Here is a look at the S&P going into the first trading week of August. I am posting this late as I have just returned from vacation. Very positive reaction to the data and earnings that came out last week. Price rallied 4.25% into the 100 SMA after breaking thought the 382 FIB. The 100 SMA is resistance along with the May 31 st pivot high. I am expecting a pull...
The Growth/Value ratio broke key resistance last week signaling increased risk appetite. A future break down in this ratio would be bearish.
Post earnings TSLA keyed up for potential base breakout. Here are my near term targets if a break were to occur. Failed break likely to happen at the 1.13 fib x.
We have a massive week ahead with earnings from the Mega Caps and the much anticipated FOMC July rate decision. The week is setting up to either establish the bottom or take the market to new lows. Anyone claiming to know what is going to happen is not a trader. The confluence of data and global events have the market poised to explode in either direction or...
We have a massive week ahead with earnings from the Mega Caps and the much anticipated FOMC July rate decision. The week is setting up to either establish the bottom or take the market to new lows. Anyone claiming to know what is going to happen is not a trader. The confluence of data and global events have the market poised to explode in either direction or...
Here is a look at the Nasdaq going into the week of July 18th - 22nd. Price broke out and re-tested of the falling wedge pattern last week. There is a good chance for a move higher into the 55 ema. A failure to break the 55 ema may lead to a retest of the June low. Targets above are the 55 ema, 382 Fib & 618 Fib. Earning season has begun. Below are a few key...
The S&P is still trading within the downward wedge. Although it is forming a basing pattern it still must break through the upper trendline for continued bullish momentum. A failure at the trendline my lead to a re-test of the June low. On a break higher the first target is the 55 ema followed by the 382 Fib. Earnings season has begun and may provide a...
Here is a look at the levels for the Nasdaq going into the week of July11 -15. Some key data coming out this week as well as the start of earnings season. Below are some key points I am watching. • Current bias BEARISH ==> Neutral • Coming off a 4.6% rally • The downward trendline was broken to the upside and trading above 9/21 ema cloud • 55 ema now an upside...
S&P still trading within the downward wedge near the 3900. A move above 3900 would be bullish, but price must clear the Jun 27th pivot and the 55 ema for bullish continuation. Here are a few points to consider going into next this week. • Current bias BEARISH ==> Neutral • Coming off a 1.93% rally into the 3900 level. • Trading above 9/21 ema cloud • Top of...
The Nasdaq has started to form a falling wedge pattern with price stuck just below the key structural level of 11700. This level has seen many touches over the previous weeks and I see it as a line the sand. I will be leaning bullish above 11700 and bearish below.. The market is oversold and due for another bounce but sentiment remains weak an many traders are...
The 10 year yield has fallen back to 2.77 from a recent high of 3.48. It had broken above the multi decade trend line. This move back down will be the second re-test of that trend line. A move back below the trendline would signal a false breakout. A move back above the 3.48 level would confirm the long term breakout. Market bulls will want to see the 10 year...
Here is look at ARKK showing the imbalance between irrational exuberance and realistic expectations. Much of the excess has been wiped out. If there is to be any recovery in growth names the green box represents the launching pad. Expectations going forward should be in tune with the longer term trend not the abnormal price action of 2020. Some extra context is...
Seeing at least a short term rotation back into tech. QQQ significantly outperforming the SPY today.
The S&P continues to be caught in a downward slightly wedging channel. Price sits within the ema cloud below the Jun 28th high and June 17 pivot low. It worth noting that price has not yet tested the higher time frame 382 Fib. This is significant b/c usually when price comes within range of a significant level it eventually touches it. Hard to predict direction...
Here are the key levels I am looking at going in to the final week of June. This week we close out the month and the quarter so keep that in mind as we get closer to Friday. Starting week after big 7.47% move up Bias in now Bearish==>Neutral Price now above 9/21 ema cloud Currently just below LTF 618 resistance Still room above as the 55 ema and HTF 382...
Here are the key levels I am looking at going in to the final week of June. This week we close out the month and the quarter so keep that in mind as we get closer to Friday. Starting week after big 6.54% move up Bias in now Bearish==>Neutral Price now above 9/21 ema cloud Currently just below LTF 618 resistance Still room above as the 55 ema and HTF 382 Fib...
AAPL attemting to form a base below 138. Above there a move to 140 then 142 would be expected. Key name for the broader indexes and the market as a whole.
SUMMARY Market continues to make new lows weekly. All sentiment indicators are reading max pain setting up for at least a short term bounce. Levels below current price getting bunched up. A lot of fib levels and extensions finding confluence in the zone above the 2020 peak. Any positive news could lead to a strong relief rally. Small RSI divergence is also in...