Prep for the week - SPX GOLD USOIL and the US Dollar
All in the video. Watch for a pullback this week, maybe starting tonight, maybe starting Monday or Tuesday. A little more chop into big tech earnings in early February is likely. Gold looks strong but the Dollar is warning of a reversal soon. Oil is a short still and should have trouble in the 83 area....
Good luck!
Good luck!
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perhaps this modified Schiff pitchfork is a better structure for the current market. I'll keep it on and see. It gives a median line target close to the double bottom area I mentioned.
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if this pitchfork is correct, we should sell today and tomorrow.
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put call still very muted, open may be something like this
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according to the pitchfork, 3840-3810 should be the target.
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we're close to a structural resistance level, needs to hold for the bear move to play out.
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ok as far as I can tell they are trying to convince everyone it's a breakout. I have my doubts still. Staying short.
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aapl back to previous trendline resistance with lots of hidden bearish divergence.
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good morning, a little higher on tech would not surprise me as we're close to the 200ma, however, spx got rejected again at it's 50 weekly again, so we'll see what happens.
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weekly 50ma is the blue line on ES
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serious divergence on the Baltic Dry Index www.investopedia.com...baltic_dry_index.asp(BDI)%20is%20an%20index%20of%20average,important%20materials%20used%20in%20manufacturing.
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BDI
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some resistance here, not sure if it will mean anything significant.
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they stopped there after an overshoot. looks like a C wave, we'll see if it holds.
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now we have room on the 4hr rsi to drop. i think it's starting today, but no guarantees. msft earnings later may confirm or deny the bearish move. out for the day - best of luck!
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bearish action overnight, but honestly it looks corrective. With tomorrows econ numbers, one more high is still on the table. mid time frame rsi also hinting at wanting another pump.
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SPY will open at the combo of the 10 and 200ma, should be support. Another thing to be aware of at open.
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overnight structure I'm watching
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breakdown under the 200, any bounce to it should be a short. Target 18ma (red line)
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to be honest, this doesn't look bearish as of now. RSI on 2 hr was pretty low at the bottom so a bounce was expected but it's a stronger bounce than bears would want to see. Personally I'm just going to wait for the numbers tomorrow. I think another high is still possible
