This will likely only happen if QQQ pulls back down below $166 in the next few wks...
Here are all the dates of Fed meetings for the past year. 3/4 have preceded downturns.
EDIT: caption should say 2:30pm WEDNESDAY.. not thursday. details, details... As expected, the rally has cooled and consolidated below the top trendline of that hypothetical channel I drew wks ago. It will all now come down to the words of one Jerome Powell. I think if he gives this rally his "blessing", then earnings just have to be OK not spectacular for the...
Focus on the large downward purple channel. I drew this hypothetical channel a last week (see related idea) using the nov top for the median line (red dotted line). One thing I noticed then was how every time the median line was either crossed or rejected, it coincided w/ some kind of statement from Powell. It leads me to believe that if we're to finally pop out...
Note the sloping characteristics of the 2 islands... first one is sloping up enthusiastically, 2nd one sloping down. RSI divergence confirms change in sentiment as well. Doesn't matter though. If Monday breaks and stays above $2675 we're probably headed to the $2700s easily... If it doesn't and turns red, $2600 easily and possibly even lower. Lots of stuff going...
If this thing doesn't climb back above 266.60 today, it's looking like a bearish double top.
Off by about a week but take a look at the similarities between the 2 tops... 1) Huge run-up in January (jan 18 run-up actually was LESS steep than the current rally and it was going parabolic) 2) Island top from gap n' run followed by... 3) a huge gap down that made no attempt to fill 4) gap up next day close to previous day highs only to sell off to a lower low...
Picture perfect inverted cup n' handle here... calculated PT is 6474, lines up pretty well w/ Jan 7 support/resistance. Handle can also double as right shoulder of H&S pattern as well so take your pick... also see a bearish diamond from today's action. Unless plunge protection team steps in w/ more "news" this looks like it's headed downwards some more.
Plunge protection team came in at the last second to announce that there was in fact no canceled trade meeting, but rather that a meeting never existed in the first place. So of course we rally because "not canceling nonexistent meetings" is obviously bullish for the stock market.... lol. If you look at the chart, all of thurs, fri, tuesday basically looks like...
Already at the top of the Bollinger Band with fake news as support and divergence seen on both MFI and ROC... Notice how the current rally can fall under either red or purple channel... Regardless, both are steeper than the Jan 2018 melt-up (green arrow) which obviously did not end well. I'm bearish, but I may start to take profits at 260 support on short...
1) yellow line is trendline from lows in feb/mar 2018 (neckline of 2018 head and shoulders pattern) Notice that we closed right ON TOP of it Friday. 2) Large downward channel (hypothetical) drawn using daily closes from the lows and median line using Nov high reversal Notice the convergence of lines at 2695 on Tuesday from: 1) The upper line of the current...
Oh look, we broke the 2018 H&S neckline in 2 days easy peasy... thanks to a perfectly timed WSJ report (that has since been denied by the Treasury) that was released right at the end of the 2nd ascending triangle to break us past resistance... how convenient. As of right now futures are flashing green which means we start off Friday above the cyan line that makes...
1) Local Adam & Eve top potential... or play it safe and wait for confirmation on a break of $110.58 2) Top of current downward channel 3) RSI, MFI, Accumulation bearish ALL diverging on the daily for the past several days 4) Broader markets ready for a correction 5) Death cross OTW on the daily chart In other words... sell.
VIX collapsed while the entire market stayed red... wut?
1) Orange line is neckline of big H&S pattern from 2018. A gap up will make bulls think they've cleared the obvious resistance at $259/260. Simply no volume sellers at current levels, meaning big money is waiting for higher levels to unload... $260-$262 is a bulltrap. 2) Take a look at the VIX. Everytime we've been at this level during the correction the market...
I managed to call yesterday morning's gap n' flush in my previous post... But looks like my shorting zone was off due to the additional day scheduled for trade talks. Things are looking up for bears though... 1) The 200DMA on the hourly (yellow line) and the top of the downward channel from December proved to be adequate resistance, producing what looks to be an...
Now approaching a golden cross on the 30min... look what's happened every time that's happened during this correction. A day where we gap up, followed by several days of red. I'm expecting this week to be no different.... Traders have been eyeing this $257-260 area of resistance for weeks now and we can see from various different channels and trend lines that it's...
I see the S&P topping out around 2560-2600 sometime midweek, coinciding w/ a pop from AMZN to the top of its current ascending channel. The problem for bulls here is that it also lines up with resistance trendlines from October and a descending channel that it's more or less respected during this whole correction. I don't expect either the S&P to crack the feb/mar...