MarcPMarkets

MarcPMarkets Wizard

ETHUSD Update: Whenever there is a dramatic move, the bigger picture will always provide the best perspective. In the case of ETH, this bearish momentum appears to be a very healthy retracement. It is still a Wave 4 in terms of Elliot Wave, which means this market still has a chance of reaching new highs. Let's first address the new low made at 169. This is very...

MarcPMarkets Wizard

BTCUSD Update: Short term bearish momentum continues but we are at a level of interest. The in bigger picture, we are still within a large consolidation. This is no surprise and may continue as a result of all the uncertainty around the BIP 148 event on 8/1, but at the moment there is a possible double bottom forming within a support zone. Consolidating markets...

MarcPMarkets Wizard

ETHUSD 0.01% Update: Bearish momentum continues on the near term. The break of the 250 to 240 area (red arrow), and continuation of new lows signals a change which is likely to be thrusting this market into a broad consolidation. In order for this market to PROVE that there are any chances of a significant bullish retracement, the 245 resistance level needs to be...

MarcPMarkets Wizard

SPX: Do not be fooled by the near term bearish momentum, the major trend that has been pushing this market higher since November is still intact. June 16th was the most recent swing high, and the current peak of the major trend. Since then price has pulled back to the 2410 area, with yesterday being the second time. 2414 is a .382 support from the most recent...

MarcPMarkets Wizard

ETHUSD: Price is in a consolidation. Within the context of a broader bullish trend, these are usually continuation patterns. I am still bullish and prefer to buy at supports and hold for a broader target. At the moment this market is showing signs of minor bearish momentum confirmed by the lower highs made at a key resistance area of 273 (This level has been in...

MarcPMarkets Wizard

BTCUSD Overview: Without getting into the detail on a 15 minute chart, I want to provide a broader view based on price action with some perspective on wave counts. It is clear that this market is currently in a Wave 4 triangle. You can count 5 subwaves within the formation (I left them out for chart clarity) which means there is a good chance we may be forming the...

MarcPMarkets Wizard Updated 

ETHUSD Update: The reversal played out from the major support area in the lower 240s that I highlighted in my previous evaluation. It just didn't play out as the "double bottom" formation that I was anticipating. The buying that I was waiting for is back. Price compromised the pivot resistance area which is a clear sign of strength and a signal that price is in...

MarcPMarkets Wizard

ETHUSD Update: Major support at 246 area is broken. A sign of continued short term weakness ahead. I am still bullish long term. During these type of corrections within a larger bullish trend, it can be very easy to get sucked into buying too early, especially when very opinionated. One less bearish observation that I can make about the current price action is...

MarcPMarkets Wizard

ETHUSD has broken 273 (the .382) support from the major bullish trend on the larger time frame (See large red arrow). The bullish trend is still intact in my opinion, but this support break confirms short term bearish momentum. Situations like these are very conflicting since the larger time frame presents a bullish condition while short term selling weighs on...

MarcPMarkets Wizard

Look at this interesting double bottom formation on the 15 minute. This nicely formed reversal pattern came off of an old resistance/new support area of 278 which overlaps with the .382 of the recent upward swing from 205 to 318. Within the context of a major bullish trend, these signs point to continued strength. The most recent minor upward swing is sitting just...

MarcPMarkets Wizard

Evaluating the bigger picture (daily) chart of NDX. It appears to be trading within a diagonal triangle or possibly a pennant. To me this is a trend continuation pattern, and the major trend is clearly bullish. Price has just bounced off 5600, which may be the beginning of the 4th leg to complete Wave D. If this pattern stays intact, and price sells off to form...

MarcPMarkets Wizard

Trend is bearish. Weekly lows taken out. This opens the way for further selling. Lower risk opportunities can present themselves upon a retracement on a smaller time frame. Will be watching for those, especially deeper retracements. Be aware of the support zone coming up in the 1.1089 - 1.0981 area. If price presents a reversal structure here over the coming...

MarcPMarkets Wizard

SPY. Bearish momentum in the S&P has brought price into a potential support that if held, prices can retrace back up to the 199.26 area or higher. On the 30 minute chart it is clear that buying activity that took place around the 15th pushed prices back over 200. Now that we are retesting the prior swing low, buyers may be attracted to such a level for one more...

MarcPMarkets Wizard

LNKD price action is now showing potential trading opportunities both long and short. The short scenario: The broader time frame is generally bullish but currently we are facing bearish momentum. This is a healthy retracement since it has not compromised any significant supports so far. Using Elliott Wave, I have counted 4 waves of a bearish impulse. This scenario...

MarcPMarkets Wizard

EURUSD: It is clear short term momentum is bearish. The 1.3300 level has been compromised and at the moment there is no sign of strength returning to this market. That is FOR THE MOMENT. Things change and I recognize price is now entering a broader support zone that is based on the 1.3100 historical support that dates back to October of 2013. As a day trader, I am...

MarcPMarkets Wizard

EURUSD: Immediate price action is range bound but this range is developing within a major support zone. This is an excellent place to look for swing trade long setups. Here's why: The trend on the broad time frame is still bullish which means it can reassert itself at any time even in the face of a range bound medium term and bearish short term trend. Just below...

MarcPMarkets Wizard

SPY is showing some signs of bullish price action around an important broader retracement area. If price can stabilize in this area, it will keep the broader bullish trend intact and new swing highs beyond 198.82 would be a reasonable expectation. I am looking for swing trade longs upon a pullback into the 189.81 - 190.51 area if validation occurs there or at the...

MarcPMarkets Wizard

I just wanted to post my observation of AAPL and how it was relatively strong to the SPY. This kind of intraday observation can be extremely helpful when considering the context of the market environment and factoring that information into your trading decisions. The SPY represents a broader market of stocks, If it is strong, generally stocks should be going...