IN the last update, I had omitted the VST PB areas and just mentioned the ST area of support which came in the form of Symm support at the 1277 area. It appears to be getting ready for a move. Depending on what transpires overnight and into tomorrow with the other indices we may say a deeper PB or an attempt at the 1315 area.
Jan 9 IWM came out of the bearish wedge I referred to yday. It is possible that we might get only a shallow PB before another attempt to 144-145 where it might fail for a deeper correction. For now, 139-140.8 is support lets see what happens there. Jan 10 Comment: I threw the idea of a shallow PB. Perhaps thats all it is Almost touched support. Similar pattern to...
Jan 6 On Dec 26th I had mentioned that if the markets cooperated AMZN could reach the 1540-1570 area. We go the run to 1550 or so and then a shallow PB to target the .618 fib at 1592. For now, I would say that the 1545-1555 area should provide some support but the bullish trend remains above the 1511-1518 area. IF it can get above the 1618 area then 1670 and then...
Jan 9 Whoa! 5.5%. I guess the reverse of what happened on the way down. Hell, yday I was talking about 50.80 as potential resistance but had a resistance line at 51.47. Had no idea the move would be that big. Anyways, I had said a couple of days back, that CL is on a mission and will get where it wants before giving up the ghost. For now, if the 51 area holds,...
Well, the much vaunted Brexit vote came and went and the levee did break! . Not a stir in the market. An ominous sign if you ask me. I think the market is on a mission and till accomplished nothing will derail it. We did get a push back on the first attempt in the 2607-2610 area. Now we are headed likely to the 2623-2630 level. Lets see what tomorrow brings. Above...
Well, we got the expected sell, but not quite to the 60 area as anticipated. Taking a step back, for the last week, all we have accomplished is trade sideways to accommodate both ends of the bearish wedge. OF note, is that since making the high on 1/10, we have thus far had a series of lower highs and lows. Perhaps a the beginning of a decline given the...
Jan 9 Whoa! 5.5%. I guess the reverse of what happened on the way down. Hell, yday I was talking about 50.80 as potential resistance but had a resistance line at 51.47. Had no idea the move would be that big. Anyways, I had said a couple of days back, that CL is on a mission and will get where it wants before giving up the ghost. For now, if the 51 area holds,...
Today was a day where the MM's feasted on expiring options. They burned theta, the flames of which, could be seen for miles. I am not going to get into the nitty gritty of the price action today. Rather, going to take a step back and see what is happening. For the last 4 days we have been range bound. Bottom around the 70 mark and top 96-99. What is more important...
Whoa! 5.5%. I guess the reverse of what happened on the way down. Hell, yday I was talking about 50.80 as potential resistance but had a resistance line at 51.47. Had no idea the move would be that big. Anyways, I had said a couple of days back, that CL is on a mission and will get where it wants before giving up the ghost. For now, if the 51 area holds, then...
IWM came out of the bearish wedge I referred to yday. It is possible that we might get only a shallow PB before another attempt to 144-145 where it might fail for a deeper correction. For now, 139-140.8 is support lets see what happens there.
Except for ydays open where the swing was $70 amzn has been busy chewing theta since yday noon. Today's range was a measly 20 points. IF we look at the chart, perhaps another day or two of sideways action to hit the bottom of channel before either breaking down or up. Above 1670 you have 1693 and then 1739. Lets just say that a break of around 1650 could be quite...
Till this morning everything seemed like it was panning out. The bearish wedge broke, the H&S appeared to be materializing, we hit support at the 60 area bounced up as anticipated at the open but after that we kept pushing higher and of course Powell helped. Now, don't get me wrong, I am a big believer in the market making the news. Perhaps Es wants to desperately...
Well we got the 94 area as suggested and a bit more. Buying today was in fits and starts and the smaller time frame charts were messy. There is a bearish wedge that has been developing and this morning we broke out of that wedge but quickly recovered. We hit symm support and fib confluence around the 70 mark. Perhaps it was a fake. My expectation was that a break...
Black Gold continues to shine. we are chugging along and are getting close to the 50.80 area (typo in the last update. AS it is butting against the channel top, it could have an over throw before PB.
I thought that we might get a pause around the 140.88. It did, but only sideways and continued its upward march along with the other indices. It is time now to be cautious as this move is getting long in the teeth. We are currently butting against the downtrend line from above and as you can see the rising wedge (typically bearish) is quite advanced. Price is near...
Jan 6 On Dec 26th I had mentioned that if the markets cooperated AMZN could reach the 1540-1570 area. We go the run to 1550 or so and then a shallow PB to target the .618 fib at 1592. For now, I would say that the 1545-1555 area should provide some support but the bullish trend remains above the 1511-1518 area. IF it can get above the 1618 area then 1670 and then...
Pretty choppy chart for the last 3 to 4 years. Appears to be forming an IHS over from about mid 2013.. Only time will tell. Measured move is to the 1700 area. The 1372 area has proven to be tough to conquer perhaps another run at it could do just that. My bias given my overall views for the market is that it is likely to break through. If that happens the 1500-...
Dec 26, 2018 Like the other indices, pretty stellar turn around in the small caps. We are currently hitting against the 23.6 retracement. If we get above the 133 area, then the 137 area is likely to offer resistance in the form of fib confluence. Again, it is wait and see. Have a feeling though that this might be a nose bleed for the bears.. I think as long as...