Chart says it all, especially when combined with everything else that's a part of the momentum complex...
So many breaks of support today... This is just one of many. Not sure where this stops, but it may have a reversal based on the H&S formation.
Just another of the key stocks/indexes that broke support today.
last few days show the S&P 500 breaking through key support levels, indicative of a bigger correction.
Fairly simple short here - SQ has seen a huge run and is at the top of a very large rising channel. I expect this to drop soon, but watching for a potential breakout to the upside just in case.
I'm not using this as any hard data, but Micron is a surprisingly decent global macro indicator of the market cycle. This probably shouldn't be too surprising since the use of Memory in products tends to correlate with a lot of highly cyclical and luxury type items while also being somewhat commoditized. As a result, Micron tends to be a little bit of a canary in...
I'm not using this as any hard data, but Micron is a surprisingly decent global macro indicator of the market cycle. This probably shouldn't be too surprising since the use of Memory in products tends to correlate with a lot of highly cyclical and luxury type items while also being somewhat commoditized. As a result, Micron tends to be a little bit of a canary in...
Just an update from yesterday's chart. QQQ failed the retest and now has dropped 1% today so far. Could have a lot more room to the downside here, although we'll see where this goes. Note that the resistance that was broken had previously held for the bull run since April 2018, which has been quite a strong run overall.
Nasdaq retesting the support it broke somewhat recently. Lets see where this goes...
Will either rocket downward after breaking resistance or rebound here. Fundamentally, this looks to be more negative based on what is happening in the world of currency.
Simple chart - using VIX moving average crosses can help you time when to sell in markets quite well. I like using exponential moving averages, and using the 15 day and 45 day works really well historically. In short, if you're bearish, watch when the 15 day EMA of the VIX index crosses higher than the 45 day EMA for your signal to sell.
Correlation divergences are important to look at. In this instance, we view the AUDUSD rate as a clear proxy for oil prices, in which a big divergence has occurred recently. With the drop in gold and copper also mirroring AUDUSD, it seems quite likely that OIL will soon head south as well, going below $60 at the bare minimum. Oil has seemed to lag the rest of the...
how much more room do we have to go downward?
Measured moved based on H&S break has this moving approximately 10%. We're currently looking at a retest of the break, but it's fading fast. When combined with the record net-short interest here, this could be a fast move, and could even invert the yield curve in one fell-swoop. If so, this would be reminiscent of the 2000 yield curve inversion, which happened...