In the first week of 2024, major U.S. indices turned to the downside. Year-to-date, the Nasdaq 100 declined by about 2.2%, the S&P 500 by 1%, the Dow Jones Industrial Average by 0.3%, and the Russell 2000 by 3%. The situation is no better overseas, where in the Chinese market, major indices also slipped lower. In particular, the Hang Seng Index lost about 5.3%,...
We can anticipate one of three possible price movements:
1) Price Surge: There's a possibility that prices will rise unexpectedly. Although this scenario seems unlikely due to the absence of indicative signs, if it does occur, the next resistance level to watch for is the historical maximum. A breakthrough without resistance could lead to a significant surge. A...
Macro Monday 28 – Discretionary Vs Staples
Today we are going to look at the following two very interesting SPDR Indexes and their relationship to one another to help us understand where the U.S. consumer is at present.
SPDR Select Sector Funds (“SPDE SSF”)
1. Consumer Discretionary SPDR Fund AMEX:XLY
2. Consumer Staples SPDR Fund AMEX:XLP
For reference...
As stated, not guaranteed but possible.
Within a month from the bottom of Covid, it is clear that the market is rolling upwards, contrary to the conditions.
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This is a macro idea for 2024. This is the monthly showing a fib from the recent 2023 low to the most recent high. What we can see is the 50% Retracement level is right at a monthly FVG. The idea is if we are to stay bullish for 2024 we would NOT want to see any monthly candle close below the monthly FVG. I would like to see the FVG act as a support if we do have...
S&P500 has turned neutral on the 1D technica outlook (RSI = 47.788, MACD = 28.200, ADX = 43.854) as it made a LL for the first time since the October 27th 2023 bottom, marking the end of that two month rally. That was the latest bullish wave of the 15 month Channel Up.
According to the three prior peaks that formed HH on the Channel Up, the index should kickstart...
📊 Market Sentiment: Intense Anticipation
As we navigate through a critical phase, the market remains intensely anticipative, closely watching the support and resistance levels after recent pullbacks and rallies.
📝 Today's Recap
The market's latest move was a strategic "knife catch" long attempt at key 4727 support, marking an intensified focus on the immediate...
Hi Traders!
SPX looks to have fallen short of the record high, and there could potentially be a big pullback that is about to occur.
Here are the details:
There is an evening star candle pattern currently on the 1W chart, and this is the first week the market's weekly open price has opened substantially lower than the previous week's closing price in about 8...
US500 - Intraday
Previous support level of 4700 broken.
Short term bias has turned negative.
We are trading at oversold extremes.
We look for a temporary move lower.
Preferred trade is to sell into rallies.
- We look to Sell at 4700 (stop at 4729)
Our profit targets will be 4645 and 4615
Resistance: 4750 / 4820 / 4920
Support: 4610 / 4500 / 4415
Risk...
We're now getting a confirming signal that last week's top was at least a local top. Primary analysis (in Blue) however, because we did not make a new high in the SPX like the DJIA and NDX, the black (B) wave count is a valid EWT count. I do not favor the black pathway mainly due to our MACD signal, the other major indices hitting new highs, and lastly the price...
Looks like the TVC:DJI is in a short term downtrend.
NASDAQ:NDX SP:SPX & TVC:RUT all are in short term down trends which begin couple days or so ago.
TVC:VIX is at higher end of the recent pattern and it keeps poking it.
*(TOOK THIS FROM ANOTHER POST
Remember, the more something is poked the weaker it becomes
Picture paper holding a marble
Poke with a...
Apple is very oversold and relatively weak compared to MSFT.
Are we about to see a rotation trade take place?
MSFT is looking vulnerable while Apple is looking like a dead cat bounce play.
📊 Market Sentiment: Cautiously Watchful
Market focus is on key supports at 4746 and 4738 after a recent pullback. The cautious watch is due to the possibility of further downtrend or stabilization at these levels, determining the short-term market direction.
📝 Recap: End-of-Day Movement
The market ended with a strategic long attempt at key 4744 support,...
Four down days in a row, something we have not seen in a while.
Two years ago today when S&P 500 made ATH.
Level to watch: 4751 --- 4753
Report to watch:
US:EIA Natural Gas Report
10:30 AM ET
