If you take the 495 stock of the S&P and adjust it for the USD recent devaluation...
We're stuck below a 0.618 retracement, under the moving averages and below what seems to be a declining trend line
So we basically have 5 companies are supporting the rally... with 4 of them being investigated by the congress...
I wouldn't even try to look at it in gold or EUR...
... or bulls will loose control for now.
3200 is :
1.the neckline of some kind of small HS
2. the rising wedge lower line
3. the first of the vegas waves (ema144)
4. The major support of these last 2 weeks
As per school books:
What's important to note in my view are :
1)The declining volume
2)The RSI Divergence
3)The fractal with Jan-Feb (The bars are much longer which ties well with the increased volatility - VIX on top)... the small double bottom are...
Last time we bounced of the 0.786 fibo retracement we had a large spike.
We've got also a good support with the up trend line
We're really moving in a tight range at the moment and I can only see a big move either way but we won't stay flat very long
A break out upward wpuld be very bullish
nicely rejected at the 0.618 resistance
looking for 30 and the 100 days MA/ wave A of a correction
note that dozens of refineries in Texas are seeing surge of COVID cases and might have to partially shut down some operations
this would lead to increase of crude stockpiles and I wouldn't be surprised to see a significant drop in the coming weeks as we would face...
As for the late 90's tech is over performing... some say that the reason why tech are over performing is because the world will change after covid, we are moving to the cloud etc. I can't more than agree with this.
However, the same was true in the late 90's, the internet was a revolution... it didn't prevent the dot com bubble.
At that time some companies had 0...
I couldn't resist noting the last 2 candles were the sames as the ones of Feb...
What's funny though is that tomorrow is the options's expiration date. Is is was in Feb when the market started collapsing.
I am not an expert in options but:
1)"An option will have no value if the underlying security is below the strike price (in the case of a call option) at...
Yesterday marked a 61% retracement of last week's drop. Normal retracement for a W 2, I think everyone was expecting this.
I am particularly interested in the clean hanging man candlestick (www.investopedia.com) it usually marks the end of an uptrend. Needs to be...
I intentionally use a log scale a reflect on
- the excess liquidity in the market
- the increased volatility due to the mass of retail investors and algo's trading
I might be a merchant of doom, but the fact is that the recession is far from over, it barely started.
1) If we look at the time :
Consumers and companies will only start to see the ripple effects of...