XLK could have completed the impulse to the downside, with some possibility left for one more poke . At least that is what the divergence in momentum is suggesting. Two gaps, conveniently located at fibonacci levels shouls serve as resistance.
As the growth sector #XLK and #NDX makes lower lows there are spots of divergence displaying, which could pose as some upward impulses this week. In that case it could help to normalize a temporary ‘higher low’ in terms of the holistic outlook.
My TradingView charts (found at #bsdvs23) have mostly been bearish across the board with a few ‘potential’ bullish...
In my book, and for what it's worth, this is a clear five wave impulse to the downside. No overlap, textbook alternation between waves 2 and 4, following a well defined trendline. Resistance should be at 156-158 area. It is certainly worth paying attention to further developments in XLK, as there will be no advance in major indicies without the tech sector.
Short entry with a break of the neckline and a confirmed downtrend.
Possible stop above the neckline for short entry.
No recommendation.
1st shoulder is 160.13. 2nd shoulder is 164.10. Head is 177.04.
Targets in larger orange type are targets 1. If price goes below this, the targets in smaller type are targets 2.
While these two charts aren't the same, they are very similar. The top chart is a ratio chart of ARKK vs Berk.B. The bottom chart is a ratio chart of Tech vs Energy. If the top chart is any indication of the overall trend, then there's plenty of upside in energy still. The downside of ARKK vs BERK.B overshot the minimum downside target. This is a logical area for...
1hr time frame shows a cup and handle pattern breakout, even the smaller cup/handle breakout is on the 15min, this is also setting up the bull flag breakout.. It also coincides w/ the larger cup and handle breakout pattern set up on Apples Daily chart
A look at how the counter rallies in the dot com crash compare to the market since 2003. The dark red lines all have the same slope on the log scale. I just moved them to align to the peaks.
You can also see that last week caused the price to break down out of the trading channel started in 2019 and then a retest Friday. This morning we are hovering under it.
It...
XLK on 25 Feb shows signs of bottom. However it may still be rejected by the blue trend line & make a double bottom. Breakout of that blue line will VOID the H & S pattern & uptrend channel will continue to be respected.
Target price will be 188, a 30% upside from my predicted double bottom.
But if some good news will come next will, XLK will just cut through the...
SPrice has not broken the neckline. This pattern is not valid until the neckline is broken with a confirmed downtrend.
After the break of the neckline, and one was planning to short this, possible stop above the neckline. Neckline is 146.24.
No recommendation.
NOT VALID until neckline is broken with a downtrend
... for 9.80/contract debit.
Comments: Collected a total of 11.03/contract with various defensive rolls and roll out for duration. (See Post Below). Closed it out today for 9.80, a 1.23 ($123) profit/per contract.
» Stop Loss can be set in settings. 0.90, means that it will apply a 10% stop loss setting.
» You can set how many shares it buys at a time
» MaPeriod, that is set to 5, looks to buy shares if instruments price dips below this moving average.
» I have set the broker fee to $1, that's what I pay with Interactive Brokers, but you can edit that in the code as...
... short straddle.
Comments: Locking in some realized gains by rolling the 151/160 and the 157C/158P inverted out to the March 18th 160 short straddle. I had to do this in separate rolls, receiving 7.19 in credits for the roll of the 151/160 and 3.67 for the roll of the slightly inverted 157C/158P. I've collected a grand total of 22.07 in credits...
We have a Bearish Engulfing on the Monthly along side with extreme amounts of RSI Bearish Divergence and soon the MACD will be crossing bearishly for the first time since 2018. In the past the monthly bearish crossing has lead to at least a 30% correction back down to the 55 Month SMA.
One last thing to note is that if this Monthly Candle continues down a little...
