johndustinsloan

johndustinsloan

SPX continuing to respect trendlines associated with a rising bearish wedge pattern. We could see another push up and over the upper trend line to 4K however these lines have been respected since the COVID crash. Furthermore momentum indicators continue to create divergence on the larger time frames. This suggests a possible correction sometime before April 5...

johndustinsloan

SPX showing further weakness after breaking down out of the rising bearish wedge pattern. We tried to push up and break the lower red resistance line and just couldn't do it (today at least). We could see another push up however currently I'm still bearish on the market as a whole. If sentiment/perception changes, we could see a pretty substantial correction/crash.

johndustinsloan

We are testing the lower trendline of the rising bearish wedge pattern. If we close 1.5 percent below this trendline or below the most recent weekly close, I would expect further selling to continue. This could end up being a healthy correction of 10-15 percent or the beginnings of something larger. Market sentiment may change on a dime. ***Not financial advice.

johndustinsloan

The S&P500 is reaching the pinnacle of the bearish rising wedge pattern on the weekly chart. We have yet to confirm a local high on the weekly chart however, if we do, this will be the third drive of bearish divergence. It is possible we see a bull trap to retest the upper trendline on the weekly RSI chart first. Watch the trendlines for possible bounce and/or...

johndustinsloan

BMY is currently testing support in a large channel. Bearish pressure is visibly waning (see MACD) however bulls still needs to prove it's ready to change direction by breaking and closing at least a 4 hr to the upside of the orange trendline. We can remain bullish with a quick wick down to the lower trendline where we found the lows on June 15 and October 29...

johndustinsloan

Trendline support with MACD starting to curl back to the upside. Easy play, with good risk to reward ratio

johndustinsloan

Roku currently testing the upper trendline of the daily stochastic and channel resistance. Likely retest of the 26 daily MA coming into earnings. Possibly a good buying opportunity.

johndustinsloan

LHX currently testing resistance of a large symmetrical triangle. Current 1, 2, 3, 4, and daily stochastics pointing down so I'd expect a retest of the support line in the coming weeks at around $172/share. Targets for later this year around $271/share or $91/share.

johndustinsloan

Target recently having hidden bullish divergence on the daily RSI. Continuation in the channel with current target around $218/share.

johndustinsloan

Bowl formation with recent breakout and confirmation. We are now in price discovery with price target at $77/share.

johndustinsloan

Strong closing daily candle at new all time highs. Likely back test previous resistance to test as support, then off to the races in price discovery mode. Watch out for earnings coming in roughly 1.5 weeks.

johndustinsloan

DKNG retesting the all time high with a strong rising support line. Stochastic on the 1, 2, 3, 4, daily and weekly are all upward facing. Quite possible we see a breakout to the upside tomorrow or get rejected and start to work our way back to the support line. $90/share target. Buying at 1.5 percent above breakout with volume support or at the lower support if...

johndustinsloan

Amazon currently backtesting the breakout out of the symmetrical triangle which currently has a target at 4000/share. This also correlates with the 1.618 fib extension. This pattern is invalidated if we break below and close a daily, 2 day or longer below 3100.

johndustinsloan

Apple bouncing nicely in a channel with target around 150/155 per share before a relative pull back. Stochastic on the daily turning up.

johndustinsloan

I'm not a huge fan of fractal patterns but this one from June 2019 is at least one to watch. The most recent fractal peak topped out between the 0.618 and 0.786 fib retracement which typically invalidates a dead cat bounce, however this still played out. We could be doing the same. I'm personally waiting for bitcoin to AT LEAST take out the 40k peaks before I...

johndustinsloan

Watch for a wick bounce to 3617 which coincides with the weekly 21 EMA and trendline support. Possible bullish continuation to 4021 over the next 2 months with retest of the upper trendline on the weekly RSI. This would confirm bearish divergence and possibly could be our peak. Bounces and possible trend reversal possible at each of the red price trendlines.

johndustinsloan

The S&P500 is currently compressing into the upper portion of a bearish wedge pattern on the weekly chart. This is suggesting a possible bounce from here or possibly retest support around 3650. We likely will continue up from this bounce for 2 months with a top out price around 4100. This would not only be the top of the bearish wedge but would allow the weekly...

johndustinsloan

Inverse head and shoulders on the 4 hour chart. Bullish divergence MACD and RSI on the daily chart. Current resistance at 90.95-91.238. If we can break and close above over the next few days, I'd be expecting the stock market to continue the selloff.