Options and Stock Market Technical Chart Analysis for July 24, 2009 by Idan Koren

Today I look at some overbought conditions both on the RSI and MACD, and explain the significance in these embedded environments as we hit some extremely strong necktie resistances between two huge trendlines. While the 38.2% are very close, and people expect us to hit it, I believe the first push lower of either a reversal or consolidation might start as soon as early or late monday and will continue for more than one day. In this video I also look at the inverse H&S on the Dow and S&P that broke out and explain what the ramifications may be for a very strong red week. I also look at GS, AAPL, AMZN.

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[emerson134]

The Nasdaq has already had huge retrace rally from March and Apple should of already been back to $200 high along with Amazon. I would say Apple is underperforming here. Something to consider.

[u05ikoren]

It is definitely underperforming but i'm saying it shouldn't be.

[Athenaikos]

The wedge pattern shares most of its characteristics with the symmetrical triangle and the flag. The wedge forms much like the triangle and signifies a sharp expected breakout in the direction of the prevailing trend. Much like the flag, however, the wedge itself forms at an inclination opposite to the direction of the trend before breaking out in the direction of the prevailing trend.

Assuming the prevailing trend is bearish, check ou the SPX 60 min, 6 month chart.

[u05ikoren]

That's a great point.. and i definetly see what you see on a 6 month basis..

[chelvan2]

The market broke through resistances.. technically it is going higher, but fundamental .. i don't see any changes in market condition from March of 2009

[stevegoff420]

right on the money w/ APPL and GS falling off....

[ThinkingLeft]

I wont chase this Rally

[zgreg427]

Everyone is going in short on Monday, its the obvious trade....the shorts will get crushed on monday....

[kenji4861]

Darnit Idan.. I was just about to call it quits from getting slaughtered on my shorts.. now this video makes me want to get in again. :(

[kahoenurse]

Thanks Idan, love your videos.