Double bottom on the daily chart. Recent cross over the 200 day MA, potential reversal. Cup & Handle forming. MACD Crossover. Small caps took the worst beating in 2022. 2023 rebound?
🖼 Daily Technical Picture 📈 ➤ S&P500 accelerated higher with full confidence. Gapping up and finishing at the high of the day. All we need now is another 2% more! ➤ Why 2%? It's simple. For most Investors, that would take their 2023 returns to around 5-10%. The current interest rate is around 4-5% pa. All you need to do is exit equities and stick all the money...
🖼 Daily Technical Picture 📈 ➤ S&P500 reversed yesterday's price action. The excitement is building and it's not because of the inflation data. ➤ Wyckoffians will know what I'm talking about. The recent price action post break out of the small consolidation phase over the last couple of weeks is a classic looking Bullish/Accumulation pattern. It's almost textbook...
🖼 Daily Technical Picture 📈 ➤ S&P500 tried and failed to break the 390 level. It was a thing of beauty if you were a neutral or positioned short. If you were long...🤬🤯🤦♀️ ➤ All is not lost. The price did not break back into the consolidation (blue rectangle). The Bulls should still be favoured. It is usual for the price to retrace the break out to test that the...
The Russell, and other stock indices, have been in a retrace move since November 2021. High inflation and fears of a predicted recession are the driving force of the current downside. Is now the time to re-enter equities? Is the retrace move coming to the end? Have the markets found a bottom? Here are my thoughts... Fundamental Analysis Inflation is coming...
🖼 Daily Technical Picture 📈 ➤ S&P500 marched higher to finish above the consolidation phase that I have mentioned in previous posts. The real test is if the price can hold above the breakout. ➤ In order to do so, the Bulls will need to overcome the first hurdle at the 390 level on the SPY. This is not the strongest of hurdles. Price has sliced through this level...
🖼 Daily Technical Picture 📈 ➤ S&P500 gapped lower and did not recover. It finished the day sitting on the support level. Price is clearly boxed in a consolidation phase as illustrated. ➤ Exponents of Elliott Wave Theory could interpret the current price action in two ways. In the Bullish case, price is developing an ABC corrective pattern after the 5 wave...
🖼 Daily Technical Picture 📈 ➤ Once more optimism helped equities start higher in morning trade. Not surprisingly, that enthusiasm waned again as price filled the opening gap by falling back to the support level. The difference today was that the price recovered to close the day above the opening. ➤ Given the strength, I have taken this opportunity to open my...
🖼 Daily Technical Picture 📈 ➤ First day of US trading in the New Year displayed the same volatility as we have come to enjoy/get used to. A firm positive start filled with promise faltered to finish in the red. I hate to repeat it, but once again the support level held. ➤ A break up or down from this small consolidation/sideways market since mid-December should...
🖼 Daily Technical Picture 📈 ➤ S&P500 is still holding the support level. The longer this goes on, the more favourable it is for the Bears. Without a notable bounce after the steep sell-off since the December high, this shows that Bulls have little conviction to push prices higher. ➤ Still, it is a new year and historically January is a positive month due to the...
🖼 Daily Technical Picture 📈 ➤ Equities bounced nicely. S&P500 recovered above the support level. European indices bounced off the 50-day moving average. ➤ Sideways would be the appropriate term to sum up the price action for 2/3 of the year. If we look backwards to May, the S&P500 has not made any progress up or down. Price has oscillated around current levels...
🖼 Daily Technical Picture 📈 ➤ The last trading days of the year are upon us and the state of the equity market are very different to preceding years. It's time to waive goodbye and say good-riddance. Let's cheer for a sea change in the New Year. ➤ I made one last Trade to see out the year. Although the S&P500 broke below the support level it has not broken below...
🖼 Daily Technical Picture 📈 "Shawty had them apple bottom jeans (jeans) Boots with the fur (with the fur) The whole club was lookin' at her She hit the floor (she hit the floor) Next thing you know Shawty got low, low, low, low, low, low, low, low" ➤ That's the lyric from the song by Flo Rida. I had to look up the meaning of "Shawty". It is usually a reference...
🖼 Daily Technical Picture 📈 ➤ Thing's pretty much look the same as expectations prior to the Christmas Holidays. I'm expecting equity prices to bounce higher. The extent of which will tell us if the Bulls can regain a foothold or the Bears once again take control. ➤ Price again bounced off the Support level at 379/380 on the SPY. Pre- US Market Trade in Asia is...
🖼 Daily Technical Picture 📈 ➤ Equity prices made no further headway. Instead, a large Bearish day threatened to add to a Cheerless Christmas. Price managed to recover some losses by end of trading day leaving things in the lurch. ➤ NASDAQ is performing miserably. It's almost back to the lows of the year. One shouldn't be surprised it is lagging so badly. Used to...
🖼 Daily Technical Picture 📈 ➤ If yesterday's bounce was uninspiring, the Bulls were clearly inspired today. It's almost Christmas Cheer time after all. The VIX has collapsed back to the pink highlighted zone in the chart. Let's see if the Bulls can break below. It's been bound by this zone since the start of the year! ➤ I'm not looking for a big aggressive...
US2000 - Intraday - We look to Sell at 1785 (stop at 1805) Buying pressure from 1720 resulted in prices rejecting the dip. The current move higher is expected to continue. The bias is still for lower levels and we look for any gains to be limited. We therefore, prefer to fade into the rally with a tight stop in anticipation of a move back lower. Our profit...
Descending Triangle has formed on Weekly for the Russell 2000 Index. The moving averages are all touching and seem to be at deciding point 200 = 21 =7 MA We need to wait for the official breakdown which will take the price to a target of 828. There are major warning signals for a Recession in 2024 with the inflationary pressures in the US, UK and Russia. We...