The S&P 500 has moved further away from last year’s low support level at $3662 which is proving to be a strong level to break. There is now a long wick below June’s candle after price bounced hard off that level, but will it be the start of the resumption of the bull trend. May’s candle closed as an indecision candle with a long wick but price still exceeded the...
Bitcoin has now declined 71% from the high of November 2021, almost reaching $70,000 before moving south. Last year’s low at $27,734 was held as support in May this year, but June’s candle has so far penetrated this level. We could see a push up before the end of the month and a close above this level, but for now price is trading below it. Another major level...
Is this the major support level that stops the S&P 500 from dropping further down? If it is, the bull trend will eventually resume, but if not, we will likely see a bear trend. Price is now at last year’s low at $3662, which is a strong level, but we will have to wait and see if it is strong enough to stop the 23% decline from increasing. Other previous...
The S&P 500 was held at the $4,000 round number zonal area of support. We did witness a little strength to the upside, but the previous support from February 28th 2022, at $4114 turned to resistance and prevented price from climbing higher. Price hit this level of resistance and has since displayed weakness and an impulsive move to the downside unfolded....
Bitcoin was held at a major support level for almost 18 months and appeared to bounce from this level to resume the long-term uptrend. Price dictates the next move and in this case, it decided a bounce would not take place for now. Instead, the major consolidation support at $28,800 was broken and so far this week, another level of support has been broken...
The previous post of the GBPY showed price holding at the support level of 156.60. This was the consolidation resistance turned support from the January 2018 high. Price formed a textbook pattern by breaking out of consolidation and retesting the consolidation zone, then bouncing off support. We are seeing an impulsive move to the upside, and should the move...
Last week, price made contact with a major level of support, formed from the low of January 22nd at $28,800. Price stayed at this level for a few weeks. It’s the start of a new week, and already seeing a bounce from the support level. As the weekly candle displayed is still new, we will have to wait until the end of the week to confirm a weekly bullish candle. A...
The forex market has been silent for many years now, so there haven’t been many opportunities to jump into trend-following positions. We have to remain patient during quiet times and keep an eye on the calm markets even when placing positions in more active markets. The GBPJPY is showing signs that watching the quiet market may pay off. Price is setting up for a...
In the last post, I highlighted price holding at support which is last year’s low at $28,540. There is another support level just above that one from the January 2021 low at $28,989. Price has hit this cluster of support multiple times since then. The first was a period between May 2021 and July 2021. Price hit this level again a year later, in May 2022. As this...
The USDJPY went into a long period of consolidation from June 2015 to April 2022, almost seven years, and may be at the start of a potential long-term bullish trend. Before the recent sideways market, price formed a trend that lasted from October 2011 to June 2015, rising from 75.56 to 125.85. Now that price has broken out from the long-term consolidation zone,...
The currency market has not offered consistent long-term opportunities for a number of years now, and looking at the chart of the GBPUSD, we can see why. Price went in a decline from July 2014 to October 2016, falling from 1.7191 to 1.1904. Since then, price has not moved away from the range consisting of a high at 1.4376 and a low at 1.1904. In March 2020,...
Bitcoin has really struggled to gain bullish momentum since the sharp decline it experienced in April 2021, almost falling and hitting last year’s low at $28,540. A rally followed, which created a new all-time high, but a descent followed once again. The recent decline has occurred over six months compared to the three months in the initial decline mentioned...
The S&P 500 continued to decline last week. Past levels of support formed from previous lows, so we had to look at the next obvious level of support. In this case, it was not a previous high or low but a psychological level in the form of the $4000 round number. The weekly timeframe clearly displays a reversal candle that did not close below $4000, which is a...
In last week’s post, I highlighted that the US Dollar was being held at a major resistance level and was preventing price from climbing any higher. So far this week, price has broken through. Closing prices are more critical than intraday movement, so although price is above resistance, it does not mean it will stay above it at the end of the business day. This...
The S&P 500 was held at support last week with price unable to break and close below it. The support is from the low of February 24th 2022 at $4114. Because the level has not been broken for over two months, it is proving to be a strong level. This, however, does not mean that it can not be broken, the likelihood is just slim, but with the markets, anything can...
Since June 2021, price has been moving up strong, ploughing through the $100 major round number, which is a psychological level of support/resistance. April’s monthly candle closed bullish for the month and saw a move of 4.64% but was stopped in its tracks by a major level of resistance. The consolidation high at $103 is acting as resistance and this level was...
The S&P 500 is very close to signalling the start of a potential bear trend in the market, something we have not seen since the 2007-2009 market crash. Yes, we have seen some bearish moves since, but not a long-term bear trend that has lasted for months/years. If this does come to fruition, it will be bad news for bullish investors who have held positions for...
The US Dollar continues to gain strength and has been in a consistent rise since June 2021, where we have seen price climb 13.06%. Note that price is still inside a long-term area of consolidation that has lasted since January 2017, between a high of 103.96 and a low of 88.15. As this is a wide area of consolidation, price has enough room to form a trend that is...