Our partners FusionIQ state: “TiVo Inc. (TIVO) whose service allows viewers to locate and record multiple shows, control live television, choose viewing preferences, and access their customized lineup of shows scored a new high volume, breakout. This breakout comes one day after TIVO scored a new FusionIQ timing BUY signal. With an unbiased point and figure target of $ 16.50 and a 100 FusionIQ technical ranking, TIVO shares look to have solid upside potential if purchased on pullbacks. Fundamentally an imminent settlement with Dish Network (DISH) is an added catalyst that is likely to drive shares.” To learn how you can get an edge trading/investing with FusionIQ’s powerful platform, click here to watch my product review and take advantage of our special Wall St. Cheat Sheet 20% discount.

Dr. Brett Steenbarger, author of The Daily Trading Coach, teaches us some signs of a Downtrending Day:

* Inability to take out overnight highs on economic news;

* Break below the opening price range (blue line);

* NYSE TICK consistently negative;

* Intermarket themes show strong dollar, weak commodities;

* S&P 500 sectors consistently down from their opening prices;

* S&P 500 Index trading consistently below its volume-weighted average price;

* Volume in ES futures consistently hitting bids over lifting offers;

* Price consolidations at successively lower prices (blue arrows above). (Source: TraderFeed)

Corey Rosenbloom, the Technical Analysis Professor, submits: Let’s take a look at the full S&P 500 rally from the March 2009 lows and take a special look at daily readings of Breadth and Comparative Volume to see that Internals surged higher and confirmed the initial rally but lately in an ‘about-face,’ have been failing to confirm the new 2009 price highs.  Let’s take an objective look at price and underlying internals. (Source: Afraid to Trade)

Precision Capital Management offers a very cool chart this week as a follow up to our Market Profile column with Tom Alexander: The S&P 500 has recently been up against its most formidable resistance since the start of the 2009 rally.  Pictured above is SPY with volume at price (red) beginning at the October 2009 high.  The green horizontal line marks halfway between the two greatest points of control, which roughly coincide with VWAP, also anchored from the October 2009 high.  The bulls and bears continue to battle it out here as a failure could see price trade down to lower anchored VWAP support at 101.96 or 91.96, and a breakthrough could see price reach the higher point of control at 127.90.  We update our readers daily on these and other market developments (free registration here), but will be paying particular attention to this chart. (Source: Precision Capital Management)

Want our Feature Trade and more charts with trading recommendations? Click here to get a free copy of our October Premium Newsletter.

Want more Market Insights? Try these posts:

A Review of the Major Stock Indices Through the Lens of Auction Market Principles and the Market Profile Graph

Earnings Recap: Proctor and Gamble, Kellogg, and MetLife

SPYSPXDIATIVOStocksEconomic Policy

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