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Throwover

SPY Daily 01/12/2023 - Riding the upper trendlineIt looks like we are one again in a bear rally that has made it to the upper bear trendline. In the recent past (circled) we have seen rejection, and some throw overs that pull the rug out. Im not sure if this is the same, but the daily RSI is still in a spot it can run, and the MACD has curled up.... So... It looks like it can run a couple more days before reality checks in. OR bank earnings give it a boost and we set a new foundation, strong or not, it may force a continued rally.... Just my opinion, thinking outloud.
AMEX:SPY
by Markets-Sniper
DJI Rolling over- Textbook RejectionRefer to J Murphy, Technical Analysis of the Financial Markets: Fig 4-10a; rejection, return to TL; rejection confirmed: cdn.preterhuman.net See p. 72; and discussion of reversal patterns with diminishing volume pp 103, 107/8; Fig 6.8c with discussion of wedges as reversal pattern, and volume on pp 147-150. All this is THEORY. Trade at your own Risk; GLTA! NB: DJI is STRONG SELL on multiple indicators, see investing.com: www.investing.com IMO we could get a wee lift if you look back week of 19-23 October, a weak lift before the deep dump... will Santa save DJI?!
CBOT_MINI:YM1!Short
by DaddySawbucks
18
Overvalued!Nasdaq is more than 3 times the size of S&P500! Nasdaq100/S&P500>3. This is an extreme situation because the last time when this ration was bigger than 3 it was in the dotcom bubble in the year 2000! So the Nasdaq is absolutely overvalued. The technical picture is that an expanding rising wedge has been built up and a classic throw over occur at the moment. So I can imagine that Nasdaq will not be able to rise above 11000 and the rising trend from 6600 will be broken in the next weeks. Strong support there is between 9700 - 10000 and if rising corrections will come then further decline is inevitable. All love is once the end of sobriety. Love your Tesla, your iPhone, Netflix but not the shares!
FX:NAS100Short
by MoodandMarkets
2
Possible Retracement Levels for Dow Corrective Reactionary WaveDon't expect a real hard selloff; this is an alternating wave coming off the June Swoon deep selloff, but could still have some pretty fierce selling and ^^Vix. Index will likely go on to form double top and new All-Time High, breaking up from channel later this year after resting comfortably at ~24840-25040 for a few days. We are in a 'reactionary wave' meaning countertrend, corrective; the Primary trend is Bull, and this looks like a primary 4th down wave in 5 wave bullish impulse. This fourth wave (Y/D on chart) will possibly consist of a full 5 wave corrective impulse, we will see more as it unfolds, which will help gauge depth of pulloff. Fifth wave will possibly have extraordinary strength and breadth, as it is a combo of several coincident bullish impulses (V)(5)(v)(E) of multiple waves cycles converging. In short; it could be a trip to the Moon. Don't miss the launch! Notice how rising support lines reach back to intersection at "Y" corrective wave- look for strong support around former resistance at 25040. If wave breaks thru S1 @.382 Fibo, it will likely find firm S2 around 0.50 Fibo @24840. I wouldn't bet on a deeper pullback, although a flash crash is always possible. Comments are always welcome- Good luck!
DJ:DJIShort
by DaddySawbucks
5
Dow in Throwover: Short EntryThe slip-slide has begun. Could surprise us with a last-ditch retest from here, but futures are grim and price action = bearish. After an exhaustion gap - up we had a shooting star doji on the 2-hours 8/7 and an engulfing bear candle 8/8 end of day. High probability given these signals the Dow is in throwover. A sharp decline might ensue following rejection from 25688 on 8/7. See links to my other posts re: possible depth of a pullback. Bear in mind real possibility of this being a left shoulder & head formation, with right shoulder still to come. Enter shorts with caution and keep stops tight in event of a final rally attempt back to the 25630 area. Retest of lower channel line seems unlikely but possible. Target zone R1: 25240 -25360; R2: 24940 - 25060. R3 24660 - 24780. Expect a powerful bullish pivot leading to a breakout wave up from channel.
DJ:DJIShort
by DaddySawbucks
9