This trend is still unconfirmed but Fastly (FSLY) isn't the only tech stock overextended. Lets see how this shakes out. I'm short at 347.51 with a 1.5-point stop on SPY.
SPY has had a nice run from $320 area and an unconfirmed bear flag seems to have set up here as political reasons for the rally have become derailed. This seems like a good spot to go short with a fairly tight stop. Many the high flyers are trading down today so it seems some profit taking or potentially something bigger may be afoot.
Today the S&P 500 failed to trade up to the lows of Sep 10-11 that are on the top horizontal support line. S&P traded through the 23.6 Fibonacci on Monday but then rallied to close above that level. After a tepid rally yesterday S&P opened higher and was rejected by the Sep 10-11 lows. It closed below Monday's low and the 23.6 Fib level. A rally up to 3256, or...
Gold exceeded its upside Bollinger Bands and channel trend line. After a few days of levitation it suffered a large sell-off. Failure of additional stimulus from Congress was the fuse but the chart was too tall to hold the gains. Now Gold is trying to hold the horizontal initial support line but the bottom of the channel trend line is beckoning. If those areas...
The chart shows that GOLD exceeded it channel on the upside move and has now fallen into a correction. There is a developing possibility that a bottom was put in at 1865 in the spot contract last night during the zero hour. If not we will likely have to test down to the bottom of the channel.
I went long 30 Yr US Bond at 149'02. This is contrarian view and assumes there will be short-seller covering in addition to new buyers who now realize Fed is unlikely to raise rates anytime this year. Initial target is 151'22 with target #2 at 154'22. Move below 148'09 would invalidate this suggestion and be price to place stop. Any dip between 149'20 - 149'02...
