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Overbought

SPY- Bearish- UpdateHas been a while since I've posted an update on the SPY as a lot has transpired in financial markets over the past few weeks, and months. The SPY has been trading significantly under its average daily volume, which has primarily been the driving force behind the momentum in my opinion. On the other hand, the SPY is holding a nice symmetrical triangle on the weekly timeframe. Nonetheless, buyers and sellers continue to battle, however, on the daily timeframe the SPY is overbought on the RSI, and two Bearish Megaphones are currently still playing out. The SPY is yet again, at a make-or-break spot in my opinion. If we see another leg down, we could see a re-test of the COVID-19 trendline support. As I've said before and will happily say again, where I stand, we're in unchartered territory - Just some support and resistance levels to keep an eye on in the interim, along with some RSI-based supply and demand zones, staying hedged. --Previous Charts Attached In Description -- Weekly Timeframe Daily Timeframe Covid-19 Trendline Support
AMEX:SPYShort
by jacobosiason7
EURCHF - Already Overbought ↘️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. EURCHF has been overall bearish trading inside the falling channel in red, and it is currently approaching around the upper trendline. Moreover, the zone 0.97 - 0.975 is a strong resistance. 🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper red trendline acting as a non-horizontal resistance. As per my trading style: As EURCHF approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
3
CADJPY - Waiting For The Bears!Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. on H4: Left Chart CADJPY has been overall bullish trading inside the rising channel in orange, however it is currently approaching around the upper trendline. Moreover, the zone 109.0 is a strong supply. So we will be looking for sell setups on lower timeframes. on H1: Right Chart CADJPY formed a valid channel in red but it is not ready to go yet. For the bears to take over, we need a momentum candle close below the last high marked in gray. In this case, we will expect a shift in momentum from bullish to bearish. Meanwhile, until the sell is activated, CADJPY would be overall bullish and can still trade higher inside the resistance. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
6
CADJPY - Approaching A Strong Supply 🔎Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. CADJPY has been overall bullish trading inside the rising channel in orange, however it is currently approaching around the upper trendline. Moreover, the zone 109.0 is a strong supply. 🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green supply and upper orange trendline acting as a non-horizontal resistance. As per my trading style: As CADJPY approaches the orange circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
SPY- Bearish- UpdatePosting a quick update here on the SPY as a lot has transpired in financial markets over the past few months. The SPY has been driven by buyer volume and momentum. Prime examples include but aren't limited to, NVDA-reported earnings, following the existing hype surrounding the AI Sector, which for lack of better words, has created a bubble in itself by only furthering the existing momentum. Simultaneously, while 5 stocks carry the S&P, smaller-cap names have been trading sideways or have been getting crushed amid all of the intraday volatility, creating the market that we're currently in; over-extended, with no fundamental rationale to support it considering the state of the economy. Where I stand, we're in unchartered territory. Interest rates already being very high, the 30-year hitting 7% last week, a strong job market, and the NAIRU remaining above 4% along with the NROU at 4.22% and the NAIRU being. SPY-Weekly On a technical note, pictured on the chart are two massive bearish megaphones, one drawn in red, and the other blue. The RSI on the SPY is bordering on overbought territory, the VIXY is looking very bullish, holding a large falling wedge, with momentum increasing as the Heiken Ashi Candles indicate. With the USD sliding and geo-political turmoil rising, the markets are in unchartered territory. Treading lightly here, again, some RSI-based supply and demand zones to keep an eye on in the interim along with key support and resistance levels in white, bearish short-term & eyeing long-term holds to scale into. VIXY - Daily --Previous Charts Attached Below--
AMEX:SPYShort
by jacobosiason7
4
Market Tops Tomorrow?The index never dropped today, which points to the second thesis that we were already in the final Minor wave 5 upward. The SP:SPX is not clear on position and waves, however, the futures are much clearer. This 15 minute chart outlines the possible Minor wave 4 path from start to finish along with current position in Minor wave 5. The bottom for the market was the low from July 20th. This means wave 5 is 2 days old and tomorrow is day 3. Typically wave 5 should move beyond prior wave 3 endpoints. In this case, if Minute wave 3 is in the books (green iii on chart), the market should move above that prior high (July 24) and the prior high established from Minor wave 3 (yellow 3) from July 19. Tomorrow could be a big day of moves with a possible top during the day or on Wednesday pre-Federal Reserve. Assuming we have completed at least Minute wave 3 with the high from July 24, Minute wave 4 could do the following based on hourly data. Based on waves ending in C554, the movement retracement quartiles are 29%, 38.94%, and 60.85%. Models agree the most with Minute wave 4 lasting 1 or 2 hours. Second agreement is at 3 or 4 hours, third is 0 hours, fourth is 6 hours. Based on waves ending in 554, the quartile retracements are 19.68%, 41.47%, and 53.75%. Strongest model agreement has the wave lasting 1 hour (117 models), with second most agreement at 2 hours (91 models), third place is drastically weaker at 0 hours (68 models), and the models are even weaker with 18 of them at 6 hours, 17 at 3 hours, and 16 at 5 hours. Based on waves ending in 54, the quartiles are at 23.17%, 36.355% and 54.07%. Length is 1 hour (581 models), 2 hours (411 models), 0 hours (379), 3 hours (111), 4 hours (95), 6 hours (90). Based on historical data for Minute wave 4 inside Minor wave 5 inside Intermediate wave 5, Minute wave 4 retracement quartiles are 19.53%, 42.535%, and 43.14%. Duration is strongest at 1 hour, then 2 hours, and then 5 hours. The chart currently has Minute wave 4 at 1 hour long and the retracement is near the third quartile or further end of historical data. This could mean Minute wave 4 has already been completed. Furthermore, Minute wave 5 is already 1 hour old. Another factor to note is the length of Minute wave 1 was 6 hours and Minute wave 3 was only 5 hours. A major rule of this wave theory is that wave 3 cannot be the shortest in length. This would require Minute wave 5 (already being 1 hour old) should not be longer than 5 hours total. However, during studies of micro waves this rule has been broken multiple times and may not be a limiting factor in the current instance. There is still a chance the market drops in the first hour of trading below the current Minute wave 4 low of 4547.47 in which case the data in the next paragraph is an hour later than it is stated. Regardless, tomorrow is lining up for the market top. What does the historical data indicate could happen assuming Minute wave 4 has completed? Based on waves ending in C555, the quartile movement extensions are 121.06%, 134.44%, and 171.99%. Models agree the most at 2 hours long, secondary is 1 hour long, third is 5 hours long (possible max based on rule wave 3 cannot be shortest), fourth is 4 hours, fifth is 6 hours. Based on waves ending in 555, the quartile movement extensions are 118.44%, 130.21%, and 159.05%. Model agreements for lengths are 1 hour (114 models), 2 hours (96), 3 hours (60), 5 hours (38), 4 hours (34), 0 hours (28), 7 hours (20). Based on waves ending in 55, the quartile extensions are 113.1%, 126.06%, and 154.92%. The forecasted lengths are 1 hour (626 models), 2 hours (494 models), 3 hours (230), 4 hours (185), 5 hours (174), 0 hours (161), and 6 hours (142). The final dataset is for Minute wave 5s inside of Minor wave 5s, inside of Intermediate wave 5s where the extension quartiles are 106.40%, 121.955%, and 152.06%. Modelled duration is 1 hour, 2 hours, 3 hours, and 6 hours. The levels for Minor wave 5 are the right most items on the chart above. If Historical data holds true, we may barely make it to 4578 (the current high from Minor wave 3), and north of 4585 does not look possible. After the close are big tech earnings which normally have a bullish push into it. We shall see what happens. If tomorrow is not the top and/or Minute wave 4 or Minor wave 4 decide to return to life, I will analyze more tomorrow night.
SP:SPXShort
by StockSignaler
A Negative Month at these Levels Could Signal NVDA Down to $196We are at a point where NVDA is trading at a Macro Monthly Bearish ABCD PCZ and all the Oscillators are sitting in overbought zones. If NVDA sees a negative monthly candle at these levels, it is very likely that these Oscillators will begin to come down again and signal Potential Bearish Action ahead; if we get such a signal at these levels, then I would typically aim for it to go back down to the level of C of the ABCD as a Minimum Target; but given how high this is and how profitable even a 61.8% retrace would be, I will opt to target the 61.8% retrace instead down at $196.32 as it nicely fits into my typical 3:1 risk to reward requirement.
NASDAQ:NVDAShort
by RizeSenpai
8
Bajaj Finance - Short Target 5700Stock is making triangle as part of cycle wave correction. Though will not achieve its desired target down, expected to fall to 5700 in about 47 days (CMP 7027, -18.8% fall). Swing traders will make it find support at 6536, which could be weak as that level was shortlived. Swing traders may also target 50% retracement of the current wave down to 6321 (-10% fall). If this wave becomes wave 2 of primary movement upwards, then it should fall to 6138 (-13% fall) following 61.8% retracement rule of wave 1. This current wave, demostrated all the powerful properties of wave C, and terminated with a perfectly making ending diagonal, making it an aptly fit candidate for the horizontal triangle, being the base theory. Turbulence areas - 5800 levels being a demand zone. I am targeting short to 5700 levels in about 47 days. Disclaimer : The views hereinabove are my personal views, for the sole objective of seeking comments from community on the analysis. Notwithstanding above, it should not be construed as any guidance, advice or offer to enter into any transaction or investment by the reader. The readers must consult their independent financial advisors before initiating or otherwise dealing with the security mentioned herein, without relying on the contents herein. The author shall not be responsible or liable, whether directly or indirectly, for any losses, pecuniary or otherwise, arising from the use of above analysis or information, whether to the reader hereof or any third party.
NSE:BAJFINANCEShort
by Gjain75
5