Coming out of a cup-and-handle formation on the daily chart
Currently sitting on SMA 200 support ($34.03/share)
Has held up very well in the correction
Technicals looking strong
Build position above 34
After intense selling on Wed, we had intense buying on Thu in expanding volume.
This suggests that the 2640 support has efficiently played its role.
Good probability of a continuation, subject to payroll numbers.
The market remains fragile due to harm done in October.
A breach below 2640 is unlikely for now in my opinion.
Such breach would ...
October: A Damaging Month
Serious technical damage was done to the index in October
11.5% downfall from the high of Sept 21 to the low of Oct 29
Equity markets adjusting to new reality of higher interest rates
Rebound from Oversold Condition
Oct 29 seemingly marked the (temporary?) end of the current correction
Rebounded at 2640 which represents the 23.6% Fib ...
Questionable considering the current regulatory issues faced by Social Media stocks
Poor on most time frames
Look at the potentially beautiful H&S formation on the weekly chart (potentially negative)
Negative for now, could be getting a boost/rebound this week after holding and closing the 50 SMA last week
Will very much depend on ...
Been warning about the SPX hitting a strong resistance towards the top of the current upward trending channel.
Been suggesting to BUY GOLD and VOLATILITY (see other posts below).
Correction now clearly engaged with Tech leading us down faster, after its beautiful run.
How long this will last is unknown. However, please note the following:
- Long term uptrend ...
Clear VIX pattern emerging:
- Volatility has been forming regular waves between every spike or market correction;
- Average duration of a wave over the past 3 years has been 107 days + or - 19 days;
- Significant spikes between waves;
- Current wave duration has been 119 days, suggesting a correction is imminent;
- Volatility spike has properly started this ...
After multiple breakouts above historical highs, SPX is hitting its upper trend line resistance.
While the run might continue from here, this resistance creates uncertainty and the index might take a breather or stall altogether.
I would keep long positions with strict stop losses and hedge any upcoming correction in the following manner:
1. Buy volatility (VXX) ...
GBP negative on all time frames. Long-term trend down.
Multiple death crosses on the daily chart.
Currently in the middle of the descending long term wedge.
Brexit uncertainty not helping it turn around.
As uncertainty continues, look for it to fall further towards the 1.20 level - Bottom of the wedge forming support.
Short term rebound possible in light of the ...
Long term (imperfect) Cup and Handle completed, with a (failed?) breakout on the recent earnings.
After an initial substantial pop after hours post earnings release, ETSY lost most of its gains.
Now gently climbing back up over its breakout resistance of 45.
Bought the shares at 42.65 pre-earnings. Held them through the up and the down.
Awaiting a close above 45 ...
Technicals down on all time frames
Death cross on the monthly chart
H&S pattern on the weekly chart
Broke the SMA 100 to the downside
Consolidation from the top of the current down channel (monthly)
Bit oversold but the picture looks negative medium term, from here
Look for a break of the SMA 200 at 1.1365, in which case higher probability of completion of the H&S ...
Positive on all time frames
Has broken out above historical high
Has broken and closed above psychological $100 level
This was done in mild volume, so volume confirmation would be welcome
Buy the breakout in half size
Stop loss at 92 and 88
Expected timeline for this trade 7 weeks
Please mind macro numbers (CPI today) and only ...
Fundamentally, Apple remains a safe haven
Technically, the stock is positive on every time frame
It formed a visible, short-term cup-with-handle since Jan 18 (see chart)
It broke out of the formation 3 sessions ago on March 8 (last Thu), in mild volume
Yesterday, it also broke out and closed above its most recent historical high ...
Preference for this sector highlighted a while ago (see link below)
The current pickup in volatility should further help earnings
Brokers have been going up along with banks and asset managers
ETFC is now technically positive on all time frames, if slightly overbought
It closed above the 56 breakout level on Friday, after building a base ...
After much suspenses and hesitation, last Friday was a celebration for the return of the bulls.
The index broke out from the consolidation range it had created in January.
The breakout took place in average volume, and the technical picture is now positive.
Next levels to watch:
- On the upside 2,790 / 2,875
- On the downside 2,742 / 2,676 / 2,650 / 2,600 / 2,575
Higher volatility with no direction is what we have right now, and it is difficult to trade.
This index is acting like it is a little confused, not knowing where to go.
After a historic rally and after repeatedly breaking historical highs, this is expected.
Technically, it is sitting at the apex of the high triangle, which ...
Since the positive pre-announcement of last week, the stock has popped and broken its up-channel resistance at $12.
All the while, the SMA 50 has crossed the SMA100 to the upside, providing a "golden-cross" positive cross-over setup.
The stock has since given back some 8% - Been waiting for it to consolidate towards the resistance-turned-support.
Interesting in the context of the current pickup in US retail activity.
Mixed/weak after a good run and after printing a new historical high.
The previous two publications took the stock up 10% every time.
Play a continuation in the positive earnings surprises, as the company releases today after market.
Buy ATM ...
Micron broke and closed above its very long term resistance at $50.
It looks technically positive on every time frame and is bound on the downside by its 50/100 SMAs around $44 and its 200 SMA at $38.
Buy the breakout here with stop-losses at 47 / 44 / 38 depending on your risk appetite and investment horizon, and target 64 and then 74.
Alternatively, by an ATM ...