It appears that the S&P500 is now caught in a large range between 3200-3422. Just failed the range resistance with an incomplete engulfing down candlestick. Downside bias to range support, after interim minor support at 3320. To be verified by other chart trends too
The S&P500 futures chart is bearish biased, with a skewed potential to the downside. Candlestick for the week was green but not awesomely bullish, in fact, looked as it the bulls gave up some ground instead. The coming week needs to close below 3323 to continue the downslide with more commitment. MACD is supportive of more downside having crossed down, and the...
The month just turned over, and perhaps it is time to check out the long range charts to have an idea of what might be heading our way. The chart's most immediate feature is the bearish candlestick of September which lies inside the bullish candlestick of August. This pattern is typically a reversal pattern with the following month down to form the Three Inside...
Intraday 4H charts show the in-depth two day “massive” rebound rally. a rather legit rally with some legs indeed... check out the MACD and it’s momentum. But sus it appears, until it clears and closes above 3361 proper. And then a successful attack above 3400-3410 would seal it. Else, the larger trend should take over control. Let’s see if this is a sucker rally....
Looking at the weekly S&P500 futures ES1, there appears to be strong suggestion of more downside to come... First, there is higher volume in the September sell off with supports being broken. 3065 holds an important support level, which is likely to be broken. Second, MACD crossed down with momentum, suggesting weeks of downside bias. Third, the net positions of...
Of late, I came across a lot of coverage on the BTCUSD ratio with Gold, and there are apparently much expectations that BTCUSD is going to explode, as previously. So... I thought I ought to take a look at it myself and see what it can figure out. The chart shows it... initially, it looked very much like the BTC/Gold is about to break out and give BTC a huge...
To bounce to 1910-1920... Bullish MACD divergence on hourly chart, and downside extended. So need to test, and perhaps fail the resistance.
Silver, SI1!, which made its wonderful rally recently, is now under serious headwinds. Not only is it technically challenged, it is also under pressure from a rising USD, and a strong Gold retracement. Breaking down from a triangle, with deteriorating MACD, and triggering a Sell signal, silver has a probable support around 23, else should check in at 19....
The USD Index DX1! had a bullish breakout from near the end of a wedge. This is a legit buy signal and appears to be a larger trend change, a after bullish divergence (on the MACD), with very big consequences... as it all leads towards the US Elections. System Buy Signal generated, MACD supportive and crossed up into the bullish territory. Be aware and beware!
The USD futures US1! had a bullish upend recently, as part of the coiling for weeks/months. Previously traced trajectory was less volatile, but the secular bullish trend is still intact and about to burst out in a rally over the next weeks to months. Chart has some technical details, and next in anticipation would be an imminent breakout of the trendline to head...
Many narratives out there these days, from mild retracement, buying opportunities, etc. Strictly technical, the retracement only just started and may be good for another month. No major crisis upfront yet, but the weekly charts are showing some head winds, possibly until close to the US Presidential elections or just after. MACD turned down, and crossing over....
Previously projected on Silver, and called a top accurately, this is part two... the retracement. Perhaps much to the disbelief of many, and precisely the reason it would be happening. Technicals, particularly MACD, point to more downside risks. Looking for a lower low and to test 25.
Bitcoin just failed an important zone resistance marked by the orange lines. Likely to test 10,000, and then find a lower low at about 8750. Might be worth a look then...
Tracking gold, one can buy GDX, the Gold Miners ETF, and the associated specific funds. Having tracked Gold closely for the past three years, the white arrow marks a rough but a real exit point. Today the perfect storm is set... and pre-opening shows a gap down type of breakdown. Previously explained why and how GDX would not be doing well and when it should be...
The week ended with Gold going nowhere, but early indications suggest a possible potential breakout rally. Compare the current setup with the previous setup and entry (white arrow), the technicals appear similar yet again, as well as candlestick pattern shows a bullish harami... just like a coiling pattern. Having said that, being very wary about this imminent...
Just a quick sum up that the S&P500 has already broken down... 1. The top was a bearish engulfing that wiped out a weeks worth of gains in a single session. 2. System (ATISver5) is bearish with Sell signal qualified. 3. MACD crossed down. 4. Technical rebound failed at 3400, the previous top n February 2020, making a Lower High. 5. MACD crossed over into bear...
Looks like Gold broke down on the hourly chart with a double top thing at the triangle wedge resistance. Looking for the bottom support of the triangle wedge... The run up appeared very bullish for a bit but one should wait for firm breakout. Loooks like the next two weeks would be volatile, either up or down.
The downside bias on the Nasdaq is greater and clearer a shown in the other indexes. Remember, that tech stocks led the markets up in a record run. Now, it appears that the reverse is also true, leading the downward pressure with commitment. Technically , the weekly candlestick pattern show a bearish engulfing, followed by a rather filled down candle, forming...