Prep for the week - SPX GOLD USOIL and the US Dollar
Updated
All in the video. Watch for a pullback this week, maybe starting tonight, maybe starting Monday or Tuesday. A little more chop into big tech earnings in early February is likely. Gold looks strong but the Dollar is warning of a reversal soon. Oil is a short still and should have trouble in the 83 area....
Good luck!
Good luck!
Comment
perhaps this modified Schiff pitchfork is a better structure for the current market. I'll keep it on and see. It gives a median line target close to the double bottom area I mentioned. Comment
if this pitchfork is correct, we should sell today and tomorrow. Comment
put call still very muted, open may be something like this Comment
according to the pitchfork, 3840-3810 should be the target. Comment
we're close to a structural resistance level, needs to hold for the bear move to play out. Comment
ok as far as I can tell they are trying to convince everyone it's a breakout. I have my doubts still. Staying short. Comment
aapl back to previous trendline resistance with lots of hidden bearish divergence. Comment
good morning, a little higher on tech would not surprise me as we're close to the 200ma, however, spx got rejected again at it's 50 weekly again, so we'll see what happens. Comment
weekly 50ma is the blue line on ES Comment
serious divergence on the Baltic Dry Index investopedia.com/terms/b/baltic_dry_index.aspComment
BDI Comment
some resistance here, not sure if it will mean anything significant. Comment
they stopped there after an overshoot. looks like a C wave, we'll see if it holds. Comment
now we have room on the 4hr rsi to drop. i think it's starting today, but no guarantees. msft earnings later may confirm or deny the bearish move. out for the day - best of luck!Comment
bearish action overnight, but honestly it looks corrective. With tomorrows econ numbers, one more high is still on the table. mid time frame rsi also hinting at wanting another pump. Comment
SPY will open at the combo of the 10 and 200ma, should be support. Another thing to be aware of at open. Comment
overnight structure I'm watching Comment
breakdown under the 200, any bounce to it should be a short. Target 18ma (red line) Comment
to be honest, this doesn't look bearish as of now. RSI on 2 hr was pretty low at the bottom so a bounce was expected but it's a stronger bounce than bears would want to see. Personally I'm just going to wait for the numbers tomorrow. I think another high is still possible 
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