Looking at the monthly Chart of the SPX price has stopped at the top of the Schiff Pitchfork. If price rejects this pitchfork by the end of the month will go short with looking for a retest of the 1400 area on the SPX. Risk Reward for money managers now not in a good position as they look at the monthly charts.
OBV showing a weakening volume on this recent pop higher Still bullish however but hint of weakness
Strong breakout with buyers stepping in, Looking for a backtest though of the Tenkin Line around 1426 area
Breakout above Cloud on Weekly and Daily charts
There are buyers sitting underneath this 520 Level on the weekly. I will go long only if next week my entry point is hit driving this reversal candle higher on the weekly. Cloud support held this week. Apple has worked off some of the overbought condition that it has suffered and is now in the sweet spot for buyers IMHO. With good Christmas sales, Apple...
Price is inside the cloud and for conservative traders this presents weaker moves either direction. I am waiting for a cloud break and do expect more downside but it has yet to show its hand.
The market has yet to show its hand long term on the weekly chart. Still holding my long term portfolio.
The market has yet to show its hand on the daily and we continue to trade in a trading range. The Chiku (red line) had a firm rejection from a huge candle in early September. Now it appears we are are going to backtest the the Tenken and Kijun lines on the daily. Candles indicate a basing pattern appears to be developing. VIX remains low and DEC Iron Condors...