Bounced off resistance around 9pm last night. Let's see how it goes today. IMO, it is going to need a rally in tech to pull this off, but that is looking pretty exhausted also with what appears to be some double tops in several of those stocks.
The rally has pushed its way all the way to the top of the megaphone pattern defined over the last 2 years. In this region, the critical resistance is around 3530. If it can break this resistance line and close above for one or two days, then this market will most likely go full FOMO bull and the next logical stop is 4000. However, if it cannot break this...
S&P 500 in clear rising wedge pattern, which is a bearish reversal (see other examples in last few years). In addition, the S&P is just a hair under the major resistance trend line that S&P has not broken since 2011! I know the FOMO is strong, but all signs are pointing to a correction next week. I have also noted all of the other major FOMO instances recently....
A bit out there, but so many things seem line up. See chart for details. What do you think? Completely valid or is there a better chance that its all an alien coverup or we live in the Matrix? Let me know with a comment.
Looks like a rising wedge reversal pattern indicative of a wave B correction, see Oct 2018. Note the massive momentum in the MACD and RSI reaching overbought level just like 2018.
Waves at the 1H. My guess at how NASDAQ makes 12,000. Not clear what it does after that. Can it push to 12,100 or will it start a correction?
I still firmly believe that the current wave since March is a corrective wave and I still believe a wave C is coming. However, every day that goes by it becomes more and more clear that this market is going full FOMO rally and the large correction that seemed clear to happen has slowly faded away. Does not matter if the Fed can actually stop a larger correction....
Gold has been in a correction since the ATH. It seems to be above recent trend line resistance. I also see a bear flag in the divergence indicator. Not saying it is done correcting yet, but maybe it is close? If it matters, silver still looks to be correcting and not as bullish as gold. Hope this helps.
A look at Apple since 2010. I am not sure I have ever seen a stock go almost straight up like this, not one in this price range anyway. This stock is the perfect example of a bubble stock. I wonder how high it will go?
Did a basic analysis that looked at the pattern for the highs of the adv-decl (AD) at the week time frame. I then compared that to the S&P 500. You can see that starting around the end of June the AD has been showing lower highs. You can see the same pattern leading up to the other corrections in the S&P. The time between corrections is also in the correct time...
Looks like end of wave B and ready for wave C. Note the momentum is about to switch in the MACD. However (just like yesterday push) when there is low volume it only takes a little buying to push the price up. I am not in favor of that for today since we already notched another ATH earlier.
Maybe a breakout before days end?
Looking like a setup to dump before the weekend, maybe? The VIX is showing what looks like an ascending wedge pattern for today and thus maybe lending some creditably to this idea. Of course, it could take a run to an ATH instead, because the market likes to do the opposite of what I think.
Looks like a possible descending triangle pattern. If that is validated, then gold may still be in correction.
The drop from 2pm to around 11pm last night was moderately large at 1.5%. There was a lot of selling in the early afterhours. It was enough to take the S&P all the way down to under the major support trend line. It noodle around there testing for a while and then back up, but another test later in wee hours of the morning. It is clear the large institutions are...
Update on August 11th analysis. Wave analysis seemed to be close, but DIS is still hang tough but it is slowly creeping down. Still not clear how low it will go during correction.