After a double top, and what appears to be a double bottom, Philadelphia Housing Index sits right on the 50% fib and just on the top edge of the cloud resistance. It is near the 1.27% Gartley extension (point B to D). Encouraging is the strengthening 12 week RSI (yellow highlight). Next few weeks will tell whether we reverse back off this or break through...
Daily Pattern: Symmetrical triangle Sell on 114.58
The PHLX Housing Sector Index (HGX) is a modified market capitalization-weighted index composed of companies whose primary lines of business are directly associated with the U.S. housing construction market. The Index began on January 2, 2002 at a base value of 250.00; options commenced trading on July 17, 2002.
Idea for HGX: - Bubble commodity prices and supply chain issues having lagged effect on homebuilders. - Land + skilled labor shortages. Global productivity on a decline. - Waves synced. - Solar wind Jul 12-13. - Speculate next drop Jul 12-15, EOM at latest. GLHF - DPT
Zilliqa has managed to push through the upper limit of the downtrend channel. Seems to be holding its own against a bleeding bitcoin. Investors are keenly looking forward to tomorrow where an announcement which will most probably provide an official elucidation on Zil/HGX dynamic will be made. All eyes on - 1) The upper limit staying as support. 2) Major...
As per my analysis Copper is on Buy Trend So buy at 499 Stop loss at 497.4 and expected targets 501.70 / 504.10 Gann And Fibonacci Always rocks Follow us and support us and help us to grow
Copper Straight to trade below $3.00 as I expected, but for now a good target to go is 2.9810 Have a Good Trading Week Cream Live Trading, Cheers!
Housing market may be ready to roll over. I guess spring 2017 will be telling. We will watch and will act according.
Will PHLX New High break UP or do we have nice SHORT Opportunity from 2016 TOP? Inverse HS on Daily? iBrokers www.ibrokers.ee
May not mean anything, but assuming housing is repeating 2007, and same playbook applies, SPY can rise 11% from current level, with a final peak in December this year. That would put SPY at $223.
As speculated back in January, housing index rebounded strongly and now it closed above the red resistance line this week. It is very close to the blue resistance line, RSI is also close to the upper resistance channel.
Looks like last counter-trend bounce of housing is underway. A positive MACD will give me more confidence.
So far the chart looks similar to that of 2016. Uncertain a bounce is coming, but worth monitor carefully. Most importantly watch out what follows if a bounce indeed happens.
MACD and RSI diverged from the index, long term trend line from 2011 appears to be breaking. This is concerning as this may indicate housing peaking (in about 12 months?). Anyway I will keep tracking this index.
I originally published this chart back in last November. This is a revisit. SP500 - goes nowhere so far, no direction (flat, dull) TNX - ticking up, no question. DXY - first up, now down. HGX - broke out and now on support. XAUUSD: dance around resistance line on the downward slope. USOIL: bottomed and work on its way up, pullback a little bit...