Quite incredible, that despite recent rally in stocks, megaphone setup still remains valid and could be in play for TVC:SPX
For almost two months now index is moving allong resistance and having hard time to break it out to the upside.
Higher levels definetely possible, but I would be more concerned with taking profits and buying protection right now.
FX:EURUSD probably one of the most important charts out here. Recent rally in risky assets is largely driven by USD weakness, so if it turns, markets may be ripe for a decent correction.
Inability to hold support today, would be the first hint, that reversal may be finally starting
With recent bitcoin mania, one would think that NASDAQ:NVDA would be one of the stocks to benefit.
However, stock is performing quite weak lately and now seems to be breaking down after failed attempt to make new highs in recent days
Might be good short opportunity of another overextended name in tech sector
NYSE:CRM is another vulnerable short opportunity with promising entry right now. Expensive stock with market cap above $200 bln, P/E > 100 and P/S >10, which topped exactly after being added to Dow Jones in late August and trending down since then on poor relative strength.
Today's sell-off in NASDAQ:QQQ and other US indices, provides early hint that local top might be in. Buyers really need to step in at current levels until the end of the day or selling pressure may only intensify going forward
NYSE:SNOW is one of the most overpriced companies you can find right now.
After post IPo rally, stock is struggling lately with poor relative strengh to Nasdaq.
Potential breakdown of Head&Shoulders gives potential for new lows at $200 right now.
However, its not low risk entry idea, so prepare for some volatility.
One of the most overpriced comapnies in the whole markets - NASDAQ:ZM may finally be starting its breakdown.
Despite Nasdaq strength today, company is showing very poor relative strength and deliberate breakdown of major support line.
Could be good short opportunity.
Very important how US indices will close today. All week long we had a non-stop selling , and if today we get the close at the lows (ideally close to support line), I would not be surprised to see strong follow through on Monday as well, even gap lower and limit down maybe.
Prices often continue trending on Mondays in the same direction as Friday close. So given...
EURUSD seems to be breaking down from bear fla and multiple support levels.
Unless ECB somehow saves euro from further fall, we may actually see decline accelerating later today and EURUSD moving towards 1.12 -1.15 levels in the upcoming weeks
After almost two month period of consolidations, CL1! is breaking down from bear flag, indicating high probability of significant decline (10-20%) to 30$ level ahead.
But what is more important I think, breakdown in crude oil acts as another hint of what to expect from risky assets going forward, and clear warning sign that more downside in equities should be expected.
Last week I warned that it is crucial for XETR:DAX to hold key support level of head and shoulders formation. After it was lost on Monday, index has experienced almost non-stop bleeding, in less than 3 days losing around 8%.
As DAX is approaching June lows, it is reasonable to expect some sort of stabilization in the upcoming days. If not, however, things could...
Since June XETR:DAX performance is flat, but index is potentially forming head and shoulders structure, which would be triggered if strong support level (tested once again yesterday) would not be held.
In the upcoming days bulls may have the lead, but if in the end DAX dips below yesterday's low, acceleration to the downside may happen fast and probability of...
After recommending NYSE:JKS for long term purchase last November, idea went trully ballistic in recent months making around +500% since the time of recommendation.
Despite such price increase, company still does not seem particularly expensive (it was a bargain in low teens) and high purchasing volume also hints that trend higher may continue for years to...
After breaking down H&S support and making initial decline to 1.16, FX:EURUSD is now bouncing back and trying to restest previous support level @~1.175, which now clearly acts as resistance
In addition, trading seems to be ocntained inside downward channel for now, and reaching its higher bound we got clear rejection.
I believe we are at good levels to...
Compared to US indices, AMEX:EEM looked relatively strong in recent weeks, however, it seems that market forces taking emrging markets lower as well.
After uptrend support was broken, EEM fromed head&shoulders right at 2018-2020 major resistance and yesterday we witnessed breakdown.
Good odds at least 10% correction would be witnessed from here
TVC:SPX went below February highs and broke down key support levels.
If megaphone is indeed playing out, we are just at the very beginning of the move down.
"Buying the dip" might lead to some very negative surprises at the moment, so extra caution is required.