#spx #sp500 #fedfundrate - The Federal Reserve lowered the Federal Fund Rate today from 1.5% to 1% in the first rate cut outside of an FOMC meeting since Lehman Brothers collapsed in 2008. This came as the Federal Reserve Chairman, Jerome Powell, claimed that the economy is doing fine and unemployment is at a multi-decade low. If everything is so “fine”, then...
#gc1! #gold – After last week’s market selloff which dropped gold price with it, gold created an inside candle on Monday which could be an indication of a reversal back to the upside ahead. An inside candle is formed when price trades within the high and low range of the previous candle, making the candle an inside candle. The inside candle is therefore a two...
#SPX – The S&P 500 bounced right into trendline resistance today and closed the day right at this level. This trendline stems from a high in price made in January 2018, another high made in September 2018 and then a high at the same line made in July 2019. Price was unable to move above this resistance level until November 2019, and then fell below it last week. ...
#SPX – The S&P 500 saw a 136 point gain today which was its largest on record, good for a +4.6% gain after the worst week for stocks since the financial crisis. While this gain was nice to see after the massive decline last week, bullish rallies during an overall bearish decline can be extreme as we saw today. I’m expecting a lot of volatility in price this week...
#DIXI.U - Dixie Brands closed Friday below a descending triangle support line(lower orange line), which up until Friday had been propping price up as traders had previously been holding above $0.135 which is where the lower triangle line is drawn. A descending triangle is a bearish chart pattern that is created by drawing one trend line that connects a series of...
#sp1! - S&P500 futures gapped down on the first night of trading following the worst week for stocks since the financial crisis. A continued push down was expected after more negative news flowed out during the course of the weekend, most notably in the U.S. where we saw the first Covid19 death, as well as localized quarantines and self-isolation being...
#CGC -#CGC Canopy Growth Corp has created a bearish reversal pattern on the monthly chart that is similar to an Evening Star Reversal pattern. The current reversal pattern doesn’t fulfill the requirements to be a true Evening Star Reversal due to it not occurring at the top of an uptrend in price, but it could be a signal of downtrend continuation, especially...
A closer look at the month of February shows that we had a bearish engulfing candle + 2. A bearish engulfing candle is one where the high of the candle and low of the candle completely engulfs the previous candles high and low(shown with blue lines) and indicates a potential reversal to the downside. The +2 indicates that the bearish engulfing candle not only...
The S&P 500 #spx began the month of February with an opening price of $3,235 and a closing price of $2,954 for a point drop of -281 and a percent loss of -8.69%, marking the end of the worst week for stocks since the financial crisis in 2008. This correction was also the fastest decline from peak to low in S&P 500 history, taking just 6 days to lose -10%....
The S&P 500 saw another gap down on Friday, opening at $2,916 after a previous close on Thursday of $2,978 for a -0.82% realized loss. Price closed higher on Friday than it opened, but due to the gap down from the previous trading session it still registered as a loss. Price opened Friday at $2,916 and closed at $2,954 for a session gain of +1.3%. For the...
Canopy Growth Corp is down roughly -15% on the trading week as global fears over Covid19 have finally gripped markets after a month of essentially dismissing the potential negative economic impacts. CGC is currently trading within a parallel channel which began forming in late 2019, with an upper resistance level of $22.50 and a lower support level of $17.80. ...
Today the S&P 500 opened at $3,062 and closed at $2,978 for a -4.4% loss in one trading session and its largest one-day decline in the current pullback from all-time highs last week. Other indices, such as the DOW Jones, saw its largest 1-day decline in history, it's fastest 10% drop in history this week, as well as its worst 6-day performance since 1928, just...
The S&P500 slowed its rate of decline on Wednesday after losing -6%s over the course of Monday and Tuesday. Price opened Wednesday at $3,139 and closed at $3,116 for a loss of -0.73% which in the context of the previous two days was a small decline, but still significant. During the course of the day price failed to move above yesterdays high and closed below...
About a week ago my custom candle colors stopped loading on all charts while switching between saved templates. Characters, lines and fill colors all load properly, as do the lower indicators, just not the custom candle colors. If I add the indicator to a blank chart the candle colors load properly, but if I save it as a new template, switch to a different...
The past two times we saw the 3-month vs 10-year treasury yields invert and the Federal Reserve make drastic cuts to the Federal Funds Rate were during the 2000 dot.com bust and the 2008 financial crisis. Each were accompanied by significant stock market declines/crashes. Today we have the 3-month and 10-year yields inverted(two inversions in less than a year)...
The S&P 500, along with all other equity indices, saw another significant move down today with price opening at $3,238 and closing at $3,128 for a -3% loss, and a two-day decline of -6% to start off the week. With this two-day decline traders have now wiped out all of 2020’s gains and have taken stocks back to December 2019 levels. With today’s decline price...
After hitting $10,500 resistance(red) and falling out of the uptrend channel(orange), Bitcoin has had a hard time catching a bid and re-gaining the uptrend channel. After falling out of the uptrend channel price has since hit resistance at the lower channel line which is now acting as price resistance, which in technical analysis can be expected since previous...
Canpoy Growth Corp's price filled the gap(blue dashed lines) that was created on February 13th -14th with a close today of $20.30, a gap fill that was anticipated after price failed to move higher last week and back into the rising trend channel(orange lines). Today's price move can mostly be attributed to the overall selloff in global equities last night into...