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AMC & APE - What are You, a Monkey?That old adage about "buy the rumor, sell the news" is usually pretty decent wisdom. It's worth noting that the APE airdrop opened at $10 and fell to $5 over the course of one day, while at the same time AMC's stock fell by $8 to compensate for the value inhered in APE. You might think to yourself that this doesn't really matter, but it does, because all AMC options yesterday traded under "adjusted" to include 100 APE in the contract. It wasn't until today that a Sept. 16 AMC-only option appeared. But in the course of the next day, while APE went up $2/20% to a plain ~$7, AMC itself has dropped below its May lows and the psychological $10 level, and is well on its way to revisiting 2021 prices. This is yet another case illustrating the perils of following the Fabians that run the Marxist Reddit communities. They're not "bros" trying to help you get rich. They're paid public relations shills who are there to generate volume for the institutions paying their parent corporation to bring in dead money to sell their bags to. Whenever a new stock hits the market, the original price discovery tends to be pretty bad. If you're lucky, it'll act like something like Palantir PLTR did, where it didn't really make any new lows: Before actually going "APE." But keep in mind the differences: APE is a WallStreetBets frontran dumpster fire coin for a collapsing theatre chain in an economy that should really be classified as on the cusp of entering the 21st Century's "Great Depression." Palantir is a major AI-based Pentagon-backed surveillance company with Peter Thiel rooted in it. Or you might, instead, wind up like Coupang CPNG, which lost half its IPO debut price in two months: Before continuing to die in a muddy ditch during the stock market's biggest bull run of all time. Regardless, AMC is not going to moon. It's going to drop, and drop, and drop, and so is APE. After you've capitulated your bags for pennies on the dollar ahead of the new memestock pump cycle 6+ months from now, you might see a significant high. But if you do, you'll only hear about it on Reddit after it's pumped, because you're supposed to buy high and sell low while Citadel sells high and buys low. That's what they pay Reddit to do, because it's not a social media site filled with sexy college girls taking off their shirts because they like your attention, but because it's a social marketing and social influencing site where you're the product that is to: Lose money Intake a lot of porn Carry water for the establishment leftist narrative Be indoctrinated with Marxist-Leninist atheist junk Additionally, you should really give some thought to being called an "APE." What are the implications of this term? That you're a low IQ animal who mashes the buy button with reckless abandon to "punish" hedge fund short sellers in some kind of rebellion against your father? Don't you have any self respect? Don't you have any pride as a human being? Why would you position yourselves alongside garbage like this? This is the crux of the test, and Heaven is observing All.
NYSE:AMC
by LordWrymouth
18
FWBI 81X Upside Potential according to this Analyst!On 5/26/2022 Roth Capital brokerage Lowered the Price Target for First Wave BioPharma, Inc. (FWBI) from $600.00 to $270.00 giving a Buy Rating for the stock! The stock is now at a historic low: $3.31. In January 2021 it was $788. Just to reach the Analyst Price Target, it need to grow 81.5X from this level. The Market cap is extremely low: 4.58 Mil. 81X would be $371 Mil. And wouldn`t be too much, if we look at their pipeline: 2 candidates reaching Phase 3 clinical trials, 3 candidates in Phase 2 and one in Phase one, in the following fields: Digestive/Nutritional Diseases, Inflammatory Diseases and Oncology. It can explode anytime. Even though the institutional ownership it`s not high, some of the shareholders that recently reported increasing stakes in the company are: Goldman Sachs, Blackrock and Jane Street Group. This one is a premium call in my opinion. Looking forward to read your opinion about it.
FLong
by TopgOptions
9
Blackberry / BB - 'Tis No Bubbling Volcano, But 'Tis a Geyser.I'm not a big fan of the meme stocks and I'm not a big fan of speculating. However, I was scrolling through the charts and I noticed that Blackberry BB had a unique tell in its monthly chart, which I will show inline since I have to make the post on the weekly candles, otherwise it won't display: Simply put, BB has never broken its pre-meme pump and dump lows from the times it was front ran by the Marxist-Leninist PR brigade on Reddit/WallStreetBets. It also has three months of relatively equal, subdued prices, before experiencing a small breakout this month. And this pattern is something of a fractal to what we find in the weekly candles of our good friend BBBY Bed Bath and Beyond, but only on the weekly chart. Note it also never broke its weekly lows: What's really notable is that Citadel Securities, which is more or less the dark pool market maker that keeps Robinhood, where retail lost $5 billion "Apeing" calls on memestocks during the biggest bull run in stock market history , in business, bought 1.966 million shares of BB, reported in June 30 disclosures. Citadel also bought 2.265 million shares in BBBY, which was also reported in June 30 disclosures. I said in my recent BBBY call that the fact that Citadel hasn't unloaded their BBBY bags (yet) is the real thing to watch, while Ryan Cohen's exit was a mere red herring. All of that is just circumstantial stuff, but Blackberry did break out of its three month consolidation, took out a new high early in the month, and has made a healthy retrace without any particular bearishness: The July --> August run was like 35%, which is pretty good in anything. As of now, there's exactly zero chatter on Reddit about BB pumping, except for this one thread titled "BlackBerry is the next play by the apes" from last week, which was downvoted to oblivion and filled with mocking comments such as "Hahaha… how heavy are your bags???" and "People have been saying this since gamestop lol." I've said repeatedly that social marketing, not social media, venue Reddit will not begin to promote a stock until it has already pumped and you're already paying way too much for options. You aren't looking at organic posts by fellow college kids, but instead you're looking at a hybrid botnet/public relations firm pretending to be normal people for the purposes of having you inculcate yourself with atheism, leftist Party narratives, pornography, and to come and lose your inheritance to the market makers paying them. So a lack of social hype, in combination with price action, in combination with Citadel taking a significant position, gives good pause to consider if BB is set for another fat pump and dump style weekly wick that will burn the hands of suckers who buy the tops. Personally, I think it is, and the target is around $15. I expect it to be the usual lackadaisical long candle with marginal hype and a quick cooling off period that accompanies some other things going moon and then collapsing all at the same time. So, when you see BB go up, don't chase it. Your "fear of missing out" will turn into an expensive spot on your Roth IRA's shelf. And my usual reminder: Reddit is partially owned by Tencent, an arm of the Chinese Communist Party. Reddit wasn't your friend before Tencent took a stake, but they're even less anything but a filthy Marxist maelstrom to fall into now that the Evil Party has its hand around several of its ribs.
NYSE:BB
by LordWrymouth
3
SPY Rejection: FOMC in the next hourDespite being positive on the day, we saw earlier price get rejected on the upper resistance trend line of our longer term downward channel. The gap up today was interesting, but I am curious to see how this plays out following the Fed decision. Since we have been declining from ATH's, this upper resistance trend line has shown multiple instances of rapid downward movement because of the trendlines significance. Fed decision may fill the gap up we created this morning. See related links to see the fuller picture and downward channel on a daily time frame.
SP:SPXShort
by chartxzy
3
XELA ready for the next GME and AMC ?!?!?!Exela Technologies XELA $927 Million volume today reminded me of AMC Entertainment AMC and GameStop GME before they went parabolic! XELA has a Market capitalization of only 58.56 Million, while their earnings last year were $1.17 Billion. Exela Technologies is a business process automation corporation that provides industry-specific and multi-industry enterprise software and solutions to more than 4,000 customers spread across 50 countries and employs more than 17,500 employees across 23 countries. 52 Week Range $0.092 - $3.54. now: $0.132 $927,439,905 Volume Today! My price targets are $0.415 and $0.73 to be conservative. It can also be a buyout for a big tech company that wants those international clients. I think XELA is the next GME or AMC. Looking forward to read your opinion about it.
XLong
by TopgOptions
8
The perfect trap for the silver buyers As we all know the heavy news speaking loudly about silver. Although of course they are half right and I will let them buy it on Monday all tbe way to 28.8 $ make them happy , and then just when they think its going to fly to 1000$, then the sellers will show up to take the money away. we will be looking for shorts on Tuesday onwards. with long term hold of up to a week, aiming for lower prices first target would be around 24$ where we may take some positions off , followed by our main target of 20$ . lets see how it plays out.
TVC:SILVERShort
by garrystevens71
20
Just found the craziest thing I have ever seen trading!!!June 13 marked a historical point in the sense of the widest thing I have ever seen. After only trading spy for over a year now I have a price action mark dating back to march 23,2020. Spy hit an all time high back in February of 2020 which was roughly 337.16 and then immidiatly fell down 107.83 points bringing us to the 229.33 level. January 3, 2022 marked an all time high for spy which was a price of roughly 475.75 which then in what the government thought was a RECESSION fell down 107.64 points to the low of 368.11 which was on June 13 in which we bounced off of the 200 day ema pushing us upward. Here's where all this comes together and why yes the economy may be in a slump right now but this is actually a necessary time in order to reach new highs. in 2020 we saw the huge uptrend and then we fell and in 2022 we saw the same uptrend and the fall but if you look closely after each fall we ended up over a period of time reaching a new high. What proves my point and is also scary is why that when you look closely it is pretty much the exact same price fall. 2020 we saw a 107.83 fall and 2022 we saw a 107.64. After both of these falls we later reached new highs. THIS HAS TO BE ONE HUGE HISTORICAL POINT EVERYONE IS MISSING. THANK YOU EVERYONE FOR LISTENING AND LETS GET BACK TO A NEW HIGH, I THINK WE JUST FOUND A BOTTOM. LIKE EVERYONE SAYS HISTORY REPEATS ITSELF!!!
AMEX:SPYLong
by haydencrann
9
GOLD Daily TA Cautiously BearishGOLD Daily cautiously bearish. Recommended ratio: 30% GOLD, 70% Cash. *H&S Formation Watch. In anticipation of a critical FOMC statement to be released tomorrow at 2pm (deciding on whether or not to raise FFR by 75-100bp to more aggressively combat inflation), the US dollar and treasuries are once again stealing the bullish spotlight as cryptos and equities remain relatively flat and Gold is taking a tumble.* Price is currently retesting the lower trendline of the ascending channel from April 2020 at ~$1810 after testing it back on 05/13/22 and failing to climb even halfway back up the channel; this is bearish. Additionally, Price has completed a second shoulder formation in the H&S and could see a short term bounce here before completing a potential H&S sell off. Volume remains Moderate (high) and is currently on track to favor sellers in a second consecutive session if it can close today's session in the red. Parabolic SAR flips bullish at ~$1880 (which coincides with the 50 MA); this margin is neutral at the moment. RSI is beginning to form a trough at 38 as it fast approaches a test of the uptrend line from April 2013 at ~37; if it breaks below this level, the next support is at 27.07 which hints that Price will have a bit of room to fall in a short amount of time. Stochastic remains bearish and is currently trending down at 33 as it approaches a test of 25.40 support. MACD is currently crossing over bearish at -9.60 which is just above -10.84 resistance (though it crossed above this level it still has not confirmed it as support). ADX is currently trending down slightly at 13 as Price is beginning to develop downward momentum; if ADX can begin trough formation here as Price continues to fall, this would be bearish. If Price is able to defend support at the lower trendline of the ascending channel from April 2020 at ~$1810, it will likely aim to retest the 50 MA at ~$1840 before either a) potentially moving higher or b) completing a H&S formation bull trap before plummeting lower. However, if Price breaks down here then it will likely formally retest $1783 support for the first time since 01/28/22. Mental Stop Loss: (two consecutive closes above) $1840.
G
by dailytaguy
SPX Daily TA Cautiously BullishSPX Daily cautiously bullish. Recommended ratio: 70% SPX, 30% Cash. *The US Dollar (and treasuries and bonds), energy and commodities take a tumble as equities and crypto get a boost from a lower PMI and a successful Federal Reserve bank Stress Test with hopes that inflation can start to slow down before the Core PCE report due on 06/30/22. All things considered, this is still just a technical relief rally (with just a bit of room to run) until it crosses certain levels in a sustained fashion.* Price is currently trending up at $3795 as it aims to retest the lower trendline of the descending channel from August 2021 at ~$3900 as resistance. Volume remains moderate and has favored buyers for four consecutive sessions now, indicating that there is significant support at $3706. Parabolic SAR flips bullish at $3938 minor resistance, this is mildly bullish at the moment. RSI is currently trending up at 41 after testing 38.06 support and bouncing, this reconfirms that the uptrend line from 01/27/22 is still intact; the next resistance is at 52.68. Stochastic remains bullish and is currently trending up at 37 as it is currently breaking above 18.32 resistance; the next resistance is at 48.08. MACD is currently trending up slightly at -100 as it looks to complete a trough and break above -86.76 to form a bullish crossover; the next resistance (minor) is at -76.22. ADX is currently trending sideways at 27 and forming a soft peak as Price continues to push upward, this is neutral at the moment; if ADX can begin trending down as Price continues up then it would be bullish. If Price is able to continue higher then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3938 minor resistance. However, if Price breaks down here, it will likely retest $3706 minor support before potentially heading lower to test $3508 minor support. Mental Stop Loss: (one close below) $3706.
SP:SPX
by dailytaguy
SPX Weekly TA Neutral BearishSPX Weekly neutral with a bearish bias. Recommended ratio: 30% SPX, 70% Cash. *Equity and crypto markets are experiencing a technical relief rally after getting decimated by recession fears and tighter more hawkish monetary policy. Fed Chair JPow testified before the Senate Banking Committee earlier today and the main takeaways were that the Fed will remain committed to raising the fed funds rate expeditiously (above 2.5%) and reducing the balance sheet accordingly to bring Core PCE inflation down from 5%-6% to their longer term target of 2%. He made it a point to acknowledge that financial markets are reacting appropriately to the adjustments in monetary policy and that a soft landing isn't entirely out of reach, which begs the question of how much of a hard landing is priced in if a soft landing is improbable but still possible. Dates to watch: PMI report comes out at 945am (EST) tomorrow morning (06/23/22), Core PCE report at 1230pm (EST) on 06/30/22, CPI report at 830am (EST) on 07/13/22 and FOMC Meeting on 07/26/22-07/27/22.* Price is currently testing $3722 support as the bear market sell off intensifies along with recession fears; if it breaks this support it will likely test the 200 MA at $3540 support for the first time since March 2020. Volume is on track to remain Moderate and could break a three session streak of seller dominance with a green close in this week's session. Parabolic SAR flips bullish at $4546, this margin is bullish. RSI is currently trending up at 34.67 after exhibiting bullish divergence by bouncing from 30; the next resistance is at 37.75. Stochastic remains bearish and is currently testing 36.55 with no sign of trough formation. MACD remains bearish and is currently forming a new ATL at -167.02 with no sign of trough formation. ADX is currently trending up slightly at 37 as Price attempts to defend $3722 support, this is neutral at the moment; if ADX begins to form a peak as Price continues to push upward, this would be mildly bullish. If Price is able to defend support at $3722 then it will likely test $3950 minor resistance. However, if Price breaks down below $3722, it will likely test the 200 MA as support at $3540 support for the first time since March 2020. Mental Stop Loss: (two consecutive closes above) $3722.
SP:SPX
by dailytaguy
SPX Daily TA Neutral BullishSPX Daily neutral with a bullish bias. Recommended ratio: 51% SPX, 49% Cash. *Fed Chair Jerome Powell testified before the Senate Banking Committee today and to no one's surprise reiterated the Fed's 'reaction function' (comprised of quantitative tightening and a higher federal funds rate (FFR)) working like it's supposed to. He mentioned that the market reacted appropriately by pricing in future rate hikes and repeated that the Fed will continue to move expeditiously (go beyond neutral) to bring Core PCE inflation down from ~5% to their target of 2%; according to Powell beyond neutral is beyond 2.5% FFR, the current FFR target rate is 1.5%-1.75%. With direct endorsement from Powell, the crypto and equity markets are correct in thinking FFR will be at or above 3.5% EOY (75bp July to 2.5%, 50-75bp September to 3%-3.25%, 25-50bp October to 3.25%-3.75%, 25-50bp to 3.5%-4.00%); obviously certain events can expedite or delay this but it seems like markets are beginning to price in the reality of a recession. It is important to remember that by the time the economy recognizes that it is in a recession, financial markets will already be pricing in the road to recovery. In other words, the economy is usually last to feel a recession. That said, it's still to premature to call a bottom (Jim Cramer hasn't told us to sell everything yet) but we could perhaps be in store for a short term rally. PMI report will be released tomorrow at 945am (EST) and Core PCE Inflation report will be released 06/30 at 830am (EST).* Price is currently trending sideways at $3759 after closing above $3706.52 minor support for a second consecutive session. Volume remained Moderate and has favored buyers for three consecutive sessions now. Parabolic SAR flips bullish at $3983, this margin is mildly bullish. RSI is currently trending sideways at 38.06 resistance as it attempts to flip it to support. Stochastic remained bullish for a second consecutive session and is currently testing 18.32 resistance. MACD remains bearish and is currently trending sideways at -105 as it continues to form a trough; it would need to break above -81 in order to cross over bullish. ADX is currently trending sideways at 27 as Price continues to decide whether to bounce here at $3706.52 minor support or go down lower, this is neutral at the moment. If Price is able to continue up from here then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3900 as resistance. However, if Price breaks down below $3706.52 minor support, it will likely retest $3508.14 minor support for the first time since November 2020. Mental Stop Loss: (one close below) $3706.52.
SP:SPX
by dailytaguy
BTCUSD Daily TA Cautiously BearishBTCUSD Daily cautiously bearish. Recommended ratio: 25% BTC, 75% Cash. *SUNDAY/MONDAY SCARIES WATCH. A technical retracement/correction in cryptos is currently underway with DOGE (+20%) and ETH (+22%) leading the pack in the past 24 hours. Considering that the current level of this bounce is around the area of the long term uptrend line for many cryptos (suggesting that this could potentially be the bottom), it's still too early to say such things so please continue to tread with caution and remember to Dollar Cost Average into investments and out of trades during volatile times like these.* Price is currently testing $19417 support as the last support before having to test the uptrend line from April 2017 at ~$15k (which would almost certainly margin call a lot of large leveraged players). Volume is Moderate and currently on track to favor buyers in today's session if it can close in the green, we are in near perfect bull trap territory (Sunday/Monday Scaries) so please be mindful of overexposed long positions. Parabolic SAR flips bullish at $25652, this margin is mildly bullish. RSI is currently attempting to reclaim support from the uptrend line from 01/22/22 at 25.60 support (it still hasn't technically lost support from these levels). Stochastic is currently crossing over bullish at 7.76, the next resistance is at 29.70. MACD remains bearish and is finally beginning to form a trough at -2964 as it is still technically testing -2497 minor support. ADX is currently trending up at 40 as Price continues to fall, this is bearish; if it can peak and start to come down as Price continues its move up then this would be bullish. If Price is able to defend support at $19417 then it will likely test $24180 minor resistance. However, if Price continues to break down here then it will likely test the uptrend line from April 2017 at ~$15k for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $21335.
COINBASE:BTCUSD
by dailytaguy
SPX Daily TA Cautiously BearishSPX Daily cautiously bearish. Recommended ratio: 5% SPX, 95% Cash. *European and Japanese central banks don't seem to be in a hurry to raise interest rates, Russia is even lowering them, while the US is on track to raise the FFR by at least 50bp (high likelihood of 75bp) this coming Wednesday. "Transitory inflation" (supported by hawkish Fed) became stagflation, which led to a more dovish Fed hoping for a late soft landing, which led to a stronger dollar/simultaneous bear market/and still growing inflation, which led to now needing to consider a hard landing by going "beyond neutral" with regards to FFR in order to ring in inflation. It's tough to say at the moment but it seems as if 50bp is now seen as too little by markets and that 75bp may actually be a bullish catalyst (markets want inflation to come down so that the Fed can ease up on monetary policy).* Price has broken down out of the descending channel from August 2021 and is currently trending down at $3750 as it fast approaches a test of $3706 minor support for the first time since January 2021. Volume remains Moderate (high) and has favored sellers for four consecutive sessions now. Parabolic SAR flips bullish at $4175 resistance, this margin is mildly bullish. RSI is currently retesting both the uptrend line from August 2015 and the uptrend line from 01/26/22 at ~31 as support. Stochastic remains bearish and is currently testing 18.32 support. MACD crossed over bearish in today's session and is currently trending down at -51 while still technically testing uptrend line from March 2020 at -43.84 as support. ADX is currently trending up at 21 as Price continues to fall, this is mildly bearish; if ADX can maintain this correlation with Price above 25 it would be very bearish. If Price is able to bounce here (or formally at $3706 minor support) then it will likely test the lower trendline of the descending channel from August 2021 at ~3900 as resistance. However, if Price continues down past $3706 minor support, it will likely test $3508 minor support for the first time since November 2020. Mental Stop Loss: (two consecutive closes above) $3938.
SP:SPX
by dailytaguy
BTC/USD Daily TA BearishBTC/USD Daily bearish. *Seeing that we're only halfway through the weekend, if BTC loses support at the 50/50 uptrend line from April 2017 ($29250), it wouldn't be surprising to see it at $24k by Sunday night/Monday morning. Inflation produced a higher high ( .60% increase in CPI growth from April-May compared to March-April ) at .83% FFR which essentially means that the Fed is probably going to have to ramp up rate increases in their meeting next week (06/14-06/15) by more than 50bp (75bp likely) to stay true to their "do whatever it takes to ring in inflation" promise. This is bearish for equities and cryptos as we may start to see more significant layoffs and less capital being in the markets.* Recommended ratio: 10% BTC, 90% Cash. Price is currently trending down at $28500 but is still technically retesting the 50/50 uptrend line from April 2017 at $29250 as support; if it loses this support it will likely test $24180 minor support. Volume remains Moderate and is on track to favor sellers for a fifth consecutive session if it can close today in the red. Parabolic SAR flips bullish at the 50 MA ($32600), this margin is neutral at the moment. RSI is currently trending down at 39.67 but is still technically retesting 42.41 support; if it loses this support level the next support won't be until 25.60. Stochastic remains bearish and is currently testing 29.70 support. MACD remains bullish and is currently trending down at -674, if it breaks below -766 (which would coincide with -868 minor support) then it would be a bearish crossover. ADX is currently forming a trough at 24 as Price continues to fall, this is mildly bearish; if Price breaks down further and ADX goes up, this would be very bearish. If Price is able to defend support at the 50/50 trendline from April 2017 ($29250) then it will likely retest $30507 resistance. However, if Price breaks down and loses support here, it will likely crash to $24180 minor support before potentially falling lower. Mental Stop Loss: (two consecutive closes above) $29431.
COINBASE:BTCUSD
by dailytaguy
BTC- BOTTOM FOUND? Where would I buy fearlessly?Long Term, Scouting/Hunting for the Absolute LOW on BTC, Bitcoin is considerably low right now, I do not see us getting close to this level but rather piercing it after we sit sideways in the future, we will likely see a retracement pretty heavy soon to the upside to create liquidity. I would have limit orders set in this region if/when we approach these levels, first zone marked below at the absolute sniper of last BTC Blood Season, you will likely need a limit order this time around, Reasoning behind the level is simple, 1. Monthly Higher Time Frame Demand Zone 2. Break of Structure 3. -RTO- 4. Target Buy Level is inside Accumulation 5. Imbalance 6. Risk to Reward Prime for BIG Funds to Manipulate Price and Wreck Sellers. Will be looking to take targets to premium level marked above, Good Luck!~
BITSTAMP:BTCUSDLong
by MarketMakerTraders
6
GOLD/USD Daily TA Cautiously BullishGOLD/USD Daily cautiously bullish. *As the risk of stagflation becoming full blown recession gets higher every month, equities and cryptos are falling, USD is getting stronger, energy prices are coming back down (in the short term) and Gold is going up.* Recommended ratio: 75% Gold, 25% Cash. Price is currently retesting $1867 minor resistance is it inches closer to testing the 50 MA at ~$1884 (as resistance). Volume remains Moderate (high) and has favored buyers in three of the past four sessions as Price continues to defend the 200 MA as support. Parabolic SAR flips bearish at $1824, this margin is neutral at the moment. RSI is currently trending up at 54, the next resistance is at 67.24. Stochastic crossed over bullish in Friday's session and is currently trending up at 71; the next resistance is at 88.41. MACD remains bullish and is currently trending up at -4.93 as it is in the midst of breaking out above -10.84; the next resistance (minor) is at 10.56 (which should coincide with the uptrend line from March 2021). ADX is currently beginning to form a soft trough at 13 as Price continues to consolidate, this is neutral at the moment. If Price is able to close above $1867 minor resistance one more time, it will likely test the 50 MA at ~$1884 as resistance before potentially retesting $1910 minor resistance. However, if Price is rejected by $1867 minor resistance it will likely retest the 50 MA at ~$1840 before potentially retesting the uptrend line from April 2020 at ~$1800. Mental Stop Loss: (two consecutive closes below) $1867.
G
by dailytaguy
SPX Daily TA BearishSPX/USD Daily bearish. *Inflation produced a higher high (.60% increase in CPI growth from April-May compared to March-April) at .83% FFR which essentially means that the Fed will probably consider ramping up rate increases by more than 50bp (75bp likely) in their meeting next week (06/14-06/15) to stay true to their "do whatever it takes to ring in inflation" promise. This is bearish for equities and cryptos as we will likely start to see more significant layoffs in corporations and less liquidity in capital markets.* Recommended ratio: 5% SPX, 95% Cash. Price is currently forming a Bearish Engulfing pattern as it trends down at 3900; it is still technically retesting $3938 minor support after breaking down below the lower trendline of the descending channel from August 2021 at $3981. Volume remains Moderate (high) and has favored sellers for three consecutive sessions (and seven of the last ten sessions). Parabolic SAR flips bullish at $4175 resistance, this margin is neutral at the moment. RSI is currently trending down and retesting 38.06 support; if it breaks below this level then it will likely retest both the uptrend line from August 2015 and the uptrend line from 01/26/22 at ~31. Stochastic remains bearish and is currently trending down at 40, the next support is at 18.32. MACD remains bullish and is currently on the verge of a bearish crossover as it trends down at -32; it would complete the crossover if it falls below -34. ADX formed a trough at 17 and is currently trending up at 19 as Price breaks down, this is mildly bearish. If Price is able to defend $3938 minor support then it will have to recapture the lower trendline of the descending channel from August 2020 at $3981 if it is to resist a steeper downfall. However, if Price continues to break down here, it will likely retest $3706.52 minor support for the first time since January 2021. Mental Stop Loss: (two consecutive closes above) $3981.
SP:SPX
by dailytaguy
2