MarkLangley

MarkLangley

Earlier this week I posted the NQ chart which I am posting again Holding the same view but a good example of the battle we facing currently where the bears are seeing technical topping setups, cycles ending, stochastics topping momentum dying, and the squeeze keeps coming Been in this situation where you have a head and heart dilemma, the markets thinking that...

MarkLangley

So something needs to give NDX out of kilter with the rest of the market (ChatGBT?) and confirm what i just posted on the NQ daily chart with an ascending triangle

MarkLangley

Watching for a possible break lower in the NQ, WHY? Ascending triangle (bearish) MACD- Active divergence Wavy Tunnel Oscillator (courtesy of Jody Samuels) hovering at the overbought level since March, Opex Friday may be the catalyst. I know the sentiment seems bullish and market-pushing but I follow the technical outlook

MarkLangley

The market is at crossroads again. Whenever you have lows in the VIX people will highlight the potential risk to the market, we also in that period people coined the phrase "Sell in May and go away" My view is unchanged to remain in the camp of a move lower with a decisive break of first of 4100 area. But I have listened to arguments on both sides of the...

MarkLangley

As discussed on weekly Gold chart i have looked at the possible outcomes for gold at the current levels.

MarkLangley

Did Gold on the weekly chart because its pretty range bound, although the intra-day moves have been pretty aggressive not always noticeable on higher timeframe charts. I will post a 4 hourly chart to break down the critical resistance at $2090, see if we can add some meat to the bone !!

MarkLangley

Oil has now completed I believe its first impulsive leg lower from the highs and we should retrace back to the gap level initially and possibly further in the medium term possibly to the 38.2%-50% retracement level of the move lower

MarkLangley

I have spoken about the Vix index and the range we have been in for the past 204 days of 3800/4200 and we are again at that level with Vix below 20 and the S&P nearing 4200. For me, we are trying to complete the correction of the first impulse lower (4808.25 -3504.00), there is a possibility we drive to 4302 (the 61.8% fib retracement ) if we break 4200, but I...

MarkLangley

CL has filled the gap that goes back to March and we should now probably consolidate between $70/$78.00 before completing the moves indicated on the chart.

MarkLangley Updated 

Slowly getting there Monthly suggests moving higher to complete move up from 1999 Weekly while below 2078 could see a deeper correction before the next retest higher Daily showing the first wave of a move higher so now we need to monitor the 2078 weekly high and possible topping pattern in daily to measure momentum.

MarkLangley Updated 

Oil broke higher after the OPEC production reduction which has left a gap in the chart we are at a point of control now that could extend into HKEX:86 or retrace to fill the gap before completing the move higher.

MarkLangley

As we enter earnings season and all equity markets enjoying rallies from the lows these are my thoughts on the DJI Please always identify a set up at suggested areas for entries and always manage your risk

MarkLangley

I have used the Spotgamma levels and the Fibonacci retracement tool to identify a possible selling opportunity in the S&P. As with all my ideas the levels I identify still require a proper setup at the area, I suggest. Earnings will start and keep an eye on news tickers for banks and their liquidity issues.

MarkLangley

The S&P continues its grind higher, but we are reaching critical points again with a revisit to the 4200 area which has been holding all year. If it breaks through I don't see any higher than 4300 before regaining 4200 and reverting to 3800/4200 range the 3800 area will come into sharp focus once we get below 4000 and close below that area. good luck and happy hunting

MarkLangley

do we retrace or break at the highs... obviously depending on the side of the fence that you sit on will decide whether you fade into a buy or sell I believe with the current concern over the banking system (which I believe is not over) on what the Fed is going to do? one more and done? higher or longer? the state of the US$? I favour higher and breaks of the...

MarkLangley Updated 

The Fed decision today with probably give the market their expected 25bp hike, the devil in the detail is always the press conference and any potential guidance offered, the market is pricing in much slower and ending to rate hikes and possible cuts by year-end. BUT he has consistently said there will be not cuts this year !! and that could disappoint bulls and a...

MarkLangley

The S&P has found comfort between 3800/4200 in the recent weeks This week's CPI data release on Tuesday could see either end challenged again a break higher brings 4300/50 into play, and a clear break of 4000 will see 3800 rechallenged. Bulla and Bears, Hawks and Doves will have their own idea's so know the trades you looking for. i favour 4200 to hold and to...

MarkLangley

As suggested in a previous posted 3800/4200 has been the range for the S&P recently but that should be challenged this week post-CPI data release on Tuesday. Should 4200 breaks we could extend into the 4300/4350 area before a reversal If CPI disappoints then 4200 holds and we test the strong 4000 area ahead of another challenge at 3800. As the market is always...