In the last update I had mentioned that a hold of the 30 area would likely target the 70 area. In theo/n session we blew past the 30 area and bottomed around 2316 and bounced right off. AS I write, we have crossed the 70 area and were rejected at 87. I am looking at 90-91. If that is taken out then the 2430 area comes into play. Thi smove is pretty strong, and as...
It is the gift till continues to give. We tagged 1360 on Amzn. I f we get a move up in the markets then AMZN could run likely to the 1409 -1447 area. IF ti can get above the 1447 area then the 1490 -1520 area comes into play. Technically it could rally to 1695 and still keep this down trend. IF you are nimble a counter trend trade could be possible. IF you are...
Last nigh I had mentioned that it remained to be seen whether or not the o/n low would hold. We did get a retest as desired bin the cash session but they kept selling and Es was in a free fall in the last 30 minutes. Almost feels like when you are underwater and gasping for air, the moment you come up for a breather you are smacked down again. We hit the 200Wkly...
Slowly but surely basing. We got to 45.22 and now forming a triangle. Whether it will stay within the confines and break out or break down again before breaking out remains to be see. That 47.50 area needs to be captured before it can try and head further up. It is likely that a reversal like the one we saw a couple of years ago is in the cards.
Like other high flyers GOOGL appears to be headed lower. OF course, this will not be without fooling many along the way.
IN the last update I had mentioned that losing 2456 could open up 2406-2417. On Friday we kind of stopped at 2407 nut at the open another leg down.We tagged a 1618 extn whether it holds or not remains to be seen. Ideally, I would like to see the cash session open at O/N lows and then rally if that is the case. ON smaller time frames hurdles are around the 17 area,...
As I am workin gon this chart, ES almost tagged the o/n low. 2547 or so will flip things in the VST to positive but for lest just watch the 2530 area first to see what happens. IN the o/n session we broke 2493 and touched anothe fib confluence lower at 2478. The larger trend remains down.
AAPl still languishing with no upside in sight. It is sitting right on top of fib confluence and may or may not get a bounce from this area. Immediately the 158.45 area needs to be taken for any upside whatever little.. Ultimately that 118 -120 area is a likely target at least for now.
IF ti keeps on raining the levee is gonna break.. and break it did.. it seems like just when you catch your breath you are dragged under again.. This is getting ugly.. it is a long way to Tipperary!
In the last update I had mentioned IWM coming into LT trend support. At the time the falling wedge gave some false hope. It did break out only to collapse further. Today, it hit LT trend support and went just below the 50% fib from 2016 low. For now, the 133 are is resistance, if it breaks that then the odds for higher prices are better. The trend still is down...
For now range is likey to be contained 1537 to 1340.
WE are getting a bounce. Lest see what happens at 1047 -1060
Ydays update, CL did not quite get down to 45 but close enough. We rallied on today"s report. Too far, too fast. No we have two channels forming. Too early to say which will prevail ( if they do). There has been a lot of damage technically, it will take some doing to undo it. Anyway till 49.XX is taken out.. I am still a bystander.
We got a nice bounce from ydays low ( likely reactionary). This morning of course there was hope of getting above the 78 mark to test 92 -93. However, after a test of the O/n range low and a retest of the open high, ES sold off. IN fact, we cam right back to ydays low and may have taken it out by a hairs breath. Those on the ride must be puking with this roller...
What a break down!. For now I am in the sidelines. Those who are nimble sure, you can potentially make some moolah on these violent moves. I would rather wait . There is support below around 45 and then 42.
IWM led the market down and now appears to be coming into some LT support. Only a few days of price action will tell if this indeed is support. For now, 138 is the area to overcome and thereafter 140. If it can clear these levels then further targets will reveal themselves. For now that falling wedge looks ominous. Lets see if plays out. Also, notice the bullish...
IWM is almost at long term trend support. This also coincides with a 50% retracement of a swing and 100% symm support of a previous High to low. Shorter time frame chart will discuss area of interest.