🖼 Daily Technical Picture 📈 ➤ Minor down day in US indices. Pre-market was firmly positive until the PPI (Producer Price Index) numbers were released. It showed persistent inflation in the costs of production. These costs can be passed on to consumers and therefore feeds into CPI/Consumer inflation numbers. ➤ With CPI numbers coming out Thursday/today, we should...
🖼 Daily Technical Picture 📈 ➤ US indices returns were wide spread. With DJIA finishing flat and Nasdaq continuing to fall. Large intra-day gains were unable to hold up. S&P500 hit a new low but the daily close held above the previous yearly low set on 30th Sept that can be considered as temporary support. VIX may also be peaking. There is a potential for a good...
As above... 1M charts for the major indexes look very similar: bearish... likely accelerated down trend in short term. Nov 2022 into early 2023 going to be red candles. I think final lows will surprise most. Coming to a chart near you in the near term: Nasdq 9K, DOW 26-27K, S&P 3.2-3.3K. Good luck traders. Will follow.
🖼 Daily Technical Picture 📈 ...for the Bears as equity prices continue to fall in an orderly manner. The NASDAQ closing on a fresh new low, S&P500 not far behind. That being said, we did see prices reverse aggressively when the S&P500 made a new daily closing low on 30th Sep, so there's that possibility once again. ➤ Across in Europe, the indices couldn't hold...
The Dow Jones Industrial Average (DJI) has been highly volatile today following a two day selling sequence on last week's closing. Following the NFP on Friday, the market is entering the anticipation mode over this week's CPI report, which is crucial on the Fed's rate policy. Amidst this high volatility we have spotted a recurring pattern, which has been...
🖼 Daily Technical Picture 📈 ➤ Equities took a dive towards the lower support level. Note that this support level has already been violated by a daily close to set a yearly low on 30th Sep. This makes it less reliable as a line of defence. Still, price did bounce off that level prior to end Friday trade. ➤ The momentum is with the Bears but we should tread...
🖼 Daily Technical Picture 📈 ➤ Bears tried to push back the charging Bull and ended without success. Price bounced off the support line strongly. Clearly there are buyers at these levels. VIX contracted further. Is the panic over? ➤ I'm of the opinion that we may see the price rise a little more followed by a down move as a secondary test of the yearly low before...
🖼 Daily Technical Picture 📈 ➤ The United Nations (UN) is meant to save humanity from itself. I guess a floundering equity market does meet that remit especially with rumours of Credit Suisse troubles. Also, think of the millions of Baby Boomers who are retiring every day. They need to sell off their risky assets (i.e. equity portfolios) to buy safer alternatives...
🖼 Daily Technical Picture 📈 ➤ Wallstreet pulled out the oldest trick in the trading book to start off a new month: a fake breakout. A breakout occurs when price confidently breaks through a support or resistance level and closes beyond that level. This is what occurred on 30th Sept to set a new yearly low for the S&P500. Once the price breaks out, it tends to...
🖼 Daily Technical Picture 📈 ➤ I was looking for market participants to do some window dressing on Friday to make a horrible September end on a positive note. Instead, we saw window selling. Ending with an exclamation mark to show how bad the month was for long only investors. It was a bad end for myself as well. I gave back pretty much all the profits from...
I adjusted wave 6 on the current chart to the current downside move. Haven't been looking at US30 for awhile, but been focusing more on the S&P chart. Either way, the pattern is the same. Market is playing out, kind of as forecasted based on charts published months back. Are we there yet? At wave 5, the market was going "are we there yet?" Then the market...
Even though the S&P broke the previous summer low if Monday opens higher we can expect that this was a fakeout and the double bottom pattern will come into play. The overall fundamental picture is more critical and dominant than some lines on the chart. However, still, it can be a high-risk, high-reward trade that can come into great use if we already have some...
Hi great followers, traders and investors ! Today, We analyzed one of the most important indices in US market. I decided to record a video since I thought that it may be difficult to show what I am thinking in writing. In fact, I wish to transfer my idea better by this video. In this video, We investigate Worst, Moderate and Best case Scenarios. We analyzed the...
🖼 Daily Technical Picture 📈 ➤ The sequels just keep coming...prices are still stuck in the narrowish support and resistance levels for the S&P500. This time ending right at the support level in contrast to the previous day. If you get the feeling some one is trying to shake you out, that's exactly what it looks like. That being said, a break to the downside would...
🖼 Daily Technical Picture 📈 ➤ Another hugely volatile day. Pre-market conditions were looking disastrous as US indices were south of 1% and European indices were down over 2%. A complete turnaround occurred as bond yields reversed lower. Bond yields have become unhinged and forced central banks to step in to try and control the situation. We should expect such...
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Wall Street is increasingly concerned that the Fed's six-month inflation fight will push the economy into recession. The recent selloff seems to be the catalyst, including the US central bank (Federal Reserve/The Fed) being aggressive to raise interest rates. Finally shaking up the currency market. With the dollar overvalued in recent weeks, market participants...
🖼 Daily Technical Picture 📈 ➤ No prize for those of you who guessed the title of today's update. It's growing a bit tiresome. As in previous days, prices opened higher and ended lower. As suspected, with VIX moving higher, S&P500 set a new yearly low in the process but was able to close above the support level. ➤ This tiresome behaviour may bring about some...