Pink lines are the resistance, and blue lines are the support.
2007 and 2011 had a nice bounce after initial drop. Are we going to have a same one this time? Do not know. Given many people are shorting (including myself), and sentiment is so negative, I think it might be possible (short squeeze ?) Also it appears TLT is right on support right now, and hopefully it will bounce up (instead of breaking down). So watch it carefully.
Possible change of trend. Need to wait for final print close at the end of this month..
SPY has formed a shooting star Doji near a all time high, which is likely to form tomorrow. A red candle tomorrow would confirm an evening star reversal pattern. Also notice the mini Head and shoulder within the larger Head and shoulder pattern. The major resistance and support levels are labelled @ 184.62. 181.31 and 174.03, would be places to take profits at...
Used this chart to start short positions three times so far at 1,618 fib area, backed by bearish divergence. Bullish wick at 50 fib area is be aware of and evaluate positions and risk. Reverse bullish divergence might help a higher beta performance this coming week. Cheers and the best of luck Panos
calculated entry 112 - short term - long iwm -
It' hard to narrow down exactly where the QQQ's could hit resistance, since the SPY/DIA are still above their pivots. But I have two tentative points. Either we test the 50 ema and sell or form a H&S pattern. Both scenarios will favour my bullish gold thesis. Although i prefer the former. (as GDX is at it last level of retracement before turning bearish.) The...
This is my first real look at IWM but this trend stuck out to me. Small cap stepping down looking for a strong support around 107.
Looks like a double zigzag is in the cards ... but could go lower for the 1,168 fib for completion. A capitulation flush and then a strong bounce up. But i'm hesitating to go in for more than a scalp here. Monday could be the day of good timing after a friday sell off before close. Time will show Safe trading here ladies and gents! BM
Ratio between $IWM and $SPY reached important support. Maybe it has a little more down but the risk of a bounce here doesn't make the reward worthy. $SRTY position from March 3rd, at upper BB boundary and 1,618 fib,closed yesterday Cheers Panos