rainbow, slope and range adaptive averages show we are coming off top of range and headed for a retest of slow moving average. this lays out the targets, and im hoping to stay on top of that region.
short semiconductors are on the verge of breaking down, and basically if we stay over 12.20 soxl im aiming for daily gap close, or near 12.86 . if we break this ascending tightening range to the downside and more or less double top 4hr resisting from top of envelope, around 12.30s or lower, im looking toward 15 minutes demand zone in low 11s maybe 11.30. short...
we have retraced .618 from the initial drop in a counter bear trend pullback that has made lots of new longs, but a lot of signals remain sell. if we hold the .5 or continue immediately im long, and if we resist from the .618 and move lower im short. we could resist or support from lower horizontals, and im long/short on bounces from/resisting or breaks/trend...
i imagine this down move in semiconductors is going to push mich lower, and soxs is a long at these levels into the upper 70s. the signal moving average is green on this inverse.
BACKGROUND: SOXL (3x ETF) created a great reversal pattern back in JUNE - JULY 2022. It's tempting to ignore it because it ultimately failed on 8/26/22. Nonetheless, it was a great technical entry point when the price broke above $17. CURRENT PRICE ACTION: The reason I'm pointing out what happened in JUNE - JULY is because SOXL ETF is forming another BULLISH...
some meaningful bounce is taking place in big tech at least intraday, andsemiconductors as a lead bear are taking part. SOXL is trapped under yeasterdaysgap up, and todays gap up. ive marked outlong short pivot and drawn a bull and vear scenario. there is no bias, but i am long semiconductors when price is so low, at least intraday.
sideways trading is more than likely the norm until further notice daily, and ive marked out the rangebound timezone cycle as well as kept the swing target low and pivot.
technology is not playing the feds game, and they are rubbing elbows with china especially where semiconductors are concerned. the dollar is the worlds reserve currency, and big corporations dont like a populace with buying power. the job of the reserve banks is to assist borrowers while preserving the lenders capacity, and with this particular administration...
price action daily nasdaq is ranging around the lows with the bounce not escaping vertical gravity, and the candlestick pattern forming either a bear flag or a bullish reversal. if we cross above pivot im looking at upper horizontals as resistance, and if we cross below it im looking at lower horizontals as support.
this ramge will continue to tighten, and we will likely get a bear break. above pivot target upper horizontals below pivot aim for lower horizontals. semiconductors have been a major focal point of this bear market, and they will be a big recovery story when we exit it.
were off the lows for the session in the nasdaq, nq1!, and ndx, and creating a slightly higher low than yesterday. we have retested sss moving average, and nearly crossed signal to the upside. if we fall beneath pivot i would look toward sss supply area, and lower horizontals. if we stay above pivot and TRAMA i would look for upper horizontals.
an exodus in energy that has been expected as the price of oil could drop significantly may express itself as a short squeeze in DRIP. if we find a weekly higher low i would imagine holding the pivot price and aiming for upper horizontals is logical. if we fall beneath that pivot as resist areas above where a higher low could be set (the 62% retracement area) i...
semiconductors have been a lead bear in this downturn since december, and a lead bull on the monthly bounce from the lows since july. if we roll over here setting a lower high on this etf around the first upper horizontal i would look for broader markets to consolidate on the daily. if we treat pivot as support i would target the upper horizontal and look for...
if we stay above pivot, there is nothing stopping the top of the sss supply zone from being reached, and qqe rsi signaling bull with a green sss on the weekly. if we pivot higher i would aim for upper horizontals, if we fin ourselves making a bear cross at this key resistance i would aim for lower horizontals if sss stays red.
there are a couple scenarios for the critical resistance weve just about come up to on the l nasdaq. i think were above pivot, and where we start out friday will define next weeks activity. if we hit that resistance sss moving average, and we fall beneath the pivot forming bearish divergence daily rsi i think were headed for daily consolidation. if we breech that...
the rally has been very strong for a week, and im looking toward the resistances carved out over the last few days to find a bear entry scouting hourly rsilevels and sss signal to turn red qqe making a short entry
semiconductors are on an upward trajectory,and a sell the news event has marked new highs in 3x leveraged semiconductor bull etf SOXL. as long as we remain in this uptrend the market will have no trouble with a third drive to the upside, but during which i would be looking for signs of exhaustion, as some kind of daily topwick could form around rhe $20 area. if we...
weve hit overbought on the hourly, and nasdaq has consolidated above a pivot point marked out by the lower end of that early june range from the last rally. if we break down below that pivot i would look to bounce on one of the lower horizontals as support, and if we stay above that pivot i would target those upper horizontals until were overbought on the daily.