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Market resistances are clear on every time frameSPY closed at the low of the week with only the low of October 259.85 as support, and we are likely to test that level first thing next week. It's clear the MA20 on every timeframe is important for SPY, and both the tech and financial sectors and this has been rejecting every bounce attempt on every timeframe so far. Bears have the momentum on every timeframe; we're watching for changes of 4 hour trends and until then, the bulls are proving nothing to us
AMEX:XLF
by McGuireTO
1
Google Enters Bear Market Territory$GOOG has now dropped over 20% since its July high, bringing the stock into bear market territory for the first time in 7 years -- since August 2011 (both time periods marked on chart.) I remain bearish on Google for the remainder of 2018. Macroeconomic conditions and trade tension combined with an over valued market and much needed correction in the technology sector are making an end of year rally for U.S. equities seem increasingly unlikely.
NASDAQ:GOOGLShort
by UnknownUnicorn2997486
Watching SQ hourly chart to signal a solid entry for a swingSQ has a night daily equilibrium playing out. We're looking for the hourly supports to break next week to signal healthy daily consolidation is coming to set a daily higher low above 64.69. I will potentially buy the hourly trend change, another strategy I may employ is to wait for the daily trend to change and break our resistance of 80.32 - that would eliminate some of the reward and some of the risk. I'll be keeping an eye on SPY to ensure it does not break it's recent lows - if the market dumps to lower lows, I certainly do not want to be holding any swing positions!
NYSE:SQ
by McGuireTO
PVTL finding its bottom - a fundamental play for mePVTL is a company I like fundamentally. I'm a software engineer and I've developed on their platform Pivotal Cloud Foundry, and I do like it. I know the decision makers at that former employer also really like the platform. I'm of the opinion that these guys will be a prime target for an acquisition by Amazon. I have seen absolutely no indication that this would ever happen, but knowing what these guys do and watching the direction they've taken, I believe it would make perfect sense if it happened. When I saw the gap down over-reaction to earnings last month I bought a long term position after hours, and ended up selling it a couple days later for very small profit when it was clear the chart was going to break down to lower lows. Now that PVTL is building a base of support in the $19 range I'm starting to get interested again in making a longer term swing investment. Thursday was a daily inside bar that broke bullish on Friday and even closed above the IB resistance. I didn't play that because of the IB bullbreak fake-out on October 1st. It is worth noting however that Friday did the opposite - it had an IB bearbreak fake-out. I'm also noticing some potential bullish divergence here on the RSI and MACD, where the price is making lower lows and the oscillators are making higher lows (this is much more evidence on the MACD). The last daily lower high is is 19.93, call it $20 psychological, although a riskier play would be to get in a little early on the break of 19.68 because of the divergence I just mentioned. Looking at the 4hr chart, breaking 19.68 would also change the 4hr trend, giving us a new higher low and higher high. I personally feel comfortable taking that trade, as I believe $20 will easily break if the 4hr resistance breaks on big volume. The next daily resistances are at 20.11 sand 20.19 - there is a clear band of resistance in the low $20 range so a more patient and risk-averse trader may choose to hold off until all of those resistances break. When the daily oversold bounce does start to play out we will be looking for a lower high on the daily compared to 23.95. Key range: 18.45 - 19.68
P
by McGuireTO
FB tightening daily equilibriumFB in a tightening equilibrium, trying to find support here before moving up and finding a lower high relative to 188.30. Losing 170.91 would increase the odds of a weekly bear flag, I'd be looking down at 166.56 then low of the after earnings post-market dump, 164.30. Lots of support in that area, with a yellow trend line in tact since June 2013 just below. Breaking bullish out of this pattern and I'll be sitting comfortable in a swing looking up to all time highs again with little resistance in the way.
NASDAQ:METALong
by McGuireTO
$MOSY MoSys Inc; Homerun Potential We won't know for sure where this is headed until after hours when earnings are released, but the chart still offers a lot to get excited about on its own. As you can see we've got an extremely awkward cup, but it's only because MOSY seems to have bounced off the same resistance so many times and could really be applied to any of the spikes. If we see a definitive break from the handle to challenge that resistance, there isn't much stopping this from reaching 3,4, and even $5 + in the near term. I'll gamble.
MLong
by Occamstock
[SOX] Bull Flag Breakout! Upside Targets and the Risks for ChipsSemiconductor chips has broken above the horizontal flag it's been in since the strong rally off recent lows. The index ETF charted here, SOXX, was up over 13% from the 4/25 to 5/14! Today breaking out above resistance around $188, SOXX is up nearly 1% and with steadily increasing bull volume last few days. Roughly speaking, looks like the SOX is in an ascending broadening formation. It's hard pin down this pattern because of a lot uncertainty intra-formation. From here, IF this breakout follows through, I'm looking at the $195-$200 area as upside targets for a couple reasons: 1) Ideal Fibonacci extension of 61.8% puts price at $201 and the 41.4% extension level is at the $196 area. The 161.8% looks to be more likely as a top than the 141.4% area, at this point in time, due to the reason #2. 2) Upper trendline here is rising and I've taken the risk of cutting through a few candles at the peaks and using the gaps and gap fills as an alternative guide. This upper resistance aligns almost perfectly, not only with the 161.8% level of $200, but also with a rough estimate of the timing. By literally copy and pasting the solid green arrow (take with a grain of salt), using the same angle of ascent all the way to my upper trendline in purple would indicate a convergence of 3 different indicators around the same point in time and space. Assuming this continuation breakout follows through of course. Fundamental uncertainty is high and unsurprisingly so is volatility, hence the wild broadening formation. The last week or so was the bears' chance to force a head&shoulders pattern, which would have been really bad news for SOX and the entire market. It still can be possible, without a doubt. However, it seems that we have just completed a triangle/bull flag indicating continuation. We got continuation and breakout today to end the week on a positive note for the long weekend, a psychological benefit imo. The Bearish Argument: Volatility is unpredictable, many tweets could be made over memorial day weekend. Volume isn't that high, but very slowly rising. Here's a few things to watch carefully in case of a fake breakout: A) The breakout resistance around $186.50 needs to turn support (dashed red line) in the event that we see a retest. Dropping and holding below that could lead to an acceleration to the downside with or without a pause at the last resort support just below the $182 area (solid red line). This puts longer term downside potential in play if bears follow through. B) Could be nice to take a large portion of profits at target 1 given uncertainty. Perhaps this would be a spot to consolidate or slow down before potentially seeing an exhaustion gap up to the peak of target 2. Ideal scenario though, watch any consolidations or resistances carefully and assess volume intraday. Pull profits periodically on huge surges up. Being inside this large broadening formation means that clear volume spike in either direction isn't gonna be likely on this trade. Large moves can happen on low volume and be easily reversed. Before reaching either target. C) Fundamentally, watch QQQ and XLF related news. Both are looking to breakout of respective patterns but haven't yet. The markets as a whole tend to rally when both these tech and financial sectors are trending up at the same time. And also given geopolitics, I'm watching USOIL and XOP for big changes. Oil is coming off recent highs giving relief to the non-energy production sectors. Sudden moves could throw off any balance between sectors. And obviously, look at Chinese trade negotiations. It's so back and forth, on and off lately that it appears the market is giving up on listening to the developments unless some tangible and measurable actions take place. Which is exactly how the market gets blindsided when something does actually happen. I'm going to try to stay up to date with the news on trade closely even though it seems meaningless to do so.
NASDAQ:SOXXLong
by NYFinancials
BABA and the rise of techTech has underperformed this month. I expect there to be a correction, in this bullish market as the underlying reason were not compelling enough for such a decrease relative to the other sectors (FCC ruling, nvidia boss selling stocks and expectation BABA overestimated operations). Specificly BABA has had a big hit, as seen by the extremly oversold RSI. blue horizontal lines are support levels and my next targets. exit if within 5 trading days BABA has not corrected towards trendmean as it could start moving sideways for a bit, which would be a primeur for BABA. Even though a head and shoulders pattern is about to fullfill in BABA i think the market is far too bullish and will ignore it.
NYSE:BABALong
by MichaldeW