Very important structures here. On this daily chart, take notice of the pink lines from the weekly chart (from below) which are continued. Look how many retests that megaphone did on thedaily - 5 throwback retests in total. Right now, we are in a broadening wedge (bearish) and I fully anticipate it will break down to strong support at 12,500 area. Take a look at...
Looks to me like we get the usual Friday afternoon pump, a gap up Monday then selling resumes. Not playing it, might as well wait until Monday. If MFI gets overbought again, then short. Also, intraday chart pattern for indices, especially $SPX looks a lot like Tuesday.
NQ, ES, YM, and RTY MFI all oversold so probably a bounce today but don't sure me if it doesn't go up, lol. It will probably fade the gap up a bit before heading higher. Chart looks the exact opposite as yesterday, nice whipsaw, lol. Probably staying out, not feeling very bullish, but yields went down overnight, so it should go up.
Not going to get into the details of surging bond yields that are causing havoc across markets, just gonna display what I see on the charts and potential scenarios that could play out; both bull & bear. Let's start with bear since it's more prominent; - NDX closed below 50 day SMA/EMA moving averages and a crucial uptrend TL that connects March & October lows....
Even the bull scenario has it going down next week.... I think the market gets a stimulus pump tomorrow. All cash, no positions. NQ is almost oversold but not quite there which means it'll probably hit it premarket tomorrow. If the market gaps down tomorrow, I might try for the gap fill. My chart has tomorrow as an up day but not playing it because it...
Even if teh tank continues, I think it just sold off too much too fast. I think it hits the pink line. So bullish for tomorrow morning, not sure what happens after. Holding some calls overnight, nothing tech though.
Long SPY here new wave started again! Chart self-explanatory. I have been nailing my ideas left and right, every dip followed by another wave up to new highs. same ol same nothing changed with fed monetary policy or market dip and launch-off plays.
The 50% retracement of the last price maximum was concluded. Investors tend to buy in this region, great chances of reaching the top again at 13,900 or gaining another channel expansion at 14,400
Waiting for neckline break.
MFI staying oversold, indicators are broken, which happens during a tank. Basically means they've shut the algos off. Look to me like it's a liquidity issue caused by rising long term rates. Impossible to tell when it will bounce...could be today, could be April, lol.
I am posting this chart for posterity and for its beauty. NQ weekly view since 2015, we have a very large megaphone pattern (generally bearish and chaotic). If you see the pink circles in the top right corner, this megaphone was never supposed to break to the upside but they juiced it anyways... you can tell because they needed 3 retests of the breakout to...
Both MFI and RSI. Could still hit either my blue or orange line, but time to start dipping into calls.
Appears NQ broke the next trendline down and is headed to the next blue line. Might buy some calls when both MFI and RSI go oversold. Did not expect it to be this weak, it really is doing the same thing as last Feb, lol. Of course I don't expect an epic tank like last year but definitely seeing money leaving the futures market now. Gotta say, the EUros had me...
NQ daily time frame is showing signs of an up channel. The market hit the top of the channel and is starting to pull back towards the bottom of the channel. Once of if the market can form a low price near the bottom of the channel. It would be a good idea to turn to the one hour time frame and to look for an up trend in the buy zone towards the top of the daily channel.
The market is in a steady uptrend since November. It remains quite resilient. A few attempts to break the channel in either direction have failed. The recent rejection at the upper edge of the channel sent the price to retest the lower edge. A potential scenario is to establish a consolidation area and move out of the channel in horizontal direction. That would...
A ratio chart divides the value of the Nasdaq 100 by the value of (S&P 500+Dow 30+Russell 2000). The large spike in the blue line to the left illustrates how the NQ became so overvalued in relation to the S&P, the Dow, and the Russell. If the ratio pulls back, I would say it may find its balance around the lower red line, after retracing the recent parabolic...
Despite the really bearish technicals on both S&P and Russel 2000 as well as many considering those indexes highly overvalued — there more than 1T sitting in Treasury being ready to go into the financial economy. We can assume that support lines will hold the bearish pressure to some extent. As well we can assume that the 2020 asset crisis will not repeat due to...