S&P broke above resistance trend line of the down channel yesterday. Is this a breakout with more upside or a fakeout? Trading rules say we should look for a test of the trend line before confirmation of the breakout. Market really wants to put 2022 in the rearview mirror, but let's see what happens.
Friday's move back up on very low volumes was another Lift to the Indices while lifting
was unopposed for a very Low Participation Day.
It is quite clear the ALGO has an agenda, they were not competing on ST/IT Friday. It is
easy to spot the desired defense to Price Objectives - a Violent Defense appears and with
it - the attendant Price Expansion in very short...
-We are bouncing off the cloud here on the daily chart
-Also closed below 26-day ema
-Now we need conformation for the 9-day break and we will go Full port puts
-CPI data on consumer goods will be released next week as well doesn't look too good on my end
-Looking to stay below $458.46
-To top it off looking for a break below $442.42
Gap(s) Below should be filled.
Will Pirce hold up until Thursday, Apple Reports...
Core Durable Goods @ 8:30 AM EST.
We witnessed Sellers intent, Highs were SOLD in the
Equity Complex.
Price should chop along the Range at highs until it rolls back over.
We anticipate the Lows to be tested and exceeded moving towards
the 200SMAs.
The VIX will need to...
Globex Sessions are always and without exception, Sketchy.
We are approaching an important juncture ahead of Wednesday's FOMC.
We have a prior pattern of Consolidation which aligns with the end of the
First week of October and early into the Second Week,
This is likley where we will see the return to trend into a 7/7, 9/9 or
perhaps with the 400SMAs being...
Spread between 50 and 200 SMA are extremely wide.
FED has prepared the way for a quick and dirty correction.
200SMA has not been visited in over One Year.
Wave 5 will take us to new ATHs.
The Jolt down is here.
3588 should hold as Wave 1 Peak.
A good micro cap Canadian company with the potantial to do dealerships with much better companies or in a variety of sectors... The news is good and we are waiting for the big boom. It is already at the psycedelic pharmacy ETF and as it boomed once the previous year we are waiting to see a steady uptrend.
Why hasn't the IWM (Russel ETF) moved like the rest of the market today? hm. That has given me confidence, as in the prior breakdown IWM was a leading indicator.
We still have our daily Stochastic in overbought and had crossed a few days ago.
50 EMA very close as resistance.
A multitude of Other resistances in this area including fibs, from various tops....
