🖼 Daily Technical Picture 📈 ➤ First day of US trading in the New Year displayed the same volatility as we have come to enjoy/get used to. A firm positive start filled with promise faltered to finish in the red. I hate to repeat it, but once again the support level held. ➤ A break up or down from this small consolidation/sideways market since mid-December should...
🖼 Daily Technical Picture 📈 ➤ S&P500 is still holding the support level. The longer this goes on, the more favourable it is for the Bears. Without a notable bounce after the steep sell-off since the December high, this shows that Bulls have little conviction to push prices higher. ➤ Still, it is a new year and historically January is a positive month due to the...
The Dow Jones Industrial Average (DJI) has been stuck within a Triangle pattern (dashed lines) since it hit and bounced on the 1D MA200 (orange trend-line) on December 20 but has a clear rejection on the 4H MA100 (green trend-line), which is the short-term Resistance. At the same time we can also see that the 1D MA300 (yellow trend-line) has also resumed its old...
🖼 Daily Technical Picture 📈 ➤ Equities bounced nicely. S&P500 recovered above the support level. European indices bounced off the 50-day moving average. ➤ Sideways would be the appropriate term to sum up the price action for 2/3 of the year. If we look backwards to May, the S&P500 has not made any progress up or down. Price has oscillated around current levels...
🖼 Daily Technical Picture 📈 ➤ The last trading days of the year are upon us and the state of the equity market are very different to preceding years. It's time to waive goodbye and say good-riddance. Let's cheer for a sea change in the New Year. ➤ I made one last Trade to see out the year. Although the S&P500 broke below the support level it has not broken below...
🖼 Daily Technical Picture 📈 "Shawty had them apple bottom jeans (jeans) Boots with the fur (with the fur) The whole club was lookin' at her She hit the floor (she hit the floor) Next thing you know Shawty got low, low, low, low, low, low, low, low" ➤ That's the lyric from the song by Flo Rida. I had to look up the meaning of "Shawty". It is usually a reference...
No rocket science methodology here. Potential bullish channel. I took longs at the bottom this morning. Will take profits at the top of channel. Will leave some running in case price breaks through and Santa decided to bring us that rally. Caution for reversal back down.. SL's in place. Good luck. Godspeed! -
🖼 Daily Technical Picture 📈 ➤ Thing's pretty much look the same as expectations prior to the Christmas Holidays. I'm expecting equity prices to bounce higher. The extent of which will tell us if the Bulls can regain a foothold or the Bears once again take control. ➤ Price again bounced off the Support level at 379/380 on the SPY. Pre- US Market Trade in Asia is...
This is the Dow Jones Industrial Average Index (DJI) on the 1W time-frame where we look into the current 1W (weekly) candle. As you see, the index managed to turn around the mid-week negative sentiment and closed the week above the 1W MA50 (blue trend-line) and in green. Even last week's heavily bearish candle closed above the 1W MA50. Those are early signs that...
🖼 Daily Technical Picture 📈 ➤ Equity prices made no further headway. Instead, a large Bearish day threatened to add to a Cheerless Christmas. Price managed to recover some losses by end of trading day leaving things in the lurch. ➤ NASDAQ is performing miserably. It's almost back to the lows of the year. One shouldn't be surprised it is lagging so badly. Used to...
Levels to watch out have been marked in the chart. Expecting a stronger sell off, if market bounces from here !
Levels as mentioned in the chart, its a quick trade. Lets see where it goes
🖼 Daily Technical Picture 📈 ➤ If yesterday's bounce was uninspiring, the Bulls were clearly inspired today. It's almost Christmas Cheer time after all. The VIX has collapsed back to the pink highlighted zone in the chart. Let's see if the Bulls can break below. It's been bound by this zone since the start of the year! ➤ I'm not looking for a big aggressive...
🖼 Daily Technical Picture 📈 ➤ We saw the smallest of bounces in the S&P500. It was uninspiring. Still, an upward move has to start from somewhere. Today may be the day to risk some capital. ➤ Uninspiring too is the Poll I took about people's opinions on which group of market participants might do well next year. 45% voted for "Everyone is a Loser". The...
🖼 Daily Technical Picture 📈 ➤ Equities continued their free-fall. It has now given back 50% of the gains as measured from the Oct bottom to Dec top. Price has reached a support zone. This is an ideal area for prices to rebound higher. ➤ Can you believe it? There are only 8 trading days left in the year. It's been such a tumultuous year that I can't even recall...
The Dow Jones Industrial Average (DJI) is trading on a red December candle, following the extreme rise since October that broke back above both the 1M MA50 (blue trend-line) and 1W MA50 (red trend-line). The 1M MA50 seems to be the key for the uptrend as (excluding the COVID crash), is the line that keeps the multi-year uptrend intact since 2011. However, the 1M...
🖼 Daily Technical Picture 📈 ➤ A Change of Character "CHoCH" has occured in S&P500 uptrend since the Oct bottom. The drop since 13th Dec looks to be the largest in size. This changes the momentum of the Bulls. Either Bulls will take pause with some sideways movement prior to igniting another run higher or the Bears will now come out to play. I favour the Bearish...
Recall we said this area would be $DJI next target? Broke but #DJIA rallied to it IMO sideways likely outcome, slight lower bias atm We said this a few few times but kinda paused as #stocks went higher, original assessment stands