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SPY Channel BreakThe S&P500 opened and closed below the lower support line of an uptrend channel. This in itself is excuse to sell or go short, but generally you want to see 2-3 days of price below or above a channel before considering it a trend shift. Most likely first level of price support to watch for if price does head lower is $500. Nice round number and a psychological level for traders especially going into the end of the week. If bulls are still serious about the bull market they'll defend $500. The PPO trend indicator shows the green PPO line trending below the purple signal line which indicates a short-term bearish bias in price. The trend would be considered bearish in the medium to long-term if both lines cross below the horizontal 0 level. The TSI momentum indicator shows the green RSI line trending below the purple signal line which indicates a short-term neutral trend or slowdown in momentum. The RSI line crossing below the horizontal 50 level also indicates a short-term slowdown in momentum. The green RSI line is also trading below its lower Bollinger Band; in general you want to be short when the RSI line is below the lower BBand. With the hot inflation numbers that came out traders are probably starting to realize that there likely won't be a rate cut by the Federal Reserve in June, and maybe no cuts at all this year. The Fed is responsible for maintaining steady prices and low unemployment. Until unemployment rises the Federal Reserve is not likely to cut rates with persistent inflation.
AMEX:SPYShort
by PrepForProfit
GOLD Full Levels Bigger PictureWith the soft landing, we expect the fall of GOLD yet investors are buying/bought before NFP as well. From the perspective of SK System gold has beautifully tested the WC zone, and if the zone is respected the price has the potential to hit our profit zone, and if not respected it may continue to complete its sequence above. From a price action point of view, Price hasn't been able to close above the previous ALL-TIME HIGH, weekly had a good close below the previous week, doji from the last two days indicating weak buyers (even though indecision). Lets See, which side does it play. Yet, technically my Bias is SHORT.
FX:XAUUSDShort
by NareshSenThakuri
AUD/CAD Bigger Picture and Scalping ZonesThe bigger picture of AUD/CAD looks bearish. The price is consolidating between the high and low of 1996 and 2001 as a major swing high/low. After breaking a swing low in 2001 price attempt to break a high in 2012 has failed. Since then every swing of the price has persistently broken the previous low. The secondary sequence has respected the WCL zone created by the primary sequence and the B zone created by the secondary sequence. Hence, if the Tertiary Sequence respects the B zone, the price has the potential to break the previous low and continue its down move. Price Action & TDI Perspective:: Weekly Doji Candle and price not being able to close above the high of Shooting Star (indicating that the current price attempted to test the Doji's high) Weekly/Daily TDI under the formation of Umbrella// Divergence My perspective 4H has already formed a divergence, wiped the sell-side liquidity, and broken the previous low, with a 100% Fib. extension and a beautiful retracement to B Level.
Short
by NareshSenThakuri
2
SMG Falling Wedge BreakoutThe largest player in cannabis without having the risk/exposure to the schedule 1 plants and cutthroat competition in the sector, SMG, has broken out of a falling wedge pattern with lower PPO and TDI indicators that are close to turning bullish. All eyes/ears are on the Senate as a vote on Safe Banking for the cannabis sector is expected this month. businessofcannabis.com If approved this would clear a major hurdle for the cannabis industry for both long-term growth and the path toward federal legalization. Currently long with an entry price of of $64.34, a stop-loss at $60 and a take profit at $80. Stop-loss and take profit levels will remain adaptive to price movement.
NYSE:SMGLong
by PrepForProfit
Bitcoin Declining Inside Downtrend ChannelI'd call it a bad day for Bitcoin, but when compared to the altcoins today Bitcoin is doing well. I suspect that traders are dumping their shitcoins across multiple exchanges as the SEC lawsuits against Coinbase and Binance have traders worried that their cryptos will be delisted, and/or that they might not be able to get their shitcoins or cash off of the exchanges. Technically, Bitcoin was already declining inside of a downtrend channel while failing to hold above the 8,21,34, 50 and 100ma's before the SEC threw out the lawsuits, and price is now trading below all of the ma's-minus the 200ma-with the ma's rolling over. Price was prime for a continued decline prior to the SEC lawsuits, and now the fear associated with those lawsuits is manifesting in the form of freefall price declines across the crypto space. Both the PPO and TDI on the Bitcoin chart are showing that there is negative trend and momentum behind price. The PPO is trending just below the 0 level with plenty of room to fall further. The TDI shows the RSI line trending between the 20-60 levels which indicates that the overall trend behind price is negative. Short-term price target is the 200ma and lower channel line around FWB:23K , but a re-test of $20k is most likely. This isn't a knife that I'd attempt to catch for those looking for steeply discounted cryptos to add to their portfolio. Good chance that quite a few of these cryptos/tokens are going to $0.00 which is something that this space has needed for a long time due to rampant fraud and illegal activity committed by teams behind some of these projects. But, if you are the gambling type, I'd stick with Bitcoin for dip-buying as that is the one crypto that SEC chairman Gary Gensler has stated in the past is "safe" because it is a commodity. www.benzinga.com As of 3 weeks ago I no longer have money in crypto or on any crypto exchanges, and I stopped using exchanges other than Coinbase years ago because I thought they were the only safe one since they are regulated. Originally was waiting for BTC to fall back down to $20k to buy back in, but am now actively shorting BTC via the BITI ETF with no plans of transferring money back on to Coinbase. Too much risk right now with the SEC slapping suits left and right while claiming most of these assets are securities.
INDEX:BTCUSDShort
by PrepForProfit
my scripsi have made or altered the showing scrips. TDI on top with minor and major shark fin alerts EMA cross and altered mid line cross alert. mid has two verry modified scrips First is Two BB 200 and 30 EMA or SMA with alerts and channels and KC channel pull backs crosses and exits for varying uses and William's vix fix highlights and 5 ema's engulfing candle with rsi filter and super trend some are not show or turned off but are available Second is SMC intraday and swing trading liquidly zone FVG MTF Daily weekly and monthly high and lows and support and resistance and trend lines breaks and alerts Bottom is stochastic momentum lots of level alerts and cross alerts and high lights if you want any of this pack just IM and ask i can also extract any part and make a isolated script version for you also have a MTF KJD and PSAR Oscillator
by phelpscorey85
Bitcoin Tops 200-wk AverageBitcoin has broken above the 200-wk price average near $25k and is now testing $28k. The current price candle is yellow indicating extreme bullish trend behind price. The lower momentum indicator is still flipping bullish with green signal line rising above the 0 level, still waiting for the purple base line to rise above the 0 level for increased bullish trend signal. The lower trend indicator show the green RSI line breaking out of its tight trading range between the 50-60 level, and is now above 60 and rising which indicates a healthy bullish trend behind price. Overall, Bitcoin is still looking good for continued gains, and on a weekly basis, hasn't looked this strong since traders were taking price up to $70k during the Covid bubble. Current resistance level to watch now is the $28-$30k range, and the current support to watch for on any pullback is the $25k level. $25k was previous resistance and in technical analysis that means it should now become a support level. Today is Friday so I bought again this morning. Filled at $26.6k and new cost average is now $19.7k.
BITSTAMP:BTCUSDLong
by PrepForProfit
1
Bitcoin 200wk avg Resistance at $25k-ish$25k has been the hard top in Bitcoin recently, with a nice floor being put in at $20k. $20k price support stems from the high set during the crypto bubble in 2017/18 and has historical value. $25k price resistance is coming in the form of the 200-wk average, an average that Bitcoin has never closed below let alone trended below before in the chartable price history going back to 2011. Price being below the 200wk average is also historically significant. The lower indicators are trying to turn bullish: -The PPO is close to a bullish cross above the 0 level, just waiting on the purple base line to join the green signal line above 0. -The TDI is showing the green RSI line in a tight range between the 50-60 level, just keeps bouncing off each one these past few weeks. A move above 60 would be bullish and what we want to see as more bullish price confirmation. $20k is the support level to watch in price, a failure to hold there would likely mean a re-test of $15.5k. $25k is the resistance level to watch in price, a successful breach above there would likely mean a test of $30k next. No trading for me, just stacking Bitcoin weekly since September when price first fell back down to $20k. I will continue to buy weekly as long as I can keep my cost average below $30k.
Editors' picks
BITSTAMP:BTCUSDLong
by PrepForProfit
5
S&P500 BreakoutThe S&P 500 has ended nearly two-month losing streak with a +6% gain this week, 4.5% of which came on Thursday and Friday alone which is a good sign going into a long holiday weekend. It means that traders are comfortable buying at current prices and are expecting the uptrend to continue next week. As for the technicals, the SP500 has broken above a downtrend line(red) which acted as hard price resistance for all of May and the breakout this week is a sign that stocks are attempting a price reversal. Price also broke above a local high(dashed yellow) made back on May 18th which was the last time price was rejected at the red downtrend line prior to this weeks breakout. Price also crossed and closed above the 38.2% Fibonacci retracement level today which is another indication that price is attempting to turn bullish. When price is trading between the 0-38.2% fib levels(purple) the overall price trend is considered bearish. When price is trading between the 61.8-100% fib levels the overall price trend is considered bullish. The lower indicators are showing short-term bullish momentum to confirm the bullish price action seen this week. The PPO indicator shows the green PPO line above the purple signal line, and both lines rising, which short-term bullish momentum behind price. Both lines are below the 0 level though which indicates that the intermediate to long-term price momentum remains bearish. The TDI indicator shows the green RSI line rising and above the 50 level. Above the 50 level is bullish, but for sustainable bullish momentum a reading above 60 is preferred. The green RSI line is also above the upper of the 3 purple Bollinger Bands which indicates bullish volatility, and in general you want to hold as long as the RSI line is above the upper Bollinger Band. Short-term the TDI is reading bullish momentum behind price, but the intermediate to long-term momentum won’t shift until the center Bollinger Band is above 50, it currently is at 40. Overall the short-term trend reversal in the SP500 this week looks good and I’m anticipating a move higher next week. The main level I'll be watching is the 50% fib at $4219, a move above there would indicate that this reversal has legs.
CME_MINI:ES1!Long
by PrepForProfit
Bitcoin Below $30k, Heading to 200wk AverageAfter failing to hold above the 100-week price average last week near $36,000, Bitcoin has now fallen an additional -15% from last weeks close and is currently trading at $29,200. Bitcoin is now nearly -60% off of its 2021 high of $69,000 and is seeing additional downside pressure this week due to the issues surrounding Luna and UST which is generating fear and panic selling in the broader crypto market. There is also pressure on risk assets due to the Federal Reserve raising interest rates last week by .5% with plans to raise another .5% in June. Higher interest rates tend to lead to risk off in speculate assets such as crypto. Bitcoin is currently trading between the 100 and 200-week price averages and judging by the recent price trend and historical chart data, price is likely going to head lower and test the 200-week price average down near the $20,000 level which is also the price peak level seen during the 2017 crypto bubble. A capitulation dip to $20k and a bounce would be healthy, a pause at $20k would be neutral, a dip and sustained move below $20k would likely lead to a new crypto winter. The first lower indicator below the price chart is the PPO and it is reading bearish. The green PPO line trending below the purple signal line, and both lines being below the horizontal 0 level indicate bearish momentum behind price. The next indicator is the ADX and it is also reading bearish. The purple DI rising above the green DI line indicates a short-term bearish trend behind price. The bottom indicator is also reading bearish. The green RSI line trending below the 40 level indicates bearish momentum behind price. The green line crossing below the lower, purple Bollinger Band indicates extreme bearish volatility. Overall, Bitcoin and the crypto market in general remain bearish on both the technical and sentiment sides of the spectrum. We may see some relief bounces here and there, but the longer price remains below $30k the more likely it is to head lower in the short to intermediate terms. That can be good or bad depending on your strategy. If you spent all of your cash at higher prices, the dips are no fun. If you are a long-term holder then the dips are good buying opportunities to lower your average, or to open trades in new cryptos. Bitcoin falling below $30k was my signal to begin accumulating crypto again which I kicked off today with entries into Cardano(ADA), Algorand(ALGO), Stellar Lumens(XLM), Decentraland(MANA) and Filecoin(FIL). Their charts looked to be near or at technical support levels if the market decides to turn around here which would help solidify their bases, but I am fine with them going lower as well which would give me the opportunity to accumulate more at lower prices. My hope is that we are in a 1-3 year crypto bear market which would be ample time to build large positions in cryptocurrencies ahead of the next bubble.
COINBASE:BTCUSDShort
by PrepForProfit
S&P500 Below 100-Week AverageThe S&P 500 crossed below the 100-week price average at $3,995 today which is the first cross below the 100-week average since May 11th, 2020. The 100-week average acted as temporary support last week, but buyers were unable to hold that level on the first day of trading this week. In the last S&P 500 update shared back on March 6th price was trading near $4,260, rallied for two weeks afterward to near $4,600, stalled out, and has now fallen roughly -6% from the March 6th update price level to $3,995 today. Much like when price failed to hold above the 50-week average and a move to the 100-week was anticipated back on March 6th, now that price is crossing below the 100-week average rather than holding above it we can anticipate a potential move down to test the 200-week price average near $3,500 which is roughly -13% lower than todays close at $3,995. The PPO indicator is showing bearish price momentum with the green PPO line trending below the purple signal line, with both lines trending down and below the horizontal 0 level. As long as both lines are trending below the 0 level the short-term momentum for the SP500 will remain bearish. The ADX indicator shows the purple DI line rising and above the green DI line which indicates a short-term bearish trend behind price. The purple histogram behind the DI lines is rising which indicates increasing strength in the bearish trend behind price. The TDI indicator shows the green RSI line trending below the 40 level, currently at 32, which indicates bearish momentum behind price. The green RSI line is also crossing below the lower, purple Bollinger Band which indicates bearish momentum volatility behind price. Overall, the S&P 500 remains bearish with price crossing below the 100-week average and lower indicators all reading bearish trend and momentum behind price. Main thing to watch for now is whether or not this week closes below the 100-week average or $4,000 level, both are technical and psychological levels of interest. The last two times price closed below the 100-week average were in December 2018 and March 2020, both of which saw eventual moves in price down to test the 200-week average as is anticipated after todays dip below the 100-week average. -2018 saw a -21% decline from peak to bottom. -2020 saw a -36% decline from peak to bottom. -Price is currently -17% below the 2021 peak near $4,800.
CME_MINI:ES1!Short
by PrepForProfit
Bitcoin Testing 100wk AverageAfter making a run toward $50k in late March, Bitcoin has fallen back below $40k and is once again testing the 100-week price average for support near $37k. Should the 100-week average fail to act as price support there is secondary support in the $30-34k range as well which stems from lows seen back in mid-2021. If bulls are unable to hold price above the $30k level then a potential re-test of the 200-week average will be in play which currently rests near the $20k level and was the price peak seen during the 2017 crypto bubble. After Bitcoin broke finally broke above the $20k level 3 years in December 2020 there was never a re-test of that $20k level for support, price just kept moving higher to $70k in early 2021 and then saw a re-test of $70k in late 2021. By late 2021 price fell back below $50k and hasn’t been able to regain that level ever since which in itself is a bearish sign. The lower price indicators all show bearish trend and momentum behind price, with the TDI showing tightening Bollinger Bands indicating that a potential spike in volatility may be ahead. Current price trend indicates that a spike in volatility will be bearish/downside volatility. Overall view on Bitcoin and crypto in general remains bearish in the short to intermediate-term with a likely test of $20k sometime this year for Bitcoin.
COINBASE:BTCUSDShort
by PrepForProfit
NZDUSD / m15 scalpBased off the momentum and exhaustion shown on the h1 and h4 where it uses the 800ma(h1) and 200ma(h4) as support, along with my pattern trading style where I see the exhaustion shown on the m15 with price outside bollinger bands and extreme TDI, I have entered this trade. In the bigger picture, on the daily, this looks like a retest of an inverted Head and Shoulders. This could take a few days to actually move up on the daily timeframe IF it finds sufficient buying pressure here. My trade however is short term and based on m15. Now let the trade gods smile on my behalf.
Long
by FaithEmmanuel