After a flat top formation, a drop followed and we are now back into the longer term upward channel. The bottom of this channel could be a point of interest, but until then it's maybe best to sit on the sidelines, or risk being run over by this train.
Adding a little $SQQ to "once again" hedge my portfolio against some downside risk. This strategy has not paid any dividends lately, but it's still worth while doing this for some downside protection. A breakout of the rising wedge will also stop me out.
Weekly chart of Naspers indicates that the 2800 level was an important level and a break of that level means that support could only come up at around the 2000 - 2080 levels. The massive volume that traded over the last week on weakness is also not a very bullish signal, indicating that some institutional money is move away from this one. Chinese regulators are...
Some weakness seems to have taken hold in this seemingly "bullet proof" index. Predicting any kind of weakness in this index and acting on it was a futile exercise for many years. A flat top formed on this index and as the saying goes "a flat top causes a drop" seems to be the order of the day for now. A cautious target of 14100 seems like the first support level...
Bitcoin struggled to break $36k and has been in a downtrend since mid April. I won't be in a rush to buy Bitcoin anytime soon. If the bear flag plays out we should see much lower levels in coming months.
Nasdaq 100 E-Mini Futures reached the top of an 11 month channel
Each time we reached the top of the channel we saw some sort of sell off
The last sell off was around 7,8%. We then saw a 12,30% rebound (thus far)
Some caution is advised in entering big long positions here
Some levels of interest lower down -14075, 13469, 13000
From fake move comes fast moves
A fake flag break could see this one going to test 500c levels again
In order for this to happen volume needs support the share price at these levels
Stick to stop losses
The Satrix resource ETF has been trading around a defined uptrend for a couple of years now. Recently it broke out of the range and retested the upper band of the range before moving higher again. The upper band has been tested once more and you have to wonder if the recent high will be challenged again 7440. Large economies seem to be running hot at the moment...