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Every week we present an analysis of the previous week's market action as depicted by SPY (the index tracking ETF for the Standard and Poor's 500 index) and our outlook for the coming week. In the past holiday-shortened week, news of debt concerns in Dubai led to painful sell-offs in many stock markets in the US, Europe and Asia. SPY printed a new yearly high on Wed (25 Nov) but closed shar...

This coming trading week will be an interesting one for the S&P 500. But before we go any further, let us take a technical look at what had taken place since last week. Although the week ended with a minor loss of about 0.7%, it was one heck of a volatile ride for most investors and traders. The week started off with minor gains for SPY on Monday but it was quickly erased during Tuesday and We...

Here is an ETF Market Trend analysis on OIH (Oil Services HOLDRs). The investment holds shares of common stock issued by specified companies that, when initially selected, were involved in the oil service industry. [caption id="attachment_1293" align="aligncenter" width="600" caption="ETF Market Trend: OIH"][/caption] Let's take a closer look at the daily chart of OIH. Prices has been trendi...

Here's our weekly technical take on the broad market action as depicted by SPY ( the ETF for the S&P 500 index). Over the past week, SPY had bounced off the 50-day SMA in a textbook-like fashion and had moved up more than 4% ever since. While it is not surprising to see the bounce off the 50-day SMA, it is quite a wonder to witness another dramatic climb back to the previous highs at the 108 l...

It was a case of a failed bounce in the major indices last week. In our previous weekly update on the S&P 500 index (as represented by SPY), we highlighted a possible bounce at the 50 day SMA (around 104 level). SPY bounced on the following Monday to close near to 106 but subsequently gave back all the gains and more in the next few days. The subsequent decline was decisive  and supported by ...

On 18 Sep, we highlighted UNG as a potential short based on its technicals. Since then, instead of dipping significantly lower, the ETF exhibited resilience and has been hovering just below the key $12 price level. It is useful to recall that the $12 level serves as an important resistance for UNG. The downward sloping 200-day SMA has been hovering around the $12 mark as well in recent days. Ther...

Every Monday, we will be posting an S&P 500 technical analysis update. Using SPY, the ETF proxy for the index, we will identify important technical patterns and key price levels for traders and investors. In the previous week, the SPY tanked approximately 2% on increased volume. As we hardly have any broad-based decline of this magnitude in recent days, it certainly got traders and investo...

Recently, we had a request for analyzing UNG, the ETF for trading natural gas contracts on NYMEX. To cut the chase, UNG is a good candidate for a short entry. Since peaking at about $60 last July, the ETF has been trending downwards with hardly any respite. A brief moment of bullishness appeared in September when it surged upwards to $12 from an all-time low of $9. However, going forward, the o...

The UltraShort Dow30 ProShares (DXD) is an ETF that seeks daily investment results corresponding to twice the inverse of the daily performance of the Dow Jones Industrial Average index. Technical analysis of the DXD daily chart shows an unbroken downtrend since the ETF hit a historical high of $111.09 back in Oct 08. The hourly chart below shows a similar, downward pattern, but it also reveals...

There was a request to look at ProShares UltraShort Financials ETF (SKF), which corresponds to twice the inverse of the daily performance of the Dow Jones U.S. Financials index. Since SKF is tied to the market trends of the U.S. Financial Sector, it may be a good idea to also review the chart of the U.S. Financials ETF (IYF). However, I'll restrict my analysis to only SKF for now. SKF is an E...