The S&P 500(SPX) closed today at $2,820 for a -$50.12(-1.75%) loss. Price is coming off of a second test and rejection from the 61.8% Fibonacci retracement level which has created a potential double top pattern at that critical Fib level. Price managed to hold above the 50% Fibonacci level on today’s selloff which is the midpoint of the total Fibonacci range...
Bitcoin(BTCUSD) has moved back below the 50% Fibonacci retracement level after hitting 61.8% Fibonacci resistance near $10,000 this past Thursday into Friday as traders pushed price higher ahead of the halving event which took place today. The rally on Friday was also fueled by legendary trader Paul Tudor Jones announcing that he has entered the cryptosphere as...
The weekly SP500 chart shows price testing, and closing at, $2,950 which has been a major support and resistance level going back to September 2018. Price briefly held above this level for two weeks at the beginning of the coronavirus selloff, but ultimately failed to hold and fell down to the $2,200 level before the relief rally that we’ve seen over the past 7...
The S&P 500(SPX) closed Friday at $2929.81 for a +$48.61(+1.69%) gain. Price closed right at the 61.8% Fibonacci retracement level which is where price peaked on April 29th(red arrow) before seeing a slight pullback to the 50% Fibonacci level. The 50% Fibonacci level is the midpoint of the total Fib range from the all-time high of $3,393.52 made in February to...
Silver(Sl1!) closed at $15.59 from an opening price of $14.92 for a gain of $0.67(+4.49%) today. Price also closed just above the orange downtrend resistance line which is bullish seeing as how this line has been acting as resistance since early April. Going forward, we need to see price hold above the orange resistance line and make an eventual push above the...
Gold(GC1!) closed at $1,725.8 today from an opening price of $1,686 for a $39.8(+2.36%) gain while tagging, and coming to a stop at, the upper line of the pennant formation in the process. The pennant is a bullish price formation with the expected outcome being a break above the upper line of the pennant formation and a push back up toward $1,800. The Relative...
tried to break 0.5 fib line, failed then bounced. broke short-term trend line and closed above it. PPO about to cross. if price holds support at trend line, rallies and closes above 1.4200 level, uptrend may continue. set stop loss below trend line area. good luck!
Gold(GC1!) closed at $1,713.3 today for a $12.4(+0.73%) gain. Price has formed a pennant formation which given the fact that it has formed after a move to the upside makes it a bullish price formation. The expected move here is a push above the upper line of the pennant and re-test of the $1,800 level. A move below the lower line of the pennant would indicate a...
Zillow closed at $42.46 on Friday for a -$1.50(-3.41%) loss. Price also closed back below the 50% Fibonacci level which was briefly breached to the upside last week but failed to hold as support going into the weekend. The 50% Fibonacci level acted as resistance back in March and April highlighted by the red arrows and appears to still be resistance now. Price...
The Dow Jones Industrial Average(DJI) closed Friday at $23,723.7 with a loss of $622(-2.55%) to start off the new month of May. With Friday’s decline price also closed below the lower line of the rising wedge pattern after finding support at, and trending just above it, for the previous 8 trading sessions. This is the second wedge break since highlighting the...
The Dow Jones Industrial Average(DJI) closed today at $24,633 with a gain of $523(+2.2%) which came as the Federal Reserve held their third FOMC meeting of the year and left interest rates near 0%. Price now has three closes above the 50% Fibonacci retracement level which is bullish and places price back in the upper half of the total Fib range from the February...
Canopy Growth Corp(CGC) closed at $17.53 gaining $1.94(+12.44%) on the trading session today. Price closed above the 38.2% Fibonacci retracement level which had been acting as resistance for the past month and is bullish move considering how long it was pegged below the 38.2% level. While this is a bullish move, we need to see price close above the 50% Fibonacci...
Gold(GC1!) closed at $1,735 on Friday for a -$9.80(-0.56%) loss on the trading day, but rose +$42.6(+2.52%) on the week from an opening price of $1,693 on Monday. Price is trading above the 23.6% Fibonacci retracement level which is the upper end of the total Fibonacci range from the $1,450 low(0% Fib) to the $1,788 high(100% Fib) and is the most bullish level for...
The Dow Jones Industrial Average(DJI) closed Friday at $23,775 with a gain of $260(+1.11%) on the day, but loss of $320(1.33%) on the week with a Monday open of $24,095 and a Friday close of $23,775. Monday saw price fall back below the 50% Fibonacci retracement level after briefly trading and closing above it on Friday(17April) and then was unable to move back...
The Dow Jones Industrial Average(DJI) ended flat, gaining $39.4(+0.17%) in today’s trading session with a close at $23,515. Price has created two small doji candles over the past two days with today’s doji candle topping out right at the 50% Fibonacci retracement level before price fell back down and closed near the days opening price. A doji is a candle with a...
The Dow Jones Industrial Average(DJI) moved lower for a second consecutive day, losing $631.6(-2.6%) in today’s trading session with a close at $23,018 Price also broke below the rising wedge pattern which is a move that I’ve been expecting ever since highlighting the bearish wedge pattern last week. Along with the wedge breakdown, price also closed below the...
The Dow Jones Industrial Average(DJI) lost $592.1(-2.4%) for a close at $23,560 as the oil market took center stage and commanded most of the business news cycle today. The Dow is now testing the lower line of the rising wedge pattern and has now moved back below the 50% Fibonacci retracement level as well after managing to close above it on Friday. This move...
The Dow Jones Industrial Average(DJI) gained $704(+2.9%) on Friday and saw price move above the 50% Fibonacci retracement level which is the midpoint of the total Fibonacci range from the all-time high made in February and the coronavirus selloff low made in March. Price moving above the 50% Fibonacci level represents price regaining half of the losses seen during...