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Looks like a rising wedge or flag leading right up to Xmas (13 bars = Dec 24). Market appears to be undecided and downright negative. A breakout above 18K leads to Santa Claus Rally. A breakdown below this wedge and the 50 DMA leads to Krampus Correction, though I would regard a break below 17,400 to be sufficient. Personally leaning towards a correction down ...
A possible outcome:
Continued correction of the market to either ~1870 or ~1820 on the S&P. At these levels the 50DMA will likely drop below 2000 (2nd week of Oct for 50, and the 200DMA will move below the 2040 level in December.
This sets up a nice buy signal with a confirmation at 1905 after whatever low it reaches, and confirmation at 2005, 50DMA & the ...
Rising Wedge with a false breakout (algo/HFT related to FOMC) over 200
I suspect next week it will breakdown. I would actually put in a buy at ~187 or 183 with a stop at 181. Below 180 though we are looking at a Bear market.
Earlier I posted a chart showing an expanding triangle to close out the year. The setup is an imperfect expanding triangle set to reach it's low by Xmas time. The market did a 2 week head fake to the upside and delayed the downturn by a week. All things being equal I would still wait for it to break weak support at ~2020 and the strong psychological and ...
Is this an expanding triangle I see before me?
It seems to have started in May at 1955.9 reaching a high on July 23, a low on August 8th, highs again in September with the low in Mid-October.
If so it should confirm by reaching a new high between 2055 and 2075 at the latest in Early December and correct to somewhere below 1820 to 1770. If it breaks that it could ...
Is this right?
Looks like a small H&S that ended today right above the neckline after touching it. Can an expert please confirm or explain what's wrong?
Disclaimer - I am a Newb Trader so no h8ers, plox Kthnxbai.
I used the ABCD tool to show a outline a rising wedge whose terminus coincides with the release of the FOMC minutes. This would suggest a short in the short term (until Dec 17) and long in the long (after Dec 17). Always good to take profits and wait for the minutes, though I suspect we'll be ...
Added SPY to see if VIX/CCI correlate to market bottom.
My understanding of the VIX is that it's fear. But Market bottoms occur when regular investors still have fear, but there are more buyers and the sellers are exhausted. Peaks in VIX signal more corrections than bottoms IMHO.