S&P woke up and fell out of bed this morning. This may deviate from the Gartley movement that had been setting itself up last week. The largest drivers of this shift are the continuing decline of major tech stocks like $AMZN and $FB, in conjunction with investors being nervous about the tariffs being imposed by China.
Price movements on Mondays can always be a...
Following suite from last week the S&P will likely remain bullish at the start of the week, and to then head into steep decline around the 2714 mark. Expect tech stocks to follow this pattern to an extent as well.
GLD looks promising as a hedge during the tech market turmoil. As FANG stocks continue to decline, GLD is a promising safe haven for those who have no desire to transition to raw commodities. Furthermore, the channel has some similarities to the upward channel created in 2009. Including a very similar swell prior to upward movement.
Been following $TLT for awhile now. $TLT is now approaching its next major resistance line at 122.95. If $TLT is able to break this resistance and maintain momentum, I predict that it may continue to rise to 126.54. Prior to breaking the 122.95 line, there may be a retrace down to 120.15 to be cautious of.
If $TWTR follows the SPX today, as it should, it will begin to rally, once rallied it will encounter resistance and go into a steep decline following the decline of the SPX. Due to $TWTR having poor earnings over the last 5 years, leveraged debt, and no growth plan. I imagine that they will not be able to service their debt through the approaching rate hikes.