IWM updatefront ran gap support and found support around previous JAN ATH. would expect this to slowly make its way to new highs
Equity
Another Breakout for Stocks??Stocks have rejected our head and shoulders pattern from yesterday. This is why you wait until the second shoulder has fully formed to trade this pattern. The neckline, 4122, was the make-or-break point, and the S&P ended up getting a lift from this level to retrace almost to highs at 4188. We are seeing some resistance from a collection of relative highs at 4174. We are likely to form a sideways consolidation pattern like a bull flag or bull wedge before breaking out higher. Strong momentum at open could give us new highs, but 4188 will take some juice to pierce through. Watch 4122 for continued support if we retrace.
Head and Shoulders forming in Stocks??Stocks stumbled yesterday, and broke down from our level at 4144. The S&P seems to be forming a new level around 4122, which is providing support at the moment. Observe that we may have a head and shoulders pattern forming, with a right shoulder potentially bounded by 4144, if we can't break through resistance there. If we can, we should be able reach 4188. After such an extended rally stocks were due for a correction and we are likely to at least see a sideways corrective wave before more momentum comes through. Further retracement is also reasonable, especially if our head and shoulders pattern forms. If so, inverse Fibonacci levels anchored about the span of the head shoulders range suggest we could dip to 4081, which is conspicuously close to one of our technical levels at 4073.
$RBLX Roblox Corporation. Support within a channelRoblox looks like it hit support around the $68 level. This is maybe an opportunity to add in anticipation of a bounce to the top of the channel once again. Current market conditions seems a little weak, but maybe worth the risk. Stick to stop losses.
Stocks Finally Dip!!Stocks retraced to exactly the level we predicted yesterday: 4144. We have been warning that they were starting to get overbought, so hopefully no one got caught in a fomo trade. Although we do seem to be getting a fair amount of support at this level, the rally in stocks has left several vacuum zones below so the downside risk is significant. The more aggressive may consider entering a long position at current levels, however if this level does not hold, we have a vacuum zone down to 4073. Even if we retraced to this level, stocks would be long term bullish. The Kovach OBV is still pretty strong, confirming the trend.
IWM look for the gap to act as support for IWM from 209-213. ideally would want to see entire gap protected (left open) or at least 50% kept open. this area of support coincides with the rising pivot line shown. it is possible this area at 219 hold here, but I am looking for 213 to go enter calls 2-3 months out depending on the premium when we're there. strike would be 230s or 240s. Jan '22 leaps can also work.
AMZN H4 - Long SetupMissed the top entry as I've been too focussed on crypto markets today, however this circa 300 day trading range seems like it wants to see another range fill.
3425 down to 2950 could be witnessed again with a huge 1:11R potential if we push 3400 again, I'll look to grab an entry. ALERT SET!
Bull Run Continues for Stocks!!After hitting our profit target at 4188, stocks are ranging just below this level at about 4173. The bull momentum is clear and the Kovach OBV is still very strong. Our next profit target is a bit closer at 4214. A breakout could easily take us there today. Watch for momentum to confirm this at open. If it does not muster the amount of momentum needed to for a breakout we will likely see more ranging or a retracement back to 4144.
Short term is comingJust waiting for a while, I think equities are peak and it's time for me to start the Short term.
No body know how low it would be right now.
Wait and see.
Good luck!
$JSENED Breakout after consokidationAfter a 5 month consolidation period, Nedbank has broken out and is now headed to a target around the 16500 area.
$JSEBAT Brait Double bottom ?Brait formed what looks like a double bottom. Possible upside could be the top of the channel once again around the 400-430 levels.
Stocks Continue to RallyThe S&P 500 has retraced ever so slightly, before returning to bull mode. It has not even tested our level at 4144, once a price target, but now a potential area of support. We are more than half way through the vacuum zone to the next price target at 4188. The Kovach OBV is very strong. We are well into overbought territory, so a long would be extreme fomo, however it definitely is not a good idea to short and get in the way of this momentum.
Stocks Still Clinging to Highs!Stocks remain at highs after a brief dip. The extent of the dip seems paltry compared to that of the rally. The open will determine where we will go from here. If we don't see much momentum, we can expect a dip or further ranging at current levels. If we do see momentum we could easily reach our next profit target of 4188. A retracement could take us all the back to 4073, so exercise caution. We are still waiting for a better dip to buy, since now the S&P seems so overbought that entering a trade now would be FOMO.
Stocks Hit our Profit Target!!Stocks hit our profit target! We set a profit target for the S&P 500 weeks ago at 4144, a Fibonacci extension level. Currently, stocks are right at this level. It seems reasonable to anticipate some profit taking here. A dip in stocks is imminent, but there is no denying the bull trend and this should be considered a buying opportunity. The Kovach OBV is still very strong. A dip could easily take us to support at 4073. If we don't see a dip, we should at least anticipate some sideways correction. The next target, which is also a Fibonacci Extension level, is 4188. This seems well within reach.
Asia-Pac JPY diverging the S&P In a bearish wave of the first quarter of 2021, JPY moves lower as it diverges the S&P Micro E-Mini Futures.
The S&P 500 is Near our Profit Target!!Stocks have continued their ascent, and the S&P is just below our target of 4144. We should see resistance here but there is no denying that overall stocks are in bull mode. We have not seen a reasonable pull back since March. We are due for one, or at least a sideways correction at highs. There is a vacuum zone down to 4073, which seems unlikely at this point, but stocks are very good at punishing the exuberant. The Kovach OBV is still very strong, but its starting to look overbought.
Stocks Continue to Rally!!Stocks have continued their ascent, and our analysis remains the same. The general trend is clearly bullish but we are due for a technical retracement, or at least a sideways correction. It would be unwise to short at this point, as you do not want to get in the way of this. We are about half way between the nearest level of support at 4073 and our target of 4144, where we will definitely see some resistance. Use caution because as the S&P has rallied, it has created vacuum zones below and a significant pullback could take us back to 4009.
$JSEMEI Mediclinic. Medium term consolidationMediclinic has been trading in the same consolidation zone between 6600, and 5300 for 17 months now, with one breakout attempt in Oct 2019. The expectation is more of the same, and the 5300 level could present a buy opportunity with a 6600 target.
$JSEITE Italtile. Bear flag in the makingItaltile had a very strong start to the year, but lost some steam and are now forming what might turn out to be a bear flag. If this flag breaks to the downside the target will be 1500 -1450. Once again a great company that just ran too hard and is now taking a breather.
$JSECTK Cartrack. Bear flag targetAfter a a very solid start to 2021, Cartrack has formed a bear flag and a break of that flag. Pullback target for this break is around the 4800 to the 4500 level. Good pullback level to asses this share for a possible long position. Great company.
$JSESSS Stor-Age. Boring can be good sometimesStor-Age is a solid property REIT company. It's well run and solid dividend payer. It's has been trading in a consolidation zone between 1280 and 1400 for 4 months now. Watch the 1400 level for a break higher. This company is not going to shoot the lights out anytime soon, but for a patient longer term investor that is looking for a good dividend payer, this is a gem.
Stocks Inching HigherAfter ranging for a bit, stocks have inched higher to new highs. So far, 4073 is providing good support. Be careful of the broad vacuum zone that is forming below down to 4009. After such a large move, it is reasonable for stocks to continue to range or retrace a bit. However, in the current climate, it would be unwise to step in front of this freight train. We anticipate new highs sooner than later and 4144 is our next target. The Kovach OBV is strong, but appears to be leveling off.
Stocks Ranging at HighsThe S&P 500 is stubbornly clinging to highs. We saw a range day which was to be expected after blasting through highs. and establishing a point of control at about 4077. Our next target is 4144, and this comes from a Fibonacci extension. From here it could go either way. We could continue to range to solidify footing in this new price range, before breaking out higher. A retracement would also be healthy, which could take us to the 4040's, or worst case retrace the entire move back to 4009, since the move has formed a vaccum zone in this range. This seems unlikely, since there is strong momentum here as measured by the Kovach OBV. Dips should be considered buying opportunities and we may see our target reached by the end of the week.
