A medium look at the stock market made by charting the SPY.
Seems like the indicator might go as high as the 272 mark in the upcoming months.
Seems like the indicator might go as high as the 272 mark in the upcoming months.
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Smaller scale channels.
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An update to the hourly chart
An update to the hourly chart
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Another update. After the higher opening the pair has been retreating in this short term pattern.
The reason can be described from various perspectives.
First of all - consolidation of gains.
Second - Prior to the Tax Reform there is a decline due to another vote.
Third - there is a rather weak resistance line, which is a a parallel to the most recently strongly confirmed support. In addition the weekly R2 and the monthly R1 are strengthening this resistance.
Another update. After the higher opening the pair has been retreating in this short term pattern.
The reason can be described from various perspectives.
First of all - consolidation of gains.
Second - Prior to the Tax Reform there is a decline due to another vote.
Third - there is a rather weak resistance line, which is a a parallel to the most recently strongly confirmed support. In addition the weekly R2 and the monthly R1 are strengthening this resistance.
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Another update.
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The year end session opens at a new record high level. This reveals the borders of the new medium scale hourly chart's pattern.
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It looks like someone drastically sold during the last 30 minutes of the year's trading.
Likely done to book gains or losses for the accountants to close out the year.
Likely done to book gains or losses for the accountants to close out the year.
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The horizontal bounce ended, revealed a new pattern with the fundamental "optimism" of the new year.
That optimism is actually the buying of assets with the cash that was gained by major players after closing out their losing positions at the end of the year to get a tax deduction. They are reopening the positions that they have and/or maybe changing a little bit their portfolios.
The bottom line - Large players are reopening their positions.
That optimism is actually the buying of assets with the cash that was gained by major players after closing out their losing positions at the end of the year to get a tax deduction. They are reopening the positions that they have and/or maybe changing a little bit their portfolios.
The bottom line - Large players are reopening their positions.
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The surge extended itself to a new high.
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With the opening of the market, the trend line shown in the previous update was broken. A review for something to watch out can be seen below.
However, this buying continues.
However, this buying continues.
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The gains have been even higher than expected. The fundamental surge goes higher and higher, as the Markets asses the scope of the changes in taxation in the US.
From a technical perspective. Before reviewing.
Afterwards. However, the lines are likely to hold for small periods of time.
From a technical perspective. Before reviewing.
Afterwards. However, the lines are likely to hold for small periods of time.
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Did a bigger review, getting rid of various broken trend lines.
The market looks a lot in need for a period of consolidation.
Did a bigger review, getting rid of various broken trend lines.
The market looks a lot in need for a period of consolidation.
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Did not post an update for more than a week.. Long story short. The surge continues. Check out Dukascopy's latest article, where the charts are used and the SPY is looked at in a 2018 perspective.
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Still going up.
However, from a fundamental perspective some stress that the US Dollar is falling due to the US Government shutdown.
Meanwhile, Dukascopy stock analyst states- that is an excuse. The surge has been going on since the start of January with minor consolidations. It is more likely that money is coming in from overseas, as US companies cash in on the Trump's tax reform.
However, from a fundamental perspective some stress that the US Dollar is falling due to the US Government shutdown.
Meanwhile, Dukascopy stock analyst states- that is an excuse. The surge has been going on since the start of January with minor consolidations. It is more likely that money is coming in from overseas, as US companies cash in on the Trump's tax reform.
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Yesterday the pair touched the resistance of the speculated channel up pattern.
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Breaking more resistance levels. It seems that the technical levels are only capable of forcing the market into short stops of the surge.
Breaking more resistance levels. It seems that the technical levels are only capable of forcing the market into short stops of the surge.
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The pullback has begun. Here is the daily chart to look at where it might end.
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The pullback caused a historical decline. Most likely it will last until all of the overbought sentiment disapears.
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Near the support of the long term pattern. Those speculative patterns of the medium and short term time frames are better left alone for now.