SOX, as well as the broader XLK, has diverged somewhat from SPY, and remains stubbornly above the 52 week EMA. The red D point is a longer term Gartley target based on a 61.8% retrace from point C. However, it is still in an Ichimoku resistance area, and has potential to reverse. Key support areas are; 1) 2854 -2794 DOJI, and potential pivot area 2) 2848-2742...
SMH closed today at 234.30, above the Ichimoku Cloud and well above the downtrend channel set from 2022 high to low (grey shaded area). SMH has clearly broken out of this channel, has successfully retested. I see next low at 232.40, which is a Gann confluence line, and then a move back upwards (point D). The reason I see a bounce is that the RSI is approaching...
Likely will reach 1.618. S&P500 will likely print between $3920-$3850. Always, long VIX with caution.
Thanks for the view and hit the like if you like the drawing. :)
SOX has been diverging from SPY last couple of days, which is unusual. SOX had 50/200 EMA xover Friday. SOX is extended, could pull back to prior swing high at 2913 (-3.25%) where there is good support. Watch these tech stocks with earnings coming up next 10 days, all daily charts look bullish (except CSCO, which is debatable). All also have positive point &...
Major bounce on Monday is likely and a major price drop on Tuesday is also likely... Happy trading!
Nvidia along with many other stocks were pumped up over 100% from the recent October low. I believe this is a bull trap and a bear market rally in a really big down trend. I am not biased but I just believe stocks are running up towards a cliff. Right now there are on the edge IMO.
Just took out prior swing high (point B). Headed for target (D) of 3041.85. SOX has successfully reversed downtrend channel, sits above Ichimoku cloud, and will aim toward Gann confluence at 3105 (red Line).
I have no problem with bold predictions, reversals I do well. SOX has historically led out of the gates on reversals. SOX has broken the downtrend, and successfully tested a Gartley retrace. While we still have an Ichy cloud resistance overhhead, I believe the market bottom is in. Will there be another selloff? Likely. However, I believe a new market bottom lower...
If you have been anticipating a resumption in the October rally, this may be the trigger. The SMH/SOX is the (I believe) the last of the major indicies to still have a gap left unfilled. If it closes today (or this week), then maybe we can get going to the upside. Some resource stocks have already started their ascent (GDX, SILJ, UUUU, UEC, NXE, etc.)
75% retrace upward from A to C, but there is much resistance at the 50% to 38% Fib, as well as 200 MA. However, there is a solid flag forming, which could spring an upward surprise.
I am moving back into a net short the sp 500 using at or out of the money puts for DEC . as well as PUTS IN QQQ AND SMH .The US $ correction is near its end and should see a very strong advance to above 116 now as the sp now starts wave 3 OF C DOWN INTO NOV 23/DEC 10 .WE should now see the next target of 3160 plus or minus 70 . I will be more...
Bullish divergence and looks like we got a full 5 waves down complete. Move similar to July may be starting. 267 key support $NQ_F $NDX $AAPL $MSFT $AMZN $SOX $ES_F $SPY $SPX $TLT $TNX $VIX #Stocks 📈
Blue pill or red pill? 💊 First time with bearish divergence on the daily in ~2 years $QQQ $NQ_F $NDX $AAPL $MSFT $SOX $ES_F $SPY $SPX $TLT $TNX $VIX #Stocks 📉
THIS is the Top wave structure as stated back about 10 days ago a cycle peak due sept 10/12 I would now look for another drop into the 9/15 /16 and then the LAST RALLY BEFORE THE CRASH Panic cycle as stated in 12/28/ 2021 forecast OCT 4TH TO THE 20TH FOCUS 10/10 PANIC AND ???
THE CHART POSTED is that of the sox index if there was support this would be it for a wave B LOW
We now have an invented head n shoulder bottom and a wave 4 pullback look for a rally DO NOT BE SHORT ANYTHING
Got a full 5-wave move to the downside as forecasted. Now it looks like we may be turning for a bounce (similar to March) $NQ_F $NDX $SOX $ES_F $SPY $SPX $TLT $TNX $GLD $DXY $VIX #Trading #Stocks 📉