Stock chart patterns and technical analysis (TA) explained simply. Disclaimer: This blog and all its contents are for educational and entertainment purposes only. Do not trade or invest based on any information seen on this blog. Please read Terms of Service. The K E Stone blog sites (Keybot the Quant) are blacklisted by Google, so enjoy the ad-free experience, and only use the Donate button when supporting the sites.
New all-time highs are printed on the joyous jobs report this morning. Price is now near the top of the upward-sloping channel for the 2-hour chart. The red lines show the negative divergence that created the mid-April pull back and now the chart is setting up in the same manner. The move up today has such momentum, however, there may be a day or three needed to absorb all that energy, so some sideways at these elevated levels may be in order. The indicators are not sharing the upside enthusiasm although the MACD line is trying to point to higher highs ahead. Stochastics and RSI are in overbot territory now. The markets continue higher but the projection is sideways to sideways lower ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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