The S&P 500 has compressed over the last few months. The move out of this monthly pattern could be massive!
A break above the downtrend line would be bullish and could lead to further momentum higher.
The mid cap stocks are breaking above this big resistance area. This is telling because it's saying that the broader market is starting to participate in this rally off the March lows. This is a bullish indicator to me.
The 30 year bond is approaching a huge support zone! Constructive if this zone holds! Bearish if it breaks down below this zone.
The Nasdaq 100 ETF is consolidating above a major long term breakout level! Bullish if it's able to stay above this long term breakout level!
3329 is a crucial support level in the S&P 500. Bullish if this level holds! Bearish if it breaks below this level!
Here's the initial support level to watch in the S&P 500. The previous breakout level should be a big support level. Bullish if it holds that level, bearish if it breaks below that level!
The Nasdaq 100 ETF is registering overbought conditions on the daily RSI. The ETF is due for some type of consolidation.
The 30 year bond has carved out a pretty defined range since March. Trade the range until it breaks!?
Overstock's $OSTK monthly RSI is over 80 for only the 4th time in its history! I would argue that now is NOT the time to be a buyer, for the long term!
Gold is pulling back to an important level. What was resistance, should now act as support on a longer term basis. The action here in Gold is very important! Bullish if it holds, bearish if it breaks down through this level! Keep it simple.
Apple is making new all time highs today. The stock now has a monthly RSI of 80 which is indicating overbought conditions on the long term chart. I don't believe now is the time to be a buyer of Apple for the long term. The time to buy stocks are when others are despondently selling.
Silver futures were breaking down just a few months ago. After a failed breakdown pattern, Silver has shot up to the mid 20's. An incredible chart to see!
The S&P has been on a roller coaster ride so far in 2020. After gapping down on 2/24 and then declining -35% from its highs, the S&P 500 has managed to come all the way back towards that gap. In fact, it's in the process of filling that gap right now!
The IBB is retesting a previous long term breakout level! What happens here is very important. If it holds, then that's bullish. If it breaks back below, then that would be a bearish development.
The monthly RSI on Gold is above 80 for only the 4th time in the last 17 years. Has Gold gotten a little ahead of itself from a momentum perspective? Yes, I believe it has. A correction may be imminent.
A clean breakout is taking place on the daily chart! Now watching for $323.41 to act as support on any pullback. Bullish if it stays above that level!
$TSLA currently has a monthly RSI of 87. The only other time it was this high, was in 2013. Although it didn't mark a top in the stock price, the stock did end up consolidating for several years after 2013. Worth noting.