Stocks are looking pretty bearish over the past week or two. They have pierced through many psychological, technical, and Fibonacci levels. It looks like the S&P is currently contending with the psychological and technical level of 3200. This is a significant level and whether you are a bull or a bear, keep your eye on it. The bulls can expect a bounce off...
TVC:SPX went below February highs and broke down key support levels.
If megaphone is indeed playing out, we are just at the very beginning of the move down.
"Buying the dip" might lead to some very negative surprises at the moment, so extra caution is required.
I previously posted a bear case for S&P 500, though it seems to be playing out well, I am more convinced that we have another wave to complete before we go completely bear. See related links for previous S&P 500 forecasts.
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Hello Fellow Traders!
Indices experienced slight recovery last night with SPX (US500) up 2%, Nasdaq up 2.94%, UK100 up 1.39% and DAX 2.07%
The SPX (US500) has broken pre Covid highs aided by the US tech sector, while the broader market has struggled to test related levels.
The DAX has positioned itself for an advance to reclaim historical levels.
Stocks have declined to new relative lows in a selloff yesterday. The Kovach OBV is gradually declining confirming the trend. We are at a critical level here at 3242. There is a vacuum zone down to the technical and psychological level of 3200. If we can't get a lift here, we will likely test 3200.
This bearish channel has confirmed support and resistance multiple times over the last three weeks. Prices testing the resistance band on the topside or the support band on the downside have been attractive reversal opportunities.
Stocks retraced, though not at the level we thought they would. We anticipated they would catch support at 3264 but it looks like they found support two technical levels lower at 3241. This is why it is important to keep narrow stops and hunt the best entry price. You can be right about a trade but just get the wrong price. It is difficult to say what stocks...
The S&P has dipped again to make new relative lows at 3262. It has extended past our Elliott Wave at point C, which suggests that the corrective phase is not done yet. We are still in bull mode owing to the massive V-shaped recovery we did see after the Coronapocalypse.
This burst of bear momentum has formed an ABC wave which may be part of the overall...
I initially predicted a 17% decline on JSE TOP40, the move is well in motion. See link below
South Africa has had one of the worse lockdowns in response to covid19 and it resulted in a reported decline of 51% in GDP. The unemployment numbers and number of business bankrupted are not yet publicly...
I initially posted IBEX 35 set on July 30, it's taken quite longer than I thought it would but the trade is still in play with even better risk reward ratio.
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Stocks have been holding a very narrow range from 3310 to 3427 for several days. This suggests that the S&P is in a sideways corrective phase, and gearing up for a breakout either way. The Kovach OBV has been extremely flat throughout this period, which is yet another signal that momentum should come through soon. Stocks can only hold this narrow range for so...
NAS100 has broken out of a continuation structure, waiting for the price to breakthrough the support level and be in for sells.
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