TQQQ broke through the two previously established levels of support and past our focus line, we're hoping for some more weakness before the getting in for the bounce.
The support level built over the previous two days was broken pretty decisively at the open. The line previously in focus is still in play. Looking for price to break new support at last week's high( straight red line)
My Elliott Count for the Greece ETF is looking ready for an upcoming bull run. I count us near the end of a wave ii, in an extended wave 3. As all us EW chartists know, this is an ideal spot for entering long, or buying call options. However, Here is a BEARISH scenario, where A=C and we are just starting the wave down.... This appears to be in sync with the...
Russia Stocks plummet as another news piece shocks the market. #MH17
USO has rallied to just beyond resistance at the $39 level and still looks very bullish. If price can break $39 significantly then above $40.50 is the next level. Price is well above the LSMA. I expect to see price return to the LSMA before attempting a break of $39 that leads to $40.50.
GLD is approaching trendline resistance and likely to give a reversal pattern, The broader downtrend is still intact and the SMII may reverse right at the downtrend line on the indicator. Once the reversal comes the target s just below $119.
QQQ is ahead of SPY but the price action is similar. Price is moving sideways off rising resistance while the SMII is getting closer to a bearish crossover. While some selling may occur in the near term, as long as the channel is maintained higher prices should come.
SPY is selling from trendline resistance but the uptrend is still very much intact. Today's spinning top reflects some consolidation and cooling off from recent highs. As long as the trend on the SMII remains positive I expect higher prices in the future.
USO continues to form a rising wedge which will ultimately create a larger selloff. Until the larger pattern forms, price's range will tighten in the pattern which is now poised for a selloff. The combination of the spinning top candlestick and the stochastic rolling over will bring lower prices in the near term but not for long as the distance between the...
The moderate rally in gold prices and GLD should not be interpreted as a rally per se but GLD forming a small continuation pattern such as a flag or pennant. The stochastic is in the process or rallying up but lost likely will remain under the vale of 50 as this is more sideways consolidation than rallying. Once this consolidation is complete GLD will make...
In a chart similar to SPY, QQQ has reached trendline resistance and need to consolidate before another leg higher is possible. When prices move quickly vertical they need to take a moment and "cool off" before another wave of buyers can move in and push prices higher. A candlestick pattern detailing the selloff hasn't appeared yet as price is still higher but...
SPY's rally has paused with a spinning top but in no way does this indicate the larger rally is over. Price can consolidate here and form a continuation pattern on a smaller time frame before rising again. We should see the stochastic rollover but stay above 50 unless this is a significant selloff. For now I don't see that in the chart. This consolidation will...
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a...
GLD has begun on a sideways pattern that will ultimately setup its next leg down. The stochastic is beginning to show signs of wanting to curl up but with consolidation price will not rally sharply but instead burn energy moving sideways. I don't think price will exceed $121 during this period. Once the stochastic resets a selling opportunity should present...
QQQ showed strength last week but now a pause may be in order. Price rallied to the overhead trendline and over the last two days has formed a small spinning top. Any reversal is probably a buying opportunity but we need to see the setup. With the recent volatility in QQQ the sell off and reversal may be quick.
I wrote back on 5/4 on my blog that "I'm standing by XHB" that I thought the negativity around housing was excessive and higher prices would eventually come our way. Some of the "smart" money on Wall Street was decisively negative. Among the stories predicting the fall in stock prices of the home builders included this one from Friday the 23rd. Big investors...
Pin bar bounce at support came Thursday with above average volume along with major momentum divergence; also, Friday brought a price close above Thursday's high price. Look for price to hold above Thursday's low of 60.54 and retest the highs from last Monday around 70.50 which also coincides with the first noticeable resistance/support level. Entry: 64.16...
Okay, so this is not Bitcoin (har, har) but the reason I did this was I was curious as to what my other investments were doing. As it turns out there was a very clear trend channel that formed while I wasn't looking for I think 2 years (yeah, set and forget investment LOL). StochRSI divergence means there is going to soon be some type of break in the trend it...