Assessment: Oct 10 2022 Daily Chart (prior day pre charting)
Take a look at the ES most recent low at 3571 vs NQ most recent low at 10890. On Oct 10, NQ took the lowest low whereas ES does not. This is called divergence between ES/NQ.
This suggests that if ES cannot take the October low, we would go up to fill in the fair value gaps (FVG) above. The...
Last post on ETH we had all downside targets achieved in orderly fashion. I warned a bit on the weekly RSI being oversold however in a crash/recession we can throw that out the window. In general, we shouldn't make a trade based on RSI but use it as a warning. Oversold can become more oversold.
Onto the next set of targets to the downside which is favored as we...
After break of triangle consolidation pattern from the past week due to CPI data, ES and overall indices (S&P/SPY, NASDAQ, DJI) response is down and likely further down to go.
Bear targets:
Target 1: 3840s
Target 2: 3750s
Target 3: low 3500s
(Targets are mostly zones).
Narrative:
Purple is the initial channel that has been encompassing the...
Last post had 2 targets reached and the 2021 VWAP with black trend line held extremely well seeing a nice fake breakdown below it.
Post-FOMC as usual sees an exciting rally to the upside. In general, things are quite oversold as evidenced by a daily RSI(5) in the 14s. Despite the news, chart suggests at least a short term bounce. The current daily candles are in...
ETH and BTC all trending down this weekend after a very red Friday after CPI. As risk assets, if ongoing worsening inflation and bear market, crypto will continue to be hit hard.
Here is a log scale of ETH on the weekly.
Target 1: 1335 (black trend line)
Target 2: 1191 (green 200w EMA)
Target 3: 875 (black trend line)
These are longer term targets. As of...
Weekly chart for GC! (Gold futures). COMEX:GC1! Currently on watch for 2022.
Triangle pattern forming on the weekly, coming into smaller ranger heading into 2022 which increases our probability of a break-up or break-down.
Set alarm at red and green bolded lines. And watch for break out move in either direction.
Consider going long at 1750-1760s.
CME_MINI:ES1! AMEX:SPY
End of Day - Oct 21 - Analysis
What happened: ES/SPY has basically reclaimed its ATH (4549.50) with a close at 4541.75 (Oct 21).
Analysis:
Volume analysis indicates we have declining volume with a rising trend. However, the actual candle bodies have also been decreasing. Therefore, the move is likely acceptable without...
