🖼 Daily Technical Picture 📈 1 May 2023 ➤ Bullish sentiment drove prices higher once more on the last day of April trade. The momentum is building to take out the Feb high at 418.31 on the SPY. This level is important if looking at the monthly chart. A monthly close above this level will in my opinion bring about the beginnings of a longer term bull market. Will...
🖼 Daily Technical Picture 📈 ➤ An aggressive pump higher today in equities, undoing all the Bear's work over the previous days. The Bears are banished...or are they? ➤ It does look like one-way traffic at the moment. The Bulls have control. The only issue I have so far is their inability to close a month beyond the Feb 2023 high. This monthly high close (and...
🖼 Daily Technical Picture 📈 ➤ At an index level, equities couldn't hang on to early gains and retreated for another day. The price actually closed a minor gap from the previous uptrend as shown by the blue arrows. Note that there is a minor gap higher and a large gap lower from current levels in the SPY. The question is which one will get filled first? Comment...
🖼 Daily Technical Picture 📈 ➤ From sitting pretty to pretty ugly. Today's price action has upended the bullish thesis that I was building. However, one ugly day doesn't mean things will now completely reverse. We need two days...OK, I'm just kidding. But on a serious note, the balance of power between the Bulls and Bears have seriously swung towards the Bears. ➤...
🖼 Daily Technical Picture 📈 ➤ Equities is proof that the world is flat. Flat and dull. I'm kidding, that's just Singapore. Although just after US market close I felt a light shake of the building evidenced by the swaying window blinds. I believe that was the tremor caused by a large earthquake off Indonesia. That was pretty much all the "excitement" for the...
🖼 Daily Technical Picture 📈 ➤ Equities finished flat to down once more. Recent movement has been very low volatility as reflected by the VIX. I still favour further upside as price is well supported at these levels. ➤ That being said, my primary trading strategy did signal an exit and that was executed at end of Friday trade. An exit doesn't mean I am expecting...
🖼 Daily Technical Picture 📈 ➤ Equities lost ground after a weak open followed by an attempt to make up ground only to lose it all and more prior to a small bounce off the low at close. Overall, it was just another meaningless day. ➤ Meaningless in the context that the price action has not broken any structures that warrants attention e.g a breakout out of a...
🖼 Daily Technical Picture 📈 ➤ Kind of like opposite day with today's price action acting in reverse of Tuesday. Again, tight ranging and finishing flat. Yesterday I posed the question: Who Blinks First? Alluding to the idea that there is a regime shift incoming that will determine a period of Bullish prosperity or a brutal Bearish collapse. ➤ Whilst it is way...
🖼 Daily Technical Picture 📈 ➤ Equities ended slightly higher at the lower end of today's trading range. It was another one of those days that meant little by itself yet a story is unfolding within the context of a string of these days. ➤ When prices leapt higher from the March low, we saw the aggressive acceleration with large-sized daily moves and price gaps...
🖼 Daily Technical Picture 📈 ➤ Equities finished in a robust manner at the highs although it was a low volatility day. It looks like the price is digesting the break out of the short-term consolidation prior to jumping higher. The question is how much higher? ➤ I studied the Wyckoff Method some years ago under the teachings of well-known proponents Roman...
🖼 Daily Technical Picture 📈 ➤ On Friday the S&P500 held above short-term support on top of the trading range although it did give up earlier gains. That is not unsurprising as I did expect the support to be tested. The major feature was the collapse of the VIX to relatively low levels. My "A Regime Shift" post (linked) delves into what this may mean. ➤ A quick...
🖼 Daily Technical Picture 📈 ➤ Yesterday I said narrow price ranges don't last long. It lasted a day more than I had hoped for but today we saw the break through. S&P500 broke above the short-term trading range. Not only that, it also broke an assortment of resistance levels. ➤ Before we get carried away, we should note that there is usually a test of the support...
🖼 Daily Technical Picture 📈 ➤ Equities failed to take advantage of the early bullish mood. Prices ended weakly for a solid down day. ➤ Yesterday I talked about the current state of the market and it being in a short-term consolidation phase. This is a situation where prices move up and down within a range treading water prior to breaking out higher or lower....
Nice bounce off the volume shelf the last two days with the right shoulder of the inverse head and shoulders forming and the price gap that fills above at $181.28 and the swing high anchored VWAP right around $180.50.
🖼 Daily Technical Picture 📈 ➤ A dull Tuesday for equities. There was nothing in the price action of importance. All eyes on Wednesday inflation day. ➤ Yesterday, a reader made the same comment about the low volume Easter Monday trade. I pretty much agree with that statement. Individually, each trading day may in itself have no particular bearing but together...
🖼 Daily Technical Picture 📈 ➤ Equities recovered (again) from an ugly start on Easter Monday. While half of the world were still on holidays, equities gradually fell prior to US market open only for the Bulls to come in to support the price at the critical levels. By the end of days' trade, the S&P500 made a round trip back to where it settled prior to the...
Buy: 1768 or lower Stop: 1751 Notes: maybe small caps get close some of the wide performance gap so far this year The model: The Ingenuity Trading Model is a Geometric Markov Model with specific inputs related to Price, Time, Volume , and Volatility. The model attempts to predict local minimums and maximums in price on a daily and weekly basis. A fancy way of...
🖼 Daily Technical Picture 📈 ➤ S&P500 has found it's footing once again at the minor support level at the 6 March high after threatening to fall off the edge. It was a clear case of risk-off mode today with DJIA blue chips supported and NASDAQ, RUSSELL 2000 sold-off. Still, there wasn't really much damage done to the bullish narrative. ➤ A lot is happening in...