As forecast the market and volatility has been coiling all week and likely into next week too with the election the week after that, I exited 2 pairs trades and put on 1 new pairs trade, long $VGT vs short $FDN. Highly likely I won't enter any new trades next week and flatten the portfolio before next weekend.
In the Covid-19 fell March/April selloff this index fell approx 32%.
It has regained just about 88% of this range and created a Bearish Bat Pattern.
One can overlay this with a Deep Crab Pattern which started on March 10th and signalled today.
The Deep Crab Pattern typically can have an extention which exceeds 1.618 and can reach as far
as 1.94x so this would...
in the short term there is practically no demand in the structure
the ese of downward movement has increased after the second upthrust and the supports which generated the spring has lot the buying it previously shown , further downside can be expected
but comparing the 2019 decilne to the 2018, there has been significant reduction in quality of supply, both in...
The FDN (First Trust Dow Jones Internet Index Fund) which essentially covers the U.S. Internet Stocks, is now comfortably trading above the MA50 on the 1D chart on strong bullish candle action (RSI = 69.026, MACD = 2.230, Highs/Lows = 3.3271). Through this price action a strong buy signal has emerged and has to do with the similarities of the mid 2018 - 2019 price...
FDN Internet ETF with it's 35 % FANG stock representation,
has shown an extraordinary chart rollover in late 2018.
As the chart shows,
the massive selling of these type of stocks by large institutions
the prior market leaders, that they ALL had to own,
is just beginning the process of unwinding the excesses,
that will ultimately lead these FANG stocks
Friday put in value at the top of the range with a text book 3 day bottoming reversal formation. This sell off came right down to the expected 100% down side move from the consolidation break. There is some reason to think the internet stocks will stabilize at least into NFLX earnings this week. Internet is still holding the intermediate trends well. The big...
This internet ETF is close to cross out of the bearish phase but not quite yet. Odds look good first of the week that FANG will turn the corner. Just be careful assuming the down trend is done. The 1 hr down trend could easily just get another leg lower once it touches trend change. I for 1 think we see an earnings run up in the markets next week. We just...
$FDN - FANG stocks ETF looking oversold on the daily, catching support around $134. Expecting a bounce in the near/medium term.
Targeting $145-150 area by mid November.
Note: Informational analysis, not investment advice.
FDN: First Trust Dow Jones Internet Index Fund - in 4th and likely final phase of the rally which began in early 2016. It can go on another 2% from here but then should hit problems. Use this index fund as confirmation next week - looking across the FAANGS for signs of completion. This looks like the final vertical ascent. Don't get sucked in now. Rather, get...