novvoll12

6-month rising wedge and negative divergence worth watching

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) ...

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

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 ...

Extended pullback to the $200 area is possible

11-11-2016 SPY 216.42 bullish – Sharp weekly bullish reversal candle pattern points to 219.60 peak SPY found support at 208.38 (November 7, 2016 low) near the 200 day moving average, before reversing sharply higher. The upside break through the 2-month falling channel confirms a channel breakout and suggests a test of the 219.60 peak (August 22, 2016). A decisive ...

11-11-2016 AMAT @ 28.28 – Expected to test support zone before resuming 13-month uptrend AMAT rallied 13 months to reach 31.07 (September 22, 2016 high) before consolidating. The pullback so far has been benign, down 11% to 27.56 (October 13, 2016 low). As the momentum indicator remains neutral, the stock is expected to consolidate further towards the 26.00-27.00 ...

AAPL @ 116.60 – Rising channel signals further upside AAPL has been rallying through a 4-month rising channel to 118.69 (October 10, 2016 YTD high) before pausing. Given the bullish momentum, scope remains for further upside. A break above the 118.69 resistance level would confirm channel breakout and open 123.82 (November 2, 2015 lower high) next. Above the ...

M $36.51 – 10-month falling channel suggests further range-bound price action M made a new-year low at 29.94 (May 23, 2016) before consolidating. The level could hold medium-term since it is near the 61.8% key retracement of the 2009-2015 (5.07/73.61) upswing. Currently, M is ranging below the 200 day moving average (at 37.68) within a 10-month falling channel. ...

9-11-2016 SPY 213.28 bearish – Sharp weekly reversal points to a retest of 200 day MA at 205.43 SPY sold off sharply last week after reaching an all-time-high at 219.60 (August 22, 2016). Near term, the weekly downside reversal points lower to unwind the overbought condition. Further weakness from the 213.28 new 8-week low area (September 9, 2016 low) would open ...

AAPL stalled at the 110.23 resistance area (August 16, 2016 high). Subsequent sharp reversal suggests bears are back in control, looking to fill the gap and test 101.00 (July 21, 2016 high). A decisive break below the latter would confirm near-term topping and expose the key YTD low at 89.47 (May 12, 2016). Beneath lies the long-term support around 85.00 (near ...

7-10-16 RTH @79.45 – bullish – Rallies to challenge the 80.10 all-time-high RTH rallied strongly off the 74.01 low (June 27, 2016) to post a new YTD high at 79.46 (July 8, 2016). Bullish momentum suggest it is likely to challenge the 80.10 all time high (December 14, 2015). A decisive break through the latter is needed to confirm a 19-month base over the ...

7-4-16 SHCOMP@2988.6 – near-term bullish – Clears the 2945.9 resistance, forms a 2-month base SHCOMP broke above the 2945.9 range resistance (June 3, 2016 daily high) to form a 2-month base over 2781.2 (May 12, 2016 daily low). The base breakout signals further bullish momentum towards 3036.8 (38.2% retracement of the 3684.5/2638.3 downswing) next. Above the ...

7-7-16 XAU @102.50 – bullish – Posts 23-month new highs following breaking through 200-week MA XAU extended the strong rally from the 77.99 low (May 23, 2016 weekly low) through 93.66 (May 2, 2016 high) and the 200-week moving average (currently at 92.17) to post new 23-month new highs. Further upside opens 106.01 (July 2014 monthly range high) and then 115.21 ...

7/4/16 SPY @ 209.92 - neutral – Forms a wide-range monthly bar in June, signals more volatility beneath key resistance SPY staged a sharp reversal last week, rebounding from the 198.65 low (June 27, 2016) to reach 210.49 (July 1, 2016 daily high). As a result, the move formed a 6% wide-range bar for the month of June, signaling more volatility beneath the key ...

6/26/16 USDCAD@ 1.3075 – bullish- Bullish momentum signals further upside USDCAD rallied to a new 3-week high at 1.3098 (June 24, 2016). Strong bullish momentum suggests scope remains for further upside. Above 1.3098 would extend higher towards 1.3188 (May 23, 2016 prior weekly high). Above the latter would confirm a higher base over 1.2654 (June 6, 2016 weekly ...

6-26-16 USDCHF@ 0.9747 - bullish bias – Bullish reversal last week signals more upside USDCHF reversed sharply higher off last week’s .9521 low (June 24, 2016) to form a near-term 3-day bottom. Further strength above .9802 would extend the bullish momentum towards .9956 next (May 30, 2016 weekly high). Above the latter would confirm a higher base at .9521 and ...

6-26-16 SPY @ 203.13 - bearish – Expects further consolidation within the 2.5-year range near term SPY stalled at the 212.52 resistance area (June 6, 2016 YTD high), just shy of the 213.78 all-time peak (May 18, 2015). Subsequent 3-week decline probed the 3-month 202.78 range support (May 16, 2016 weekly low), suggesting near-term failure to challenge the tough ...