Trump tweets on the Trade War is driving the stock market correction. Fundamentals and the underinvestment of the market at large remain relatively unchanged. A correction to the 7600s on the index will be a good level to consider getting involved.
In my opinion we are in the middle of a necessary price correction.
-We should see a short term downside reversal put an end to the recent rally.
-We should see some highly volatile weeks with some sideways movement for the remainder of 2019.
-We should see the ABC correction come to an end with price catching support to ultimately form a new bullish channel
Earnings numbers will most likely be disappointing. Vix has been sputtering up and down, and china trade talk developments are not making any progress. Market looking pretty toppy right now.
NOT FOR THE FAINT OF HEART.
Lot's of strength - new records have been made
The daily close is almost 2x the average trade range, so I anticipate a stall at some point this coming week to allow the averages to catch up.
Price projections from July 10 indicate a strong push to 8295 - 8305
Range for the coming week: 8138-8522.
Personally endured an internet brown out this weekend. This is getting released late.
No new projections this last week.
Very Strong Bull going into the weekend.
G20 announcements are exciting for the market.
Expecting a range this week of between 7898.6 - 8221.4
While everyone else is breaking out and getting their party on - NASDAQ is still in S/R
Trend - Bull
Friday place NASDAQ in daily consolidation: 8088.9(R) - 7996.9(S)
New renko bullish box painted on the 19-Jun
Price projections on the daily are: 8219.83 and 8325.14
Trend - Bull
Still caught in consolidation between 8135.5(R) - 7292.2(S)
NASDAQ stalled last week, the 8 MA has nearly caught up with prices on the daily charts.
Weekly chart has consolidation between 7292.2(S) - 8135.5(R).
A trigger formed on the baseline and currently reflects enough strength to indicate an attempt to break out to ~8178.5
This isn't a strong trigger - so once the breakout occurs "holding" the position and advancing...
Expecting price movement inside expanding wedge within upcoming next months to form bearish divergence and revisiting 7600 price level area, to make another motive impulse leg up
SHORT accumulation area 8400-8300-8200-8100
Fix them in long-accumulation area:
LONG accumulation area 7400-7500-7600-7700
Targeting 8200-8400-8600-8800 and more
On a technical basis, it seems like the Nasdaq may bee running into a little bit of a headwind. As can be seen in the weekly chart, it appears a "Shooting Star" pattern has formed, coupled with negative divergence in the Smart Money Index. Furthermore, if one looks at the Nasdaq's monthly chart, one can see that even an "Evening Star Doji" is forming as well.
Nasdaq Composite Index closed at new 2019 highs last Fri. That also coincided with the first close above the weekly clouds for the year. It remains to be our high conviction call that stocks will make new all time highs this year.
Looking at the weekly chart, we start to see sign of weakness in majority of American indices. After forming double top in late September last year, we saw major downtrend, but we start to see bulls were buying dip after Christmas.
I felt this recovery was a little bit odd because I expected it to stop around 50% Fibonacci level, but bulls kept...