Every time Pumpkin face gets on Twitter, he tanks the market. Expect the same thing to happen to transports as last time. But first, I expect a bounce on Monday because the market is oversold.
Transports never confirmed new high and may go down and fill that vertical profile gap
Oof this is tough. Larger Momentum divergence on the weekly chart! so its becoming more likely. Should lead broader market down. This could be viewed as a corrective pattern as well... 8% down then rally to all time highs?
Desired entry 180 flat. This may start its upward trajectory shortly.. momentum building.
Transports look weak, FedEx is a big component of IYT so it may just be an earnings thing.... FedEx gets dumped pre-earnings because everyone anticipates crappy earnings. Looks like it could have another leg down with a reversal next week on earning. If FedEx surprises then we'll see a big rally. Dumped most of my stocks this morning, was hoping for a bigger...
it is falling into the trend zone that the weekly 200SMA could be the bottom
Possible rounding top could signal market heading lower over the next few weeks.
There may be an extended 5th, but that's not looking to be the case. This is tech analysis only, no fundamentals were taken into account.
Just noticed this... Airlines were in the red today, FedEx looks topped out (gap resistance). IYT threw a doji with what looks like an exhaustion gap. No position yet, but looks to be a good short.
I continue to be cautious, but this could be an early tell on how this market breaks (higher or lower).
Rail Roads are now negative for the year. That is something to take note. Transports are suppose to lead bull markets not lead to the down side. Likely more pain this week and into Dec.
It's be a historic long run for this bull market. The monthly fib fans have continued hire actually along a bearish fib fan. We might be drifting away from the long term trend and breaking the shorter term up trend right here. This is one of the critical market signals. Technically, I think this is ready to roll. The whole tariff talk has helped drive...
Likely to see some profit taking this week. I am bullish this market but I see lots of reasons for short term exhaustion.