Been looking for a daily close above $167. Finally got it today to end the week. Still thinking we V bottom back up to the highs and then some. LONG above $167. Been pounding the table since the beginning of the year on bonds & I don't think they're stopping yet. See previous TLT charts for the massive base we broke out of to get to this point.
VIX is getting coiled in this triangle. Direction of breakout/breakdown should determine the direction of the next major market move. I think it breaks higher but will get aggressively long the market if it breaks down. Seeing VERY few bears for VIX still being above $50.
Really struggling with that resistance from the chart posted yesterday. 3rd attempt here. $302 resistance failed after 3 attempts, will be watching closely for price to push off for possible failure here. Oil just broke down to new 52 week lows, I like my chances short here for now.
Apple scares me here. Resistance at $302 proved to be solid (double top confirmation). Price couldn't break through it hardly at all & broke down all the way to $256 support after the 3rd failed attempt. Clear consolidation (accumulation? distribution? idk, but very high volume) at this level that eventually broke up and out over the blue trend line to close well...
Failed cup & handle breakout? RSI never hit overbought. "From false moves come fast moves". Feels like we could see a bounce here, possibly up to the 50 sma. I ultimately expect to see more of the "fast move".
AMZN in relation to QQQ is up against heavy resistance on weekly. RSI showing bearish divergence on daily so far. As previously noted, AMZN is currently sitting on it's 0.618 retracement. What happens here should determine the short-term trend. I believe it breaks down but will be keeping an open mind, will be watching for a daily close below the 20 sma here.
Amazon at an important spot. Weekly gapped down to 0.618 of the 2018 meltdown, but held and closed green on the weekly candle. "From false moves come fast moves", was this the "fast move"? I don't think it was, and I don't think this support ultimately holds (could get one last bounce). See next chart for why.
RSI divergence at resistance playing out as expected. Will look for a move short if it gets back to 0.618 resistance or will look to get long if it continues to drop to 0.50 or support below it. I believe gold will continue to follow the market for the foreseeable future due to the liquidity shortage.
Zooming in to the hourly chart, Friday's action reminded me a lot of the action we saw on March 10th (highlighted). Gap up that was faded in the morning to be bought up and close at new highs. This was clearly a bull trap as the market opened lower the next day and sold off all day. The main difference I notice between the 2 days is that Friday's action had...
SPY weekly closed at an interesting spot. Price is right at the 61.8 retracement of the 2018 meltdown and RSI is right at 30. Highest volume in weeks - notice how volume picks up at prices that have historically shown high volume. Wouldn't be surprised to see some chop in this area (large, volatile chop) similar to what we saw in the first half of 2018. Will be...