Ford ::

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