FB has fallen over $40 in past few weeks at a sharp decline; seems like it could be looking for support around the 200 EMA.
- FB is looking to find resistance a bit above $348
+ downtrend line and trend line acts as potential resistances
+ green projection angle shows the predicted move area
- FB will look for support around $330
+ fibonacci estimates PT $332.35
+ pitchfork estimates PT $330.41
The market is looking to have a rally over the next day and a half. Many people are talking about buying the dip; with a small gap on the SPY. FB being one of the heaviest stocks in the S&P, also being at the bottom of the Bollinger band, it will gain some momentum before another fall.
Generally speaking, I do not let news impact my charts. I believe the charts predict what will happen, but being an International Studies major (political science minor) I believe politics is just creating a show to manipulate the markets
In the past, the passing/continuation of the infrastructure bill has caused a hit to tech sectors (August 9 and 24). The house is planning to vote against the infrastructure without their $3.5 trillion spending bill. Moderate democrats did not want to support this bill because they believe it is too high. Moderates believe $1.5 trillion is a fair amount. With the progressives not budging it seems like the infrastructure bill will get shut down. Also in the news, there is a dispute about suspending and raising the debt ceiling. Recently the GOP voted against a bill that would allow democrats to raise the debt ceiling. Without doing this the state would default on its loans; thus, crashing the markets, losing millions of jobs, and destroy the economy that recently recovered from a recession.
This is a ploy because democrats cause use the spending bill to avert a shut down and pay for its debts. So that seems to be the way the moderates and the progressives will both get what they want. They save country and the stock market will start to fall. Democrats will get what they want and in return the GOP will use this bill that the democrats passed as a talking point for their base because it will send the market down. The market that has been so strong, and growing under Trump came to end because of Biden and his lefties. It is a take and give relationship.
They keep claiming that the U.S. will run out of money around October 18th, but Yellen says that that is subjective and that the U.S. could run out of money before then. According to some of previous charts October 11th/13th is when stocks were supposed to fall. It seems like the spending will be passed around October 11th, and the feds will announce tapering on their meeting October 13th.
I just listen to my charts and news, in the past, has followed. These predictions are made based on charts and the information given to us by officials. Just know there is no bull market. This is the 'dead cat bounce' before the fall.
** my regression channel did not show, but that is what those white lines are
- FB is looking to find resistance a bit above $348
+ downtrend line and trend line acts as potential resistances
+ green projection angle shows the predicted move area
- FB will look for support around $330
+ fibonacci estimates PT $332.35
+ pitchfork estimates PT $330.41
The market is looking to have a rally over the next day and a half. Many people are talking about buying the dip; with a small gap on the SPY. FB being one of the heaviest stocks in the S&P, also being at the bottom of the Bollinger band, it will gain some momentum before another fall.
Generally speaking, I do not let news impact my charts. I believe the charts predict what will happen, but being an International Studies major (political science minor) I believe politics is just creating a show to manipulate the markets
In the past, the passing/continuation of the infrastructure bill has caused a hit to tech sectors (August 9 and 24). The house is planning to vote against the infrastructure without their $3.5 trillion spending bill. Moderate democrats did not want to support this bill because they believe it is too high. Moderates believe $1.5 trillion is a fair amount. With the progressives not budging it seems like the infrastructure bill will get shut down. Also in the news, there is a dispute about suspending and raising the debt ceiling. Recently the GOP voted against a bill that would allow democrats to raise the debt ceiling. Without doing this the state would default on its loans; thus, crashing the markets, losing millions of jobs, and destroy the economy that recently recovered from a recession.
This is a ploy because democrats cause use the spending bill to avert a shut down and pay for its debts. So that seems to be the way the moderates and the progressives will both get what they want. They save country and the stock market will start to fall. Democrats will get what they want and in return the GOP will use this bill that the democrats passed as a talking point for their base because it will send the market down. The market that has been so strong, and growing under Trump came to end because of Biden and his lefties. It is a take and give relationship.
They keep claiming that the U.S. will run out of money around October 18th, but Yellen says that that is subjective and that the U.S. could run out of money before then. According to some of previous charts October 11th/13th is when stocks were supposed to fall. It seems like the spending will be passed around October 11th, and the feds will announce tapering on their meeting October 13th.
I just listen to my charts and news, in the past, has followed. These predictions are made based on charts and the information given to us by officials. Just know there is no bull market. This is the 'dead cat bounce' before the fall.
** my regression channel did not show, but that is what those white lines are
What this tells me that there is still a chance for the stocks to move up and reach resistance before falling. The S&P, and several of its top stocks (i.e. MSFT), gapped down, this could potentially be a potential gap fill. It does not seem as though those gaps will be getting filled.
Those gaps will serve as resistance levels for when the stocks bounce off their 200 EMA. Stocks are in need of a correction and this is the first stage. Some of the big stocks are about $20 from their 200 EMA: FB, MSFT, SPY, AAPL. With these stocks looking for support on their 200 EMA the rest of the stocks are going to fall.
The infrastructure bill is supposed to be voted on September 30th. There was a lot of talk about the bill getting voted down, but through all of the drama there seems to be some optimism by those on the inside. Speaker Nancy Pelosi vows to never bring a bill to the floor if she does not fill like she has the votes; however, she did hint at pushing the bill back for a second time. The issue is, if she does that then she would risk losing the moderates. Progressive caucus co chair, Mark Pocan, referred to the capital hill situation the 'Packers vs. 49ers' SNF game. Paraphrasing: if you had turned the game off when there was 37 seconds left on the clock you would have thought the 49ers had won.
Progressives are open to dealing with the large tax bill at a later date with proper commitment. It is only two moderate democrats holding up the process because they are not willing to give them progressives a number.
Predictions:
- tomorrow the infrastructure bill will pass: sending stocks to their 200 EMA
- once stocks reach their 200 EMA the senate will pass a bill to raise debt ceiling: this will send stocks up to fill those gaps
- when those gaps are filled the tax bill will pass, along with taper announcement, and enters bear season
There will likely before some gains tomorrow, but not a lot of movement. $342.37 acts as resistance. Break and FB is heading for $348 or or $330. The highlighted 4hr candle looks the be the deciding candle