After double bottoming in the past two days, SPX has managed to rally in the second half of the day to finish higher, reclaiming about half the losses of Monday. While the overall 1 hour momentum is still to the downside, and the futures as of this post is down by about 2%, SPX may be poised to rally to 3000 in best case near term, or retest 2750 if it's not able...
Less than an hour to open, futures are slowly weakening. Stay cautious. Ask yourself, what has changed from yesterday that warrants a rally? Politicians talking, that's all.
Target remains at 20. In hindsight, this could have been foreseen as far back as October 2018.
While markets had some buyers going in to the weekend, hoping for a bounce, that has been foiled by a surprise announcement in the energy sector, which pretty much caught everyone by surprise. Oil is down 20% overnight and many seem to believe that it will go down even further in the coming weeks. Looking at the Fibonacci levels, and it's been a while since i've...
So despite the horrendous week reminiscent of the kinds of movements seen back in the financial crisis, if there's a little bit of light at the end of the tunnel, SPX managed to come off its lowest levels for the week (2855) and close above support level at 2950 (ish). If we had closed below 2855, then we would be looking at the next meaningful support near 2740...
To be honest, i don't think i've ever in my lifetime seen the SPX lose 350+ pts in a given week - and the week still has one session left! As of this post, the futures are down (yet again), -14 pts. But have hope, it's early in the morning and we have time before the market opens, and perhaps by then we'll get some better news (nope) and buyers and bargain hunters...
I don't know if we're going to have another try at a bounce today, but as of this posting, the futures are sitting right around -35. This movement thus far is reminiscent of the down moves back in Oct 2018 (see down arrow). If we break through that long term support line, then we're gonna see more downside and then it may move sideways for a while as the markets...
This is where it had some consolidation and ran back up to 10,000 recently. Not sure how fast or how hard, but looks like technicals are showing negative bias to last support level.
After a breakout earlier this year above 6000, and a run to 13,000, bitcoin has taken a pause in a descending wedge, and has finally broken down below the 9000-9500 support level to 8000. It's clear to see that the 6000 level was an important level, where it broke below to 3000, then broke out to recent highs. One has to think that this is a level that we may...
While there are folks that may disagree, i've always looked at the $EWY as an early indicator of possible downside pressure, globally. If you look at this chart, the EWY has been step laddering against the SPX, diverging much more so at the beginning of 2019. While the SPX was making new highs and posed to break out to new levels, the EWY steadily continued its...
As with the Dow, Russell, Financials (XLF), the past couple of days have broken below their respective year long trendline support, leaving gaps. Whether markets will retrace off of these oversold conditions or continue their slide is yet to be seen, but the veracity of this downside move should give pause to market bulls. Let the dust settle and see if there are...
After failing to breakout, $ES_F SPX futures slashing through support areas, leaving gaps. The declining RSI in my previous post appears to have been a key sign that this move was not going to hold. While the market is oversold near term, the veracity of the move shouldn't be ignored. Breakout failures in the past have not been kind to markets. While there may be...
There is a near term support level that SPX will test... break below that we can see possible downside move like previous time this happened back on Oct 3 '18 (see chart). If support holds, this may be a breakout after months of consolidation.
SPX has broken above the recent highs. Is this a head fake or a breakout? Expect SPX to retest the most recent resistance as support, and as long as the JNK and RSI support the move, we should expect SPX to breakout higher, barring some unforeseen, black swan event.
Also on stocks such as $MU, $NVDA. Possible momentum change to the downside, i would advise caution here to buyers looking to go long on this dip.
Chipotle Mexican Grill ($CMG) Daily: So last time we looked at this stock (see previous post), it managed to find support on this long upward trendline that began back in November of 2016; and since then, it has broken through that support, found some near term base around $413 and closed the day at around $416. We saw this big rolling over in the past few months,...
Target ($TGT) Weekly: Like many of its peers in the industry, Target is trying to find direction and support after the Amazon news on acquiring Whole Foods, as well as the general weakness in the retail sector. Although it appears to be a more favored stock over, say a stock like Walmart, mainly because it’s been beaten up for a year as the retail sector...
Walmart ($WMT) Daily: In my last post, we saw that $WMT was on the last Elliot Wave pattern, Wave 5 of a Five month run up, and I stated that, “although it may extend this gain to $82-ish price, investors and traders should be wary that in the last Wave, this projection can be cut short”. And it turns out that Wave 5 was indeed cut short, and Walmart seems to be...