QQQ dropped a staggering 5% in the previous trading session, and by doing so, it erased its post-FOMC gains. Meanwhile, our price target of 310 USD was reached. Because of that, we would like to update our thoughts on QQQ. We continue to maintain the bearish stance as we think QQQ is due to continue lower. Because of that, we would like to change our medium-term...
We continue to be bearish on SPX. Because of that, we would like to set a new short-term price target for SPX at 4100 USD. We would also like to set a medium-term price target of 4000 USD. Technical analysis - daily time frame RSI and MACD are bearish. Stochastic oscillates in the bearish area; however, it points to the upside. DM+ and DM- are bearish. ADX...
Yesterday, after the FED decision, SPX gained altogether with other major U.S. indices. Despite that, we kept our stance and did not abandon our bearish price targets. Indeed, we noted that the relief rally was in progress and that the abrupt move up reflected the market's fragility. Therefore, we continue to be bearish on SPX, and we expect it to form new lows in...
We continue to be bearish on QQQ. Because of that, we would like to set a new short-term price target for QQQ at 310 USD. We would also like to set a medium-term price target of 305 USD. Technical analysis - daily time frame RSI is neutral. MACD and Stochastic are bearish. The same applies to DM+ and DM-. ADX reflects a strong downtrend. Overall, the daily time...
Yesterday, after the FED decision, QQQ gained over 3%. Despite that, we kept our stance and did not abandon our bearish price targets. Indeed, we noted that the relief rally was in progress and that the abrupt move up reflected the market's fragility. We think today's fall foreshadows more weakness ahead. Our short-term price target for QQQ is 310 USD; the medium...
Today, an opening gap appeared on the daily chart of Albemarle; as a result, this offers an opportunity for a simple trade setup. We are currently bearish on Albemarle and expect a complete retracement of the opening gap. Therefore, we would like to set a price target for Alb at 198.44 USD. Illustration 1.01 Albemarle opened up almost 7%. Technical analysis...
Yesterday, Bitcoin plunged below 39 000 USD. However, the drop was quickly retraced and BTC bounced as high as 41 754.05 USD today. We continue to maintain a relatively neutral stance in the short term as we expect choppy price action to persist for a little longer. However, we are turning increasingly bearish in the medium term. Because of that, we would like to...
We continue to be bearish on the Nasdaq 100 index. Our view is supported by a combination of fundamental and technical factors. Because of that we would like to set a new short-term price target for QQQ to 312 USD. Illustration 1.01 The picture above shows Nasdaq 100 continuous futures (NQ1!) on the daily chart. It also shows the immediate support/resistance...
We continue to be bearish on QQQ. Yesterday, it closed below the immediate support/resistance level, which bolsters the bearish case for it. Although, we will pay close attention to the price action and its ability to move above/below the mentioned level. Our price target stays at 312 USD. Illustration 1.01 The picture above shows the close price from 27th...
In our latest post on gold, we noted that the bearish trend lacked momentum, which would result in a sideways moving price action. We said that gold profit-taking would ensue to cover traders' losses elsewhere. We expect this trend to continue in the short term. We will pay close attention to the FED on Wednesday as it is expected to hike interest rates by 50...
Bitcoin continues to exhibit choppy price action around the 40 000 USD price tag. However, that does not change our stance on it. We remain bearish with the short-term price target of 37 500 USD and medium-term price target of 35 000 USD. Technical analysis - daily time frame RSI is neutral. MACD and Stochastic are bearish; however, MACD is trying to reverse...
More than a week ago, we warned about potential EU's ban on Russian oil and the risk it poses for the higher price of oil. We suggested that this step would lead to higher prices of oil in the short-term. Just two days ago, Germany was reported to back a gradual ban on Russian oil. Because of that we abandon our short-term and medium-term price targets. Although,...
Recently, gold nearly touched the 2000 USD price tag. However, it failed to move substantially higher because profit-taking quickly ensued as the general stock market started to fall. Nevertheless, we continue to be bullish on gold in the medium-term and long-term. But we are growing increasingly nervous due to the intense persistence of selling pressure in major...
Yesterday, we showed a bearish breakout in the RSI of USOIL. Although, later, during the trading session, this breakout became invalidated, and RSI moved back above the horizontal support. Despite that, we remain bearish on the USOIL, and our price targets stay in place. Illustration 1.01 The idea above shows yesterday's intraday breakout below the support in...
A few weeks ago, we noted that we believe USOIL peaked and is headed lower. Indeed, we set a long-term price target of 90 USD. Now, we would like to change this price target to medium-term and set a new long-term price target of 80 USD. Additionally, we would also like to set a short-term price target of 95 USD. Illustration 1.01 Yellow arrows indicate the...
In our last post on SPX, we were bullish after the bullish breakout from the rectangle pattern. We noted that we would pay close attention to the price action, and if retracement occurred, it would pose our bullish thesis to question. One day later, the breakout became invalidated; furthermore, the SPX fell more than 5% within two trading sessions. We are...
Bitcoin fell below 40 000 USD, and we continue to maintain the bearish stance. Although, we would like to change our medium-term price target of 37 500 USD to a short-term price target. Additionally, we would like to set a new medium-term price target of 35 000 USD. Technical analysis - daily time frame RSI, MACD, and Stochastic are all bearish. The same...
Yesterday, QQQ broke below 338.04 USD, which acted as critical support before this occurrence; this is a particularly bearish development that forces us to change our view to bearish on QQQ. Although, we will still watch for possible invalidation, which would come in the form of retracement above 338.04 USD. Technical analysis - daily time frame RSI is...