See correlation in chart. If NQ breaks 7000 level overnight, likely gold will rally immediately.
As I suspected earlier, gold needs one more washout. Compare the scenario we are in right now to the boxes on the left hand side of the chart. Almost identical. I expect indicators to be intact, or further form a bullish divergence, before the real rally starts. With large speculators blown out, the move should be explosive. The rally could have already started...
AMD has been on a hot streak recently, rallying close to 80% from below 10 to close to 17. However the streak is about to end, as we see a break down below the trend line, as well as 9 dma. I see at least a drop towards the redline, which is the 50 dma, representing a 25% drop.
Rocket launch coming in 3,2,1... though I'm not so sure about the direction.
Miners have continued to grind around. However, the underlying OBV is telling us that big money is starting to build their positions through high volume up days. Any trigger, such as ECB QE decision or FED rate hike decision or reversal of USDJPY, or the break of the broad market, could shoot the miners up into the sky. Plus it has been confirmed by CMF, the...
Despite the sell off in broad market, EIX seems to be having a very nice day. Rejection of PPO crossover and weekly energy release should send this baby much higher.
Chart is saying it all: 1. Impulsive break below 9 day moving average. 2. MACD crossed and is pointing downward. Monday we may see a defensive rally back to the trendline, after which things could get nasty.
It is a big question whether we have just seen a pullback and uptrend shall resume as early as tomorrow. My view is no, as can be seen from the hidden bearish divergence on the hourly chart.
Gold is carving out a bottoming pattern after the huge drop after ECB. If pattern gets invalidated, look for a drop to 1250 area.
Apple moved away from its 9 day moving average on Friday, with HIGH volume. Strong bearish technicals on daily time frame. Island topping confirmed with bearish crossover on MACD. It seems like the top components of QQQ are all posed for big drops, and therefore QQQ would also face a correction.
Most components within SOXX continued to build on bearish technicals today, putting in shooting star doji, gravestone doji, below key trendline, albeit yet to be confirmed by followups. The drop should have come much earlier, ideally immediately after breaking below the trend line, but the "good" data from non-farm payroll delayed that process, evolving into what...
Despite recent rally, semis are starting to look reluctant staying on top of its bull trend. Weekly closed slightly above its 9 day moving average, stick saving its bulltrend, but various signs are showing that a 5-10% correction could come as early as next week: bearish crossover PPO, diverging highs, and a slowing momentum. Looks very much like the setting...
If there's any chance for BTC bulls, this should be it.
Clear chart pattern.
Nothing is more bullish than a failed breakdown. Chart says it all. Candle is yet to close, so wait for conviction.
USDJPY is being ramped up to backtest the cross of the rising and falling trendlines. My expectation is that it succeeds and head downward after or even before getting there.