The Dow Industrial Index has been making record highs lately but MACD is calling it's bluff. Something to keep an eye on.... Fibs on the chart are from the most recent monthly rally which began last November. For more in depth analysis on this trade and others checkout my site, PatsTrades. Link is in my profile status box. Thanks!
Short for significant retrace, triggers in place; long term trade; invalidation of this setup is close above ATH.
This is my primary hypothesis for and CME_MINI:NC1! . Monitoring for continuation.
Nasdaq left a hanging man candlestick on the daily chart which is bearish and forms at the end of an uptrend. Will look for a short entry tomorrow.
NDX daily has made a new high. Daily MACD not crossed up yet. Tech names are overbought but can maintain this condition if momentum is there.
Nasdaq is still in the green but it was late to the party. The uptrend didn't start until the first week of December.
The very late correction. we are awaiting that correction for too long and here we go. went above every trend line breach after breach without correcting. Still an open gap at the bottom of the last rally. FIB is at the trend. First TP at 0.618 and its a hell of a move. RSI negative and yet dose not show on the chart which means there is going to be a high...
The rally was too high and started to show sines of a pullback. Its time.
Price converged to the cross of resistance level and top of the ascending channel.
The NQ is making a broadening top pattern. This is not a bearish or bullish pattern, since it trends upward 49.6% of the time and downward 50.3% of time. It has a nice look, where price was trending upward 6 months leading into the pattern, with downward sloping volume. To pick a top in this market is dangerous, with the low volume grind. I am looking for clear...
AMZN is about to finish the right shoulder. Short on BO. Cheers!
I spy, with my little eye, an inverted head and shoulders. Plus a ER surprise.
DPZ seems ready to break down. Cheers!