Alcoa this morning was trading at a price to book of .2. It has broken the immediate downtrend resistance. This morning it was at support from 1975 and held. It is the most oversold it has ever been in its history. Might be interesting to begin scaling a position as the market goes dow
Filled the gap and technically overbought. Expect this to retest Support
AAXJ broke the trend line. 70.11-68.83 is the next horizontal support range. Not touching this until it holds a support. Wouldn't be surprised if it drops all the way down to long term diagonal support
Tellurian has broken the downtrend. might be some resistance around 8.30, but 9.89 is where key resistance lies
I sold out of AAXJ at 76 when it failed at my price target. I will reenter on weakness. Right now it looks overbought to me
Looks like $TELL might be breaking downtrend resistance. If it does my price target is at 9.89 which is the next major level of horizontal resistance. Support is around 6.63
Banco Santander looking like an interesting setup for a long term trade. It has broken the downtrend and it has broken horizontal resistance. Full disclosure I have been long since 3.80. I may add to my position if it holds support at 4.22
My price target has been met. Let’s see if it holds. If we break this resistance line the next horizontal line of resistance is around 76.88
The $DXY is reaching a key decision point. It’s teetering on a very key level. Looks like it is breaking down. If it holds. Looks like a double bottom. If it fails it will be putting in lower highs and lower lows
AAXJ held support at 72.45 on the daily chart. My next target is ~74.60.
$AAXJ has held support at 70.11. If it breaks resistance and holds at 72.45 next major resistance range is 74.55. Looks like a double bottom has formed as downtrend resistance has been broken
Dollar at key level. It has tested the broken uptrend and failed. At very key support level. My bias is short but I will follow the market depending on if it holds or breaks this level
A head and shoulders and a double top are visible on the 30-minute chart all the way to the 4-hour chart. Today's rally retested the neckline of the head and shoulders and failed. This is a very bearish signal. If it cannot break the neckline I suspect a further leg down. This along with underperformance of small caps relative to the broader market has to lead me...
The Russell 2000 usually leads the SPX. This is because small businesses ramp up and grow faster when the economy is growing and are more likely to fail if the economy is in recession. This chart shows that in May the Russell began to underperform the SPX measuring from the beginning of the cycle.
We’ve broken uptrend support and backtested the old uptrend. 284 -281 is immediate support. 274 is do or die support. If it breaks that level look out below
This next wave down will determine the future outlook for IWM. If it stops at the uptrend line, that would be a bullish signal. If it goes through the uptrend line. That would be the bearish case. Right now it is below the main downtrend line so I am still bearish on the market as a whole. My outlook will change if the downtrend line is broken
These are the major levels for Netflix. If it breaks the uptrend it has a long way down until it's next uptrend support line