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Ppo

Dow Jones RangeboundThe Dow Jones Industrial Average is on its 8th day trading between the 23.6% and 38.2% Fibonacci levels while currently holding support at the 23.6% Fib level. As long as price is trading below the 38.2% Fib level the trend will remain bearish. Price is rangebound between these lower Fib levels while trending below the red downtrend resistance line which is also adding bearish pressure on price and preventing a move above the 38.2% Fib level. The Relative Strength Index(RSI) is still trending below the centerline(50 level) which indicates that overall momentum behind price is bearish. An RSI(green line) reading above 50 is considered bullish while a reading below 50 is considered bearish. The Price Percent Oscillator(PPO) is still showing the green PPO line rising above the purple signal line, with both lines moving upward indicating a short-term bullish momentum trend, but both lines remain below the 0 level indicating overall bearish momentum. A PPO reading above 0 is considered bullish, while a reading below 0 is bearish. Overall, the trend behind the Dow Jones is bearish and I’m expecting an eventual move below the 23.6% Fib level as data releases continue to show extreme weakness in the U.S. economy.
CBOT_MINI:YM1!Short
by PrepForProfit
1
Dow Jones Rangebound Fibs 23.6%-38.2%Still no major change in the market outlook with the Dow Jones Industrial Average(DJIA) being rangebound between the 38.2% and 23.6% Fibonacci levels for the past 6 days, and looks to test lower support at the 23.6% Fib today. The expected move here is still a push below the 23.6% as the coronavirus continues to weigh heavily on the economy, especially with the Trump administration no longer talking about a re-opening of the economy by Easter and have pushed the date back to May. This still seems like an unrealistic goal and odds are the date will be pushed back even further once we near the end of April. The Relative Strength Index(RSI) has begun to roll over after failing to move above its centerline at the 50 level, which is the midpoint of the total RSI range. Above 50 indicates a bullish trend for price while an RSI reading below 50 indicates a bearish trend. The Price Percent Oscillator(PPO) is still rising, but remains below the 0 level which indicates that price still has bearish momentum overall. I expect to see the green PPO line cross back below its purple signal line going forward indicating a return to short-term bearish momentum. Short-term view of the Dow Jones has shifted from a few days of being neutral back to bearish with the opinion that we have yet to see the end of the selloff or the worst of it yet. Major economic data to be released this week are PMI(purchasing managers index) and another expected unemployment claims number in the millions, possibly higher than last week’s all-time record which showed 3.2 million workers filing for unemployment.
CBOT_MINI:YM1!Short
by PrepForProfit
Gold Quarterly Closes Above 61.8% Fib Retracement Gold saw a strong quarter with an opening price of $1,521 in January and a closing price today of $1,637 for a +7.6% gain in the first three months of 2020. This comes after price broke above the 38.2% Fibonacci retracement level in the second quarter of 2019 which was a level that acted as resistance during the 6-year bear market after price peaked at an all-time high of $1,923 in the summer of 2011. 2019 saw price break above the critical 50% retracement level which put gold back in a bullish trend, and this past quarter saw the trend confirmed with a push above the 61.8% golden retracement level as well. The Relative Strength Index(RSI) is indicating bullish momentum behind price with the green RSI line rising above its purple signal line, as well as both lines being above the centerline at the 50 level. An RSI reading above 50 indicates a healthy RSI reading and bullish momentum. The Price Percent Oscillator(PPO) is indicating bullish momentum as well with the green PPO line above its purple signal line, and both lines rising above the centerline at the 0 level. Neither the PPO line or signal line crossed below the centerline during the 6-year bear market which indicated that no bear trend in momentum ever took hold, and that a bullish pullback instead was taking place. Current short-term and long-term views on gold remain bullish, especially with the amount of money being printed by central banks across the globe as they continue to fight the economic slowdown caused by the coronavirus. The more they print, the more they’ll devalue their respective currencies, the better gold will perform. It’s still my opinion that gold remains on track to test its all-time high sometime this year with the potential to create a new all-time high.
COMEX:GC1!Long
by PrepForProfit
Dow Jones 38.2% Fib ResistanceThe Dow Jones Industrial Average(DJIA) saw a $915(-4%) loss on Friday after failing to move above the 38.2% Fibonacci retracement level which was pointed out in the previous daily chart shared. Price remaining below the 38.2% Fib level indicates that a bearish trend is still in play and that further short-term price weakness can be expected as long as price is below this level. The anticipated move this week is a decline below the 23.6% Fibonacci level and a filling of the price gap that was created from Monday’s close into Tuesday’s open. The Relative Strength Index(RSI) shows price momentum leveling out just under the centerline(50 level) which is the centerline of the total RSI range. An RSI reading below 50 indicates overall bearish momentum for price, while a reading above 50 indicates bullish momentum for price. The Price Percent Oscillator(PPO) has created a bullish crossover with the green PPO line rising above it’s purple signal line. This cross indicates a short-term shift to bullish price momentum, but the overall momentum behind price remains bearish as long as the PPO line is below 0. The market decline on Friday came as the coronavirus economic relief bill was passed which is the largest fiscal stimulus in U.S. history at $2.2 trillion dollars. Traders selling the passing of this bill seems to indicate that “buy the rumor, sell the news” is their train of thought right now and also marks the end of short-term bullish news to incentivize traders to buy. With this bill now being passed, the bulk of the news cycle will mostly be bearish with rising case counts and negative economic data being released going forward which is more than likely going to shake traders’ confidence in the market as well as their faith in the ability of the Federal Reserve and Trump administration to provide adequate economic relief via bailouts and fiscal stimulus to ease traders fears of a looming recession/depression. Major economic data set to be released this week are PMI(manufacturing trends) and jobless claims which is expected to show another extremely high number of people filing for unemployment on top of last week’s record 3.2 million initial claims. Last week’s initial claims number was the highest on record, a number that is expected to be just as high, if not higher, on the next jobless claims release this week as not all those who attempted to file for unemployment in the previous week were successful due to high traffic on claims sites causing sites to go down nationwide. With an estimated three weeks until stimulus checks are direct-deposited, this lag between the passing of the bill and cash actually being placed into the hands of those who need it is indicating that we will begin to see missed rent/mortgage payments as well as other credit and loan obligations which will put further strain on an already fragile credit market.
TVC:DJI
by PrepForProfit
Dow Jones 38.2% Fibonacci TestThe Dow Jones Industrial average saw a $1,351 gain today, up +6.38% from an opening price of $21,468 with a close of $22,552. Price has also now risen +24% off the recent $18,213 low indicating that a short-term bull trend is now in play. After yesterday’s doji candle(trader indecision candle), price today jumped from the 23.6% Fibonacci level up to, and found resistance at, the 38.2% Fibonacci level which indicates that after a day of indecision traders have now shifted to bullish price sentiment, at least in the short-term. This strong move came as the Senate unanimously passed the coronavirus economic relief package in a 96-0 vote which gave traders confidence that the bill will be passed by the House, thus preventing a severe economic fallout from the coronavirus as Americans and companies affected by the coronavirus will now have the financial support that they need to support them until this pandemic is over. This fiscal stimulus appears to be more important to traders than the massive Federal Reserve intervention over the past three weeks which has seen a return to a 0% Federal Funds Rate, trillions in credit line extensions to banks as well as a relaunching of Quantitative Easing which this time around equates to an unlimited amount of mortgage-backed securities and Treasury bonds now being purchased by the Fed. As for the Dow, I’d like to see price rise and close above the 38.2% Fib before becoming too optimistic that a low has been made. As long as price is trading below the 38.2% Fib the trend is still technically bearish. If price does manage a close above the 38.2%, the next important level to beat is the 50% level which is the halfway point between the all-time high and the recent low, a move above that level would represent price having regained half of the losses seen during this record-breaking selloff over the past 5 weeks. From there, a rise above the 61.8% Fib level would be needed to put price back into a bullish trend from a technical standpoint. The RSI indicator shows increasing momentum with a rising RSI line, but a move above the center line at the 50 level is needed for upward momentum to hold. Until then, price is at risk of rolling back over and maintaining it’s bearish momentum. The PPO indicator is showing a bullish crossover with the green PPO line rising above it’s signal line which indicates a building of positive momentum, but both lines are still below the centerline at the 0 level which indicates that the overall momentum behind price remains bearish. For those going long this market right now, a stop-loss is recommended if trading/buying. My recommended stop-loss level is shown in red and is placed just below yesterday’s doji candle where traders were indecisive. This stop-loss level is also just below the 23.6% Fib level. A breach below those two levels would likely indicate that bears are still in control of this market and that the recent optimism this week is being overshadowed by deteriorating fundamentals in the economy. While the short-term trend this week appears to indicate that the majority of traders have flipped bullish, I’m still hesitant to take a bullish view myself, at least in the intermediate-term. This is due to the record-breaking unemployment claims seen last week which were released today by the Bureau of Labor Statistics and showed that a massive 3.28 million people applied for unemployment last week alone. Traders appear to have shrugged off this all-time weekly record which smashed the old weekly record by 400%. While their financial needs may be temporarily eased via fiscal stimulus, the number of people filing for unemployment this week is likely to be another number in the millions when those numbers are released next week. These are millions of people unemployed who will likely not be taking their stimulus checks or using their unemployment money to help stimulate the economy. If they are lucky, the combination of the two will be just enough to cover their living expenses and debt payments which many Americans were already falling behind on prior to the coronavirus disrupting economic activity, closing businesses and putting them out of work. The $2 trillion stimulus package amount is based off on the assumption that their time unemployed is temporary and that they’ll be returning to work within 4 months. With millions of Americans now out of work, the odds of an increase in delinquencies will be rising, as well as added pressure on them to make their rent/mortgage payments. With millions of Americans living paycheck-to-paycheck, many will likely not have the funds needed to make their next rent/mortgage payments as unemployment benefits take an average of two weeks to kick in, as well as the fact that the $1,200 stimulus checks will not be sent out until April 6th at the earliest. The companies that have been forced to shut their doors and lay off staff are also at risk of defaulting on debt as many retailers such as Subway and Cheesecake Factory have already notified their landlords nationwide that they will not be paying April’s rent. This is likely the beginning of the coronavirus impact on residential and commercial real estate which looks like it will be the next shoe to drop in the economic fallout of the coronavirus. If we learned anything about the 2008 global financial crisis it’s that investors don’t like it when people stop paying their rent/mortgages. While the intermediate-term view looks dicey, the short-term view by traders is that the Federal Reserve and Trump administration will be doing whatever it takes to prevent another 2008-type of event by going hard and heavy with injecting trillions of dollars into the economy. This may be putting minds at ease in the short-term, but it doesn’t change the fact that we are still seeing a rise in coronavirus case counts with the U.S. just today topping the global list with over 80,000 confirmed cases now in the U.S. We have now topped China and we have not even reached the peak yet in the U.S. outbreak. While the Federal Reserve and Trump administration are doing all that they can to keep traders from selling, there may come a point in the coming weeks where no amount of stimulus or bailouts will instill confidence in traders to buy. The main pieces of the puzzle that I’m personally waiting for before becoming too optimistic on this market, recovery, and monetary intervention are for case counts to stop rising, states/countries to begin reopening their borders and for companies to re-open their doors as well as report revenue and earnings so that we can get a true view of just how large of an impact this virus is having on them. Short-term view is now neutral from bearish assuming that the House will pass the coronavirus economic relief package, with the expectation that the recent lows will be tested again in the intermediate-term once more negative economic data is released going forward.
TVC:DJI
by PrepForProfit
2
Dow Jones 50% Fibonacci Retracement TestDow Jones futures are currently locked limit-down as trading was halted after a -954 point drop at the open of trading. Price fell -5% to a new selloff low of $18,086. Price as now fallen nearly -40% from the all-time high in what continues to be the fastest and steepest stock market decline on record. Price is now testing the 50% Fibonacci retracement level after falling below the lower line of the broadening wedge pattern which failed to act as support and is a bearish technical breakdown. The 50% Fib level represents the halfway point between the 2009 global financial crisis low of $6,460 and the recent all-time high of $29,543 made in February of this year. Should price fail to hold above the 50% Fib level, which looks likely given that we have yet to see the worst of the coronavirus pandemics economic impact, it would indicate that the bear market has lower to go as well as half of the gains since the global financial crisis now being erased. We’ve lost in 5 weeks what took 11 years to gain. The next level to watch for potential support should the 50% Fib level fail is the 61.8% Fib which currently rests at the same level as the 2015 lows and is another -15% lower from current price. That level also represents a -50% pullback from the all-time high(not to be confused with the 50% Fib level) and statistically, based on the -50% decline in 2000 and -57% in 2008, would be a good level to begin averaging in to stocks. The 2008 peak is indicated by the red, horizontal line and rests just below the 61.8% Fib level and should add additional price support from a technical perspective. Hard to believe that we are looking at 2008 price levels after the 11-year bull market that was the longest and greatest in history, but the bigger they are the harder they fall I suppose. While traditionally technical levels of support are good areas to do some dip-buying for short-term trades or averaging down in long-term investments, we may see those levels taken out as every support level on the way down so far has been blown through. Have to admit that I’ve never seen anything like this before with absolutely no significant bounces at what should be support levels, nor has any other trader. The Relative Strength Indix(RSI) is below the 20 level which indicates that price momentum is in oversold territory, and is at its lowest level since the 2008 financial crisis. While the RSI is technicaly in oversold conditions, it can go lower and remain oversold going forward and is not an indication to start buying. It is merely an indication to pay attention and lookout for signs of a reversal ahead. The Price Percent Oscillator(PPO) is in a steep decline indicating extreme downward price momentum and is also at its lowest level since 2009 as prices were making their lows before reversing. This also is not a signal to begin buying as the PPO can still head lower. While the momentum indicators are showing extreme oversold conditions, I have little faith in them indicating a price reversal any time soon as the coronavirus pandemic in the U.S. is just getting started from a health perspective. I’m still anticipating a federal government order for all states to enter lockdowns which will increase the number of business closures as well as the number of people going unemployed thus not having disposable income to help stimulate economic activity. There are now 8 states under complete lockdown representing 1 out of 3 Americans, or 30% of the total U.S. population(101 million citizens in lockdown out of a total U.S. population of 327 million). My guess is that the national lockdown will come after the coronavirus economic relief bill is passed, which is expected to occur tomorrow. A complete lockdown of the country will only add to the number of businesses closing as well as the number of people filing for unemployment, which is estimated to hit over 2,000,000 in this week’s jobs number report. The U.S. has a long fight ahead in not only battling the current coronavirus pandemic, but also fixing the damage already done to the economy, let alone what is still in store. Many businesses will be forced to shutter and may not survive a few weeks, or months. of no sales. Even the ones that do survive, there is no way to calculate at this point in time what the impact will be to their revenue and earnings going forward which is what is needed in order for investors to determine share value. Today, Federal Reserve official James Bullard said that the unemployment rate my jump to 30% and GDP may fall -50% in the second quarter which are scary numbers coming from a Fed official. Those numbers are more bearish than even what major US banks such as JP Morgan and Goldman Sachs are predicting which in themselves are extremely bearish numbers. The selloff we are seeing now could be just the beginning of a much larger contraction going forward and indicate that it’s not a recession that we are facing, but a depression.
CBOT_MINI:YM1!Short
by PrepForProfit
4
Bitcon 38.2% Fib ResistanceAfter rising +60% off of the $3,850 low, Bitcoin is finding resistance at the 38.2% Fibonacci retracement level near $6,400. Price trading below the 38.2% fib level indicates an overall bearish trend for price and the potential for more weakness. Until price moves above the 50% fib level price will have negative bias. A move above the 61.8% fib level is needed for positive trend confirmation. The previous two daily price candles were long-legged doji candles which are candles with small bodies and long wicks and indicate trader indecision. The wicks represent the daily highs and lows made on each day, and the small body indicates that traders closed the daily price near where it opened showing hesitation by both bulls and bears to move price in either direction with conviction. Price is also trading below the Trend Wave which indicates a negative trend for price. In order to regain a positive trend, price needs to move back above the trend wave. The Price Percent Oscillator(PPO) is attempting a positive crossover which is when the green PPO line crosses above it’s purple signal line. The PPO trending below the signal line indicates negative price momentum. The PPO is also well below the 0 level which indicates overall negative price momentum. The PPO below 0 is bearish, while a PPO reading above 0 is considered bullish. The Relative Strength Index(RSI) is trending below the 50 level which indicates overall negative price momentum. The RSI is also stalling out at the yellow line which is the middle of the Bollinger Bands(volatility indicator). The RSI below the yellow line indicates a negative price trend, or potential for bearish volatility, while an RSI reading above the yellow line indicates a positive price trend, or bullish volatility. The overall trend and momentum for Bitcoin remains bearish even after the +60% jump off of the lows and was likely a reactionary bounce off of extreme oversold conditions.
COINBASE:BTCUSDShort
by PrepForProfit
CGC Likely To Lose $15 Support#CGC #canopygrowthcorp – Canopy closed last week just above a support level(blue line) that stems back to the price peak of $14.39 seen in November 2016. The most recent test of this level prior to Friday’s close was in November of 2019 which came after CGC lost -73% from a high of $52.74 in April 2019. Price bounced 80% off of support in November 2019 to a high of $25.97 in January of this year before retreating again and falling -40% to current levels. In general, the more times price tests a support level the more likely it is to fail, so the fact that CGC is testing this level again after a recent bounce from it this past November is not a good sign. The recent decline in price over the past two weeks can be attributed to overall equity market weakness due to coronavirus fears which is leading to a slowdown in total global economic activity, as well as CGC’s recent round of layoffs which saw 500 jobs lost with the closure of two facilities, and the shelving of plans for another facility which was in the works. The Price Percent Oscillator below the chart is trending below its midline(0 level) and rolling over which indicates that price has negative momentum. The green PPO line is close to crossing below its purple signal line which is a negative crossover and indication that a further decline in price is likely as negative momentum increases. Based on the current price trend and global market selloff, the probability of CGC losing support at $15 is high which may result in a further -50% decline to sub $10 and back to levels not seen since 2017. Target area is $5-$10 shown in yellow. Seeing as how CGC is the cannabis sector leader by market capitalization we can expect to see price weakness here spill over into the rest of the sector as traders look to CGC for signs of overall sector health.
CShort
by PrepForProfit
SHCOMP Gap Fill and 61.8% Fib BeatI apparently forgot the #1 rule in investing that has remained true since the financial crisis: don't bet against global central banks and their ability to maintain economic(stock) expansion. The PBOC has injected enough liquidity during this coronavirus outbreak to ease all trader fears of a market decline which has led to price filling the gap that was created around the Chinese New Year, and as of last night have now moved price back above the 61.8% fibonacci retracement level. Both lower indicators are leaning bullish with a fresh bull cross in the PPO and an RSI that looks ready to move back into bullish territory above the 50 level.
S
by PrepForProfit
Bitcoin Testing Channel SupportBitcoin took a little dip after my previous post yesterday where I was expecting a push higher and is now testing lower channel support(orange) as well as horizontal support(dashed blue). For now the trend remains bullish as long as price remains above channel and horizontal support near $9,500, but should that level be taken out it will lead to a neutral view on price. The ultimate support level that needs to hold is the solid blue line near $9,000. That is where the last base in price was made(area of demand) prior to new local highs so if that level is violated it will indicate that traders who were previously bullish at $9,000 are no longer optimistic that that price level. The solid blue line is also the stop-loss level for longs, stops should be placed just below that level.
COINBASE:BTCUSDLong
by PrepForProfit
Bitcoin Testing $10,500With Bitcoin holding above $10,000 we can start to look at new support and resistance levels as well as a new price target. For now $10,500 is the current resistance level(red dashed) and that price point stems from the massive two-day price spike back in late October 2019 which saw price jump $3k from $7,500 to $10,500, with $10,500 acting as current resistance again and the level that price needs to beat in order to see more gains. Bitcoin continues to move upward within a rising trend channel(orange) and is currently trading near the center of the channel. Any pullback needs to hold above the lower line of the channel to keep the uptrend in play, but the ultimate level price needs to hold above to maintain bullish sentiment is the dashed blue line which stems from the most recent "base" that price made before pushing to new local highs. With my trend-trading strategy, stop-loss orders are always moved up to the most recent base each time a new local high is made as the base indicates the most recent level of demand; any violation or breach of the base would indicate that buyers no longer see that level as an area of support thus potentially handing the trend over to bears. For now the trend looks to remain in the hands of bulls so I'll continue to look for upper targets, and the current upper target for price is near $11k which is where the upper line of the trend channel rests, as well as a resistance level(solid red) which has been a level of support and resistance going back to mid-2019. The PPO indicator below the chart is showing price in a healthy uptrend with both the PPO(green) and its signal line(purple) both above the 0 level. The PPO has also formed an ascending triangle pattern with a flat top and rising lower line. The expectation here is that price will break above $10,500 resistance and the PPO will break bullish up and out of the triangle thus indicating a continuation of upward price trend. In short: price needs to make a move above $10,500 in order to sustain short-term upward momentum. Upper target is $11,000. Stop-loss level is just under &9,000.
COINBASE:BTCUSDLong
by PrepForProfit
SPX Hanging ManA hanging man is a type of bearish reversal pattern, made up of just one candle, found in an uptrend of price charts of financial assets. It has a long lower wick and a short body at the top of the candlestick with little or no upper wick. In order for a candle to be a valid hanging man most traders say the lower wick must be two times greater than the size of the body portion of the candle, and the body of the candle must be at the upper end of the trading range. Along with a hanging man, SPX has a bearish divergence between price and the PPO indicator(orange arrows) with price making new highs while the PPO moves lower. SPX failed to move lower last week as expected on coronavirus fears, was looking for a -5% decline and only saw -2% before price ripped higher. I still feel that the full effects of the coronavirus have yet to be priced in to markets, and that traders are underestimating the chain reaction that can occur globally with the production slowdown in China. If traders are expecting the Federal Reserve to save the day with lower rates and more liquidity injections I think they'll have to give the Fed a reason to do so i.e. start panicking and send equities lower. I'm still expecting a decent pullback of -5% or more so the short-term view remains bearish, especially now that this novel coronavirus has upped its game and passed SARS in deaths. Coronavirus just did in 29 days what it took SARS 9 months to do.
SP:SPXShort
by PrepForProfit
1
SPX Trendline BreakNow that the SP500 has lost trendline support and fallen out of the uptrend channel we can start looking for lower support levels. Friday saw price close lower on coronavirus fears which was anticipated coming into the trading week as the virus continues to bring China's local economy to a slowdown, and in turn should begin to send ripples through the global economy given China's role in global production. Price managed to hold just above Support 1 on Friday which stems from the yearly low made in early January. I expect the selling to continue next week and Support 1 to fail taking price down to Support 2 which stems from a resistance level made in November 2019(previous resistance becomes support). I also expect Support 2 to fail bringing price down to Support 3 which is the most likely target price will reach before support is found. Support 3 stems from the low in price made in early December and is also roughly -5% from the trendline break which the the percent loss anticipated in the previous SP500 chart shared prior to price breaking down and out of the uptrend channel. Should S3 fail to hold price, S4 is just below it near the $3,000 level and stems from two hard resistance levels seen in July and September 2019. Should S4 fail to hold as support it would likely mean that the market rally is in jeopardy and that the push in 2020 to new all-time highs was a blow-off top rather than uptrend continuation. The PPO indicator below the price chart is in a bearish cross and declining indicating a loss in upward momentum for price. We'll likely see this indicator continue to fall and most likely take a dip below the 0 level(above 0 bullish, below 0 bearish) indicating a possible shift to downward price momentum. The RSI is declining and currently testing its centerline at the 50 level(above 50 bullish momentum, below 50 bearish momentum). This indicator is also showing a slowdown in upward price momentum, a further dip below the centerline will be a further indication of price weakness. Worth noting is that the Federal Reserve held the first FOMC meeting of 2020 this past week where they left interest rates unchanged. I feel this in itself was probably cause enough for traders to begin selling as economic indicators have begun to show signs of a slowdown in the US economy. The next FOMC meeting isn't until mid-March which gives traders plenty of time to send prices lower sending a clear message to the Federal Reserve: more liquidity, lower rates. This 10-year bull rally hasn't been fueled by organic growth in the economy, but rather cheap money and lots of it. Take away the cheap money and you take away traders incentive to buy.
SP:SPXShort
by PrepForProfit
2
SPX Gap Down and Trendline BreakSPX has gapped down this morning on virus fears and is now trading under the Kijun-sen line as well as the main uptrend line that has been propping up price during this recent rally to new all-time highs. The PPO is in a bearish cross, but remains above the 0 level which means any pullback can be viewed as bullish until that center line is violated. The RSI indicator is leaning bearish with a dip out of "overbought" territory above 70 and now crossing below the 50 level. Overall, the short-term trend is bearish until price rises back above the Kijun-sen and the uptrend line; the intermediate and long-term trends remain bullish. Thinking the likely move going forward here is a bounce back up to fill the gap sometime this week, if not then a test of the Ichimoku leading cloud may be in play.
SP:SPXShort
by PrepForProfit
Gold UptrendWhile equities have been putting in a series of bearish rising wedges, gold has two successful falling wedge breakouts on the daily chart and is looking good for a move above short-term resistance at $1,600. Price indicators are both showing a bullish trend and momentum behind price with a new advance likely coming this week. Main thing we want to see on any potential pullback is a hold above the gray arrow which represents the current support level of the uptrend. Secondary support is $1,500, price remaining above that level and bouncing again would be considered a bullish retest; a break below $1,500 would give reason for shorting.
COMEX:GC1!Long
by PrepForProfit
Bitcoin Ichimoku BullishWe've got Bitcoin rising above a bullish TK cross, a recent Kumo twist and bullish leading cloud, as well as a Chikou Span that is above previous price and cloud, which all combined indicate a healthy looking chart for Bitcoin. The Price Percent Oscillator is showing the PPO line hovering just above its signal line, need to watch here for a potential bearish cross indicating a shift in price momentum from positive to negative. The Relate Strength Indicator has crossed below its signal line already, but the RSI itself is at 63, anything above 60 is bullish momentum so that is the level that needs to hold in order to maintain current price trend. For now price is set up to continue higher so long as current support holds and price can push through recent resistance in the $9,000-$9,200 range. Should price retreat from resistance then $8,000 is the most recent support level that needs to hold, a move below there would potentially signal an end to the recent uptrend. All three of these indicators(Ichimoku, PPO, RSI) were recently published and are available in the "scripts" section of my profile.
COINBASE:BTCUSDLong
by PrepForProfit
PONY ShortUpwards breakout rejected. Short down at least to lower support line, in the $2.75 region depending on its rate of decline. Bearish cross on the daily Stoch, RSI very over sold. PPO moving down with some bearish divergence. Also remember that a rising wedge, particularly after some strong downward movement (as has just happened with PONY) is a bearish trend, and is much more likely to break down than up. This makes shorting the highs a lot safer than trying to buy at support. In this case, as I said, the first target is this lower line, with the hope no support is found and the pattern breaks downward. If that happens, our targets are the old areas of support found in the rising wedge (around $2.50 and $2.10) My opinion not financial advice
PShort
by green_brow
AIDBTC rebound and beginning of an uptrendAID provides an opportunity to open long position. Awesome Oscillator, Momentum (10), MACD Level (12, 27) are in buy state. EMA suggest there should be consolidation which is confirmed by Stoch RSI. However PPO correlation with the price trend shows the price should penetrate Ichimoku cloud and hit its upped edge. Willingness to move higher is confirmed by breakthrough Bollinger Band upper edge. The coin is bullish in carious timeframes We recommend AID for Short term trade, however the risk is very high and it is very important to stay tuned to updates
ALong
by Skyrexio
Short USDCAD: Possible Upcoming Correction (Elliott Wave)USDCAD has potentially completed a long term bullish impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish bias. There has also been a breakout from the bullish trendline indicating a possible "c" wave breakout. If the correction is not a zig-zag or the rally is not over, the trade will be stopped out quickly. Target is placed near previous fourth wave support. This allows for a low-risk, high-reward trade with a R/R of about 15.
Short
by glennmercer
4
Custom Code that Finds Market Tops!!!CM_Laguerre PPO PercentileRank - Markets Topping Original Laguerre PPO code was Created by TheLark. I found if I applied a Percent Rank of the PPO to view Extreme Moves in the PPO it was great at showing Market Tops. Features via Inputs Tab: Ability to set all PPO Indicator Values. Ability to set Warning Threshold Line Value and Extreme Percentile Threshold Line Values. Ability to turn On/Off Warning and Extreme Percentile Rank Lines. ***I’ve found this Indicator to be Valid…However, I have NOT Extensively tested the Settings. Initially setting the LookBack Period to 200 on A Daily chart with a 90 Extreme Percentile Rank Value works Good. Some charts changing the Lookback period to 50 an draisisng the Extreme Percentile Rank Line to 95 Works Great. ***To Be Blunt…When I look at the underlying Indicator…I don’t know why this Shows Us What It Does When the Percentile Rank Function is applied to it…But For Whatever Reason…It Just Works. ***If you Find Very Useful Settings Please Post Below Other Indicators That Show Market Bottoms Well. CM ATR PERCENTILERANK - GREAT FOR SHOWING MARKET BOTTOMS! GREAT CONFIRMING INDICATOR FOR THE WILLIAMS VIX FIX TWO TRADING SYSTEMS - BASED ON EXTREME MOVES!!!
FX:USOIL
by ChrisMoody
5