Utilities (XLU) dropped to the bottom of the sector list after leading in the previous week. It was all about Growth stocks this week as investors put off fears of the economy and looked forward to record earnings reports from big tech.
Communication Services (XLC) led the week thanks to huge earnings beat by SNAP and Twitter. Consumer Discretionary (XLY) and...
Summary: A rally in Social media stocks helped send the major indexes to new all-time highs. The optimism spread to other big tech stocks, giving the Nasdaq a high volume advance but leaving the advance/decline ratio below 1.0.
Notes
Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog.
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The week started out in perfect synchrony for a retracement, but barely two days later, it was erased, and the last day of the week saw a push for yet another historical high.
The weekly chart technicals are divergent, and the candlestick pattern suggest further gravity defying up thrusts, which may last through August.
The daily chart technicals were somewhat...
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SPY monthly RSI is 76.75. Remember the RSI pattern we discussed recently? Look at the RSI from Jan 2019 to Feb 2020, and then look at the RSI from Feb 2020 to Jul 2021. That's an almost identical impulse wave. What comes next, if history is any indication, is a massive, unexpected, market crash. We'll have to wait and see how the wave plays out...
Hello traders and investors! Let’s see how the SPX is doing today!
Once again, we have a new record high on the SPX, and this was already expected. I thought we were going to see another pullback, at least in the 1h chart, but it seems the bears can’t stand against the momentum. But should we be nervous about it? Well, let's see what technical analysis has for...
After our Turn date of July 21, 2021 failed to continue lower
in Traditional measured moves, the reversal was 2X the
decline.
Institutions placed large Put Protection on Wednesday.
Protection was Squeezed again
Margin Debt relative to the Equity Complex Valuations remains
quite low, contrary to what is being reported - the Dollar Value...
to which there is...
No one will read this which is a shame as the Super Cycle wave relationships are as close to perfect as possible; meeting all of the Elliott Wave Theory standard fib relationship criteria. Everyone is calling a top soon, but I don't think they fully understand the length of correction we're likely entering.
After today's price action, super cycle wave 5 is...
SPX and VIX are both traded by people/bots so VIX is no means a better tool to predict the future. But people that trade VIX might have a better understanding of the market than people who just trade SPX alone.
The market recovered but how confident it is? Generally, when the market rises VIX falls sharply, I mean un-proportionally sharp. But when it doesn't, I...
i can't help but think that we're going to go higher due to the massive amounts of put interest.
mm can't give it to the bears this easily, and this recent formation looks like a 1-2 1-2 rather than a correction as of today.
so what i have displayed here would be wave 3 of wave 3 of wave 5 on a higher degree.
can't project further than this until i see...
Overbought but it looks like it wants to hit the upper trendline before heading down.
Sorry, but didn't have time to trade this week. Laughing at GOTU though, I wonder where my troll went, lol.
if es breaks this 4400 level, i think we'll see a continuation of this melt up to about 4600.
if this area rejects, my downside target is roughly 4200, potential capitulation target = 4150.
they've taken this rally too far, but that's just how things are these days.
shorting this is dangerous, but if you're heavily in profit on some longs i would start taking...
Gold has been moving down this year but it looks like that is about to change. With inflation at over 5%, it is surprising gold is lagging behind. I see this as a great opportunity, as well as maybe for institutions already, to start hedging for whats ahead.
The analysis: Starting from the weekly chart on the right, it appears gold has finished the correction...
The perfect storm event known as the Covid pandemic has introduced many millions of new traders into the circus. The indices have performed amazingly well over the last year.. nearly parabolically so. While I do not believe the indices have formed a major top yet, a minor pivot is likely. I have been hoping for a decent correction to shake things up. I am not...
SPY down 2%, Vix up 30%, yields crashing (similar to last March's divergence). If buy the dippers think we're oversold at these levels, I invite them to have a look at the monthly timeframe. Brace for impact...
Similar to last year March when markets crashed 35%, the US10Y yield is crashing today, with the majors bearly off the ATH's. Will this divergence end the same way - with bonds as the safe haven of choice? Something tells me we're very close to finding out...
