novvoll12

novvoll12

WFC has been consolidating over the past five years, tracing a potential H&S pattern on the monthly chart. The 43 area has been the should support, holding up so far. If situation deteriorates with the company’s financials, regulatory remedies, and a recession, potentially the stock could puncture the 43 support area and decline further. The H&S target is in the...

novvoll12

DIA (SPDR Dow Jones Industrial Average Index ETF) peaked at 293.61 on 1/21/2020. Despite the current pullback, the ETF remains overbought. Further downside is expected. The 266 area near the prior H&S breakout becomes near-term support and target. Happy Trading!

novvoll12

DXY reversed sharply last week to break below the 18-month upward sloping trendline. The H&S pattern remains valid. Further downside is expected. However, back above the trendline will negate the bearish pattern. Happy Trading!

novvoll12

TLT resumed the year-long rally, after a four month long consolidation, extending toward 146, Oct'19 high. Above the latter, TLT should retest the 149 peak in Aug'19. reaching the 150 area. However, momentum indicator is in the overbought territory. The ETF could consolidate under the current resistance before attempting higher. Happy Trading!

novvoll12

CHWY broke down from a month and a half top below the 27.6 support area. Momentum and trend indicators remain bearish, indicating further downside towards the 23.5 area. Happy Trading!

novvoll12

EEM consolidated forming a range since the December 2018 low. As DXY - the US dollar index broke below the 18-month rising trendline, EEM has been trending up since the August 2019 low and broke above the range last week, reaching 45.2, an 18-month high. Momentum suggests further upside is likely. However, since the 45 area is a major resistance area over the past...

novvoll12

DXY has broken the one-year long up trendline last week. The head-and-shoulder pattern from 97.11 support level projects the next target at 94.5. Happy Trading!

novvoll12

DXY has broken the one-year long up trendline last week. The head-and-shoulder pattern from 97.11 support level projects the next target at 94.5. Happy Trading!

novvoll12

Treasury yields have been rising over the past two months, with 2-10 treasury yield spread reaching 29 bps on 12/20/2019, highest level since June 2019. The 1 to 3 year Treasury ETF - SHY broke below the June-November 2019 trendline last week, forming a head-and-shoulder top. Based on the project, the treasury bond ETF prices could target 83.95 area, retracing 50%...

novvoll12

Treasury yields have been rising over the past two months, with 2-10 treasury yield spread reaching 29 bps on 12/20/2019, highest level since June 2019. The 1 to 3 year Treasury ETF - SHY broke below the June-November 2019 trendline last week, forming a head-and-shoulder top. Based on the project, the treasury bond ETF prices could target 83.95 area, retracing...

novvoll12

TSLA has been on a tear since June 2019 as short sellers were squeezed and capitulated. The stock cruised through the 387 resistance area, reaching $413, a new peak. Based on projections off its historical moves, the near-term target is in the 420 area, where Musk said he would take it private. Let's see if he will carry out his words. Happy Trading!

novvoll12

GLD pulled back from the Sept’19 peak of $30.98. The ETF has been consolidating above strong support levels: the $ 25.98 low on Nov 12, 2019, 200 day MA at 25.33, and 50% retracement of the 20.14-30.96 upswing. The bounce over the past few weeks seems to coincide with the overall recovery of commodities, commodity currencies, and energy. GLD is likely to continue...

novvoll12

CHWY has been rallying out of the 21-22 area over the past few weeks as the 6-month lock-up period expires on 12/18/2019. The near term target zone is in the 29-30 area. Happy Trading!

novvoll12

QQQ rallied 33% year-to-date, from 154.26 (12/31/2018) to 204.98 (close on 12/11/2019), driven the Fed rate cuts (three times). The ETF is currently overbought technically as shown in MACD sloping downward. As investors rotate into the cyclical underperformers (energy, materials, industrial, and consumer discretionary), QQQ could potential consolidate and pull...

novvoll12

6-month rising wedge and negative divergence worth watching

novvoll12

SPY 223.53 weekly bullish – Forms a 6-month rising channel SPY reached a new all-time-high at 228.34 (December 12, 2016 weekly peak), forming a 6-month rising channel, before consolidating. While the key 217.66/216.05/213.13 support zone (20-week moving average/61.8% of the 208.38/228.34 upswing/76.4% of the 208.38/228.34 upswing, near the channel lower bounds)...

novvoll12

GM extends bullish momentum following better-than-expected auto sales report for November.

novvoll12

QQQ 117.50 – Monthly Neutral – Forms a rising wedge ahead of key resistance QQQ made a new 8-year high at 119.66 (October 2016), just shy of the year 2000 all-time high of 120.50 (March 2000), before ranging. The indicators are still in the positive territory, suggesting scope for further upside. Nonetheless, the 15-month rising wedge (connecting the August 2015...