mukit1

mukit1 Updated 

Markets overall are in turmoil. SPY/SPX making new monthly lows everyday. In the midst of all the selling there is something else going unnoticed. That is the divergences forming in various areas. Now, it is not a guarantee that market is done selling and it will be straight up next week. But it is interesting that if things were so bad out there, we shouldn't be...

mukit1 Updated 

In the bearish case, we are seeing wave 1 ending. Following this we should see a bounce and then waterfall should ensue. Yeiks!!

mukit1

The weekly close today was straight up horrendous. We've got a channel break, retest and fail and confirmed this week. We've got a bearish engulfing candle. We've got bad news from NVDA, TSLA, Banks, FED etc. So, shorting right here is kind of a no brainer; right? Well, let's take a deeper look. On RSI, everytime there is a double touch on the lower end of...

mukit1 Updated 

Pins broke out above the down trendline from July and failed immediately. The current support at $25.7 area needs to hold in the coming weeks to keep the recent uptrend alive. If that area breaks, then bottom of the channel retest will be the most probable move. As long as $ 20.60 doesn't break, the higher timeframe uptrend will still stay intact. Indicators are...

mukit1

After this week, SPX is operating within a 4% price range. The most bullish case right now would be to break the upper range next week. Most bearish case would be to break the bottom of the range. Max pain would be to just mess around within the range. Indicators are neutral to slightly bullish on weekly timeframe. RSI is kicking up above 50 which is bullish,...

mukit1 Updated 

The recent correction has everyone rattled. Debt crisis, Fed crisis, Rate crisis, Crises everywhere. On Monday Oct 2nd, market closed with a tail candle that retested 200 EMA and put in a higher low. This itself is a pretty bullish sign, albeit, nothing is certain at the moment. What we do not see is a close below 200 SMA, retest and failure. Bull case is a price...

mukit1 Updated 

ARM IPO was one of the most obvious short play this year. The one-day pump was it and now time to short it out. So far, the bounce has been steady and choppy. I think $56.78 will be the local top for now. Right now, price has broken below the channel support, but there might be a bear trap rally back up around at $54. From there if price breaks below $53, it will...

mukit1

One more Fed hike this year and after that bond market will hopefully settle down. When rate cuts start to happen, stock market will most like take a nosedive and a better home for the capital will he right here at TLT. In between now and then I am planning to start accumulating little bit at time bottom fishing some lows, but not too much. TLT is dangerously...

mukit1

the trendline going back to Feb 2023 has been broken decisively, retested and failed with conviction. Even though August low hasn't been taken out yet, there is a good chance that it will be. Right now a bounce seems more likely. Daily RSI has a pretty nice bullish divergence, but it is not a guarantee that the pullback is done. Next week, we will need to see if...

mukit1

RIOT is hanging around .618 retrace area on volume support, hugging POC of the range between $3 and $22. This should be a strong support. A breakdown right now might be an early warning of a big problem. If price grinds lower, I should expect support between $9 and $7.5. But will watch for a strong bounce before going in again. Right now there are bullish...

mukit1

Friday selloff has started doom and gloom predictions everywhere. Yes, the selloff was kind of aggressive, but not the worst one in the recent few months. And price has fallen back on the trend line going back Feb and May bottoms. If the trendline breaks next week, then the next support is at $414. If that breaks, then things will start to take a nasty turn. Below...

mukit1

I have 2 different counts to make sense of DOGE price action. One assumes the correction is almost over and it is time for the next bull market; another one assumes a bit longer to go. The Orange WXY count is a zigzag and a flat connected by a flat. Currently the C leg of Y is playing out as an ending diagonal structure. In this count, we should see a break of...

mukit1

CGC chart literally looked like a waterfall since it broke $1 support back in February. But, since Aug 29 after the US health department recommendation the stock along with all MJ tickers just shot up to the moon. But, here is my issue with the chart pattern: the move up from July 17 to July 30 is 3 waves. That makes me think this current price action is a...

mukit1

In my last post I was trying to stay bullish, but the price action has made me get out of my position. Sep 6 failure has marked the previous EW count invalid and it's looking more like a leading diagonal pattern of contracting kind. At the moment keeping an eye on the daily RSI to get support at 45. If that level breaks, it might induce additional selling....

mukit1

If I was living under a rock and looking at nothing else but the QQQ chart in front of me, I wouldn't be bearish at the slightest.. A trendline test with a fake out breach, a monthly hammer candle, increased volume, all points to momentum towards the on going trend, which is up. July hit a very important 1.618 fib extension. It is almost given the next move would...

mukit1

NVDA put in a massive top with the explosive earning and guidance then fell as fast. Is it finally party over for NVDA? Well, it is way too early to call it dead. NVDA has been the strongest stock for the past few months and anyone holding it this year are massively in profit. So, it is very normal that people will take profit at this point of time. On the grand...

mukit1

RIOT is correcting with the rest of the markets. As crypto market is doing damage control, it is interesting to see how RIO and other mining companies will hold up. Q2 earnings were good and RIOT is many progress on many of their problem areas, but the price will follow the broader markets. Price is however approaching a very strong support area along with .618...

mukit1

PLTR got too hot too fast and cooling down just as fast for the last few weeks. price has bounced from support on Friday, but don't know if it will be sustainable or not at this point. Do not want to see price break $12.57. I have taken a position on the bounce on Friday but have a very tight stop loss below Friday low. If this bounce can sustain, then target will...