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So now that the Earning session is over. Now what? Well for shorts we got to watch for this new trend line, that formed after Feb 6. Once that is broken, they look for reentries of previous highs. For bulls nothing do and just watch their $$, but they will sell only when the main channel support is broken. Or when price gets right. it seems like both parties...
Another negative MACD divergence is emerging on the SPY hourly chart, which may be due for a pullback to the first support level around 273
If I knew the answer I wouldn't be posting this for future guidance and personal growth....
Watching SPY this week for a test of key weekly resistance, or a rejection and a test of key daily support.
Market rallied nicely for the past several weeks but from long term perspective, it is not a buy until a higher high breakout.
Channel reaching major resistance zone, RSI at one of SPY's highest levels after a single week of massive gains. IG: BULLRINGANALYSIS
When looking at the 2008 recession i noticed some similirates. The first wave ended at a 1.618 extension which is also did in 2019. What next? We then had a impulsive wave up, touching the 0.618 extension of the 2nd wave up in 2008. In 2019 we are doing the same, but this time the wave went above the 0.618. It states that wave 2 can reach a maximum 0.786 extension...
Looks to me like it's forming another wedge, FAANG stocks and Nasdaq look weak. I think we get 2 -3 day drop again next week, maybe all the way to $270. Not going to short anything though, will wait for the dip to buy, proving to be a much easier strategy considering they'll pump the krap out of the market if a China deal gets done.
Looks to me like the market is melting up, so I drew up a different possible scenario here with a shallower channel. Seems sort of crazy, but remember the market is all about money flow, valuation means nothing. Market has to keep going up as long as the money flows in. Everything went up except FB, because FB sucks.
SPY remains a STRONG SELL! This idea is an update to the original idea called SPY-SHORT-BUY PUTS dated July, 2018. The first target of $240 has been successfully hit. The second target of the analysis is $210. Analysis Method: Wave Theory & Fibonacci The main potential downside catalysts that have been discussed in the previous analysis are the following: ...
I mentioned last week I expected some sideways chop, and we're getting just that. Surprisingly, futures are up already tonight (budget deal, my ass...), and Japan is up 2% for some reason. (I thought the market looked weak today, but if you look at futures chart, it looks like a bull flag I guess). Of course, the Euro market could drop futures tonight, but I...