Today's extreme snap back rally took the S+P 500 right up to very important chart resistance at 3090 Looking at the Daily Chart, ( Included here) you can clearly see the point of apex triangle resistance reached today. Allowing for the VIX to correct back to 34.50, from the 40 handle, volatility is now primed, and ready once again to explode to the upside. A...
S+P 500 is in a "Death Spiral." an extremely rare market event. Any Support inside the "Descending Wedge," is being broken like a knife through hot butter. The velocity of the move down with the VIX at 40, is staggering. Major Intermediate Term Support for the S+P 500 is found at the March 2019 Low of 2722.27 Should 2722.27 fail to hold this market up then it...
As if to answer, the "Ascending Wedge" breakdown in the market the S+P 500 has now formed a countering "Descending Wedge ( See the Chart Illustration) The Descending Wedge Pattern is now strongly in control of price, and keeps moving it down inside the trend lines of the wedge ( Again See Chart Illustration) My own traders instincts if you will , tell me...
The Daily Chart ofthe S+P 500 ( Shown Here) shows 75 trading days of upside trading activity since the intermediate price bottom of 3070.49 on 12/3/19. The almost daily daily no stop price advance, from December 2019,thru January/ February 2020 took the geometric shape of an "Ascending Wedge", a bearish "terminal" technical pattern, often found at the end of a...
My last trading view post " A Long Way Down" written this past weekend "2/23/20 defined clearly that a very sharp decline was imminent in the market Well as fate would have it, the SPX opened at 3257 on Monday and that has been followed by a massive decline this week that shows no sign of abating, hitting SPX 3117 yesterday. The price area between SPX 3393...
The market is in a very precarious position. Last week's downside debacle wiped out 4 weeks of upside price to all time highs,. in one fall swoop. Risk is now elevated No one would want to be part,of a very rapid descent down.. thus the element of surprise is now very high. My own read of the charts, in all time frames, suggests a possible immediate decline to...
Yesterday's sudden violent mid day sell off reminds us all that the stock market giveth, and then without reason or warning, can take it all away, and then some. No one really knows what happened. Machine driven program trading or algorithms activated, and moved so fast that big money stops were hit in a domino like fashion, and the S+P 500 dropped some 35...
Well, it always seems to happen when no one expects it. S+P 500 move to up to 3400, an "expectation", perhaps even an "assumption" was seemingly hit this morning by a violent Bull Trap,above SPX 3375. Stops were hit in a domino type way that only pressured th selloff, which certainly caught the "majority "by complete surprise. This downside "event" took a...
Apple just released a significant production and supply profit warning blaming the projected quarterly shortfall on the deadly virus overtaking China. In doing so,they become the first of what could be many large companies doing big business in China to warn of an "unexpected and sudden drop off" in sales, as their last guidance in January was completely...
The market has been on a tear in February breaking records, day after day, and rewarding bulls with riches, perhaps beyond their wildest imaginations. The bullish psyche being reinforced,continually by a "Buy Any Dip" mentality is now seemingly ingrained in any smart investor. When bears capitulate and start buying long positions " hand over fist", then the...
Friday's massive sell off, erased all of January's gains, in the S+P 500 and in the process,has potentially topped the market at the ultimate point of "crowd belief " My last post highlighted the "little margin for error" in the market when the downside "trigger"was initiated. It appears that this was a "climatic"initiation downside move " thus leaving open the...
"In The Realm of Extreme Belief " The quote is from James Montier, at an investor conference describing the current psychological "belief" state in the stock market today. Just one look at the Monthly Chart of the S+P 500, bears that out in an acutely vivid way. Observe the "Angle of Ascent"seen on this chart. The S+P 500 is most widely owned index of 500...
The stock market in the United States has undergone a mass change in psychology this week. The impeachment hearings of a sitting United States President, have fundamentally altered the seeming security of those who thought' that they would never live the day to see this happen, before their own eyes. Poof ! Just like that, the stock market now fears for the...
Platinum has broken out above $1000, in futures and cash trading during the last week of trading, and is holding support on a retest above that important big number. Commercials have been net short according to the Commitment of Traders, so the move above $1000 has forced some big money traders to start covering their bets. I am long platinum with PPLT, the...
S+P 500 March Futures have made a Continuation Breakout overnight in trading on 1/22/20 Breakout is from an "Ascending Wedge" Pattern shown here on the 15 minute Chart Move Will Encourage Capitulation" by "Short" Traders as it is a "Bullish "Reversal" from holiday weekend trading. Upside Target = 3354.00, Unless Reversed from 3307.00 Note Breakout Could be...
The S+P 500 has been on a unencumbered tear since early Dec.2019, all the while tagging the upper Bollinger Band in the day to day process, with momentum to the upside gathering steam, only increasing this past week, as price moved above the upper band as the S+P, rise breaking record after record, closed on almost it's exact Weekly High, You really can't get...
Rapt Therapeutics ( RAPT) skyrocketed in a massive technical breakout today, rising over 17 % to close at $36.75 RAPT, from South San Francisco, Ca is on the cutting edge of cancer research in the 21'st century, and is working on clinical trials for two of it's patented drugs,currently seeking FDA Initial Phase 1 Approval. I have written about Rapt Therapeutics...
15 Minute Chart/ S+P March 2020 Futures shows a clear Head and Shoulder's Pattern in play. Using the "Multi Time Indicator" Box Chart, the pattern becomes even more obvious and apparent to the eye. There is Strong ES Resistance at 3275.00 Because everyone see's the" broadening top" pattern developing chance's are, my "deep state "source, has told me previously...