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ETHUSD: Major Support Within Reach.ETHUSD 0.01% Update: Bearish momentum continues on the near term. The break of the 250 to 240 area (red arrow), and continuation of new lows signals a change which is likely to be thrusting this market into a broad consolidation. In order for this market to PROVE that there are any chances of a significant bullish retracement, the 245 resistance level needs to be compromised. And to signal that the major bullish trend is likely to continue, the 284 resistance needs to be taken out. Unless these scenarios take place, I expect prices to drift lower, POSSIBLY to the low 200s before there are any signs of stability. (Inversion and bounce on 6/26 see chart). The way I intend to trade this is to first wait for a break above 245, and then look to buy the next pull back. Keep in mind this scenario may never play out, but at the moment that is what I would like to see in order to buy into this market for a swing trade. In order for the major bullish trend to become questionable, price needs to push below 160. I DON'T KNOW if that will happen, but if it does, it will point to further selling in the long run and would prevent me from swing trading this market from the long side. Remember as a price action trader, my goal is to WAIT for elements to align in order to stack PROBABILITIES in my favor, not make absolute predictions. As the market offers new information, I adjust. Feel free to ask any questions.
BITFINEX:ETHUSD
by MarcPMarkets
15
SPX: Momentum Bearish, Nearby Supports, But Big Picture Bullish?SPX: Do not be fooled by the near term bearish momentum, the major trend that has been pushing this market higher since November is still intact. June 16th was the most recent swing high, and the current peak of the major trend. Since then price has pulled back to the 2410 area, with yesterday being the second time. 2414 is a .382 support from the most recent upward swing that began on 5/18. Since this market has found buyers in this area, they may appear again which would indicate minor price stability in the near term. In order to see a return of some serious upside momentum, a break of the 2425 resistance would have to materialize. Until that resistance is taken out, prices are likely to drift lower. How much lower you ask? 2396 is the next major support area, followed by the low 2380s. A break below the 2380 to 70 area will signal a possible medium term consolidation, which can take prices into the lower 2300s. The key level to watch for is the 2309 to 2300 area. This is major trend support and a break below this would signal that the major bullish trend would no longer be intact, but we are a long way from that level. Until then any bearish momentum is just a healthy pullback no matter what the mainstream financial media soap opera says. I will be watching for prices to stabilize around the low 2400s to high 2390s and perhaps a continuation of the major trend from there. Summertime trading is typically characterized by low volume, and unless earnings can provide some catalysts, this price action is relatively normal. To summarize, near term momentum is bearish, we may see the low 2400s to 2390s, but a break above 2425 will signal that buyers are back and the bullish trend is likely to continue. If 2309 breaks, then the major bullish trend becomes questionable. Questions, comments welcome.
TVC:SPX
by MarcPMarkets
Gold tried a weak restartGold attempts of restarts. After the breakout area of 1,300$ -1310$, this commodity tries to reconstruct a new start up. We provide these indications the price movements, indicating a weak reconstruction of long positions in the area 1,250$ -1,270$. The exponential moving averages converge in this area, providing a second but important signs of this weakness. If there are new movements upwards, a major obstacle would be represented precisely from the old breakout 1300$ -1310$, where a good part of the operators would try to implement new sales.
FX:XAUUSD
by LudovicoReale
Dow Jones: 9/9/2016 Down -394 pointsThe Dow Jones Industrial has fallen -394 points today. Fundamentalist say it's FOMC Member Rosengren, CNBC says "Nothings wrong, look away." and the charts tell a different story. My Analysis: Clear Head & Shoulder (or Double Top) pattern. Accelerated break through 50 Moving Average down to a proving upward sloping trend line. Based on price we should bounce off the trend line or 18,0000 if price decelerates. The 200 moving average and 17,310 are next proven targets for support if it continues. At the moment if it slows down on this trendline or 18,000 expecting consolidation. On the other side if it breaks 18,000 It could pull back retest it as Resistance and continue lower. Make sure your analysisng markets from a place of non-bias views.
TVC:DJI
by KingdomRichOffical