Friday's move looks counter trend to me and should mark the return of rising rates like we have seen since May. DMI, RSI and ROC all made big moves indicative of a key reversal. Price is currently sitting at a key swing and should test a divergence of the 50 dma.
To trade this I like November option plays in $TMF.
Warranted or not, the SPX is on a roll and continues to move higher. This channel break is fairly significant given that it has provided key areas to trade around since May so the move and continuation through it could very well be from bears taking the anticipated trade off.
I see this market becoming more attractive to a trader who has a full list of...
RHT is showing horrible relative strength to the market. Following this break of the lower end of the channel I like a break to lower lows in the near future. December Puts should work beautifully.
Apple broke its downward trend line, broke through the key 61.8 Fib Line, and was supported by the Cloud. Next stop $513.74 to test the top of the Fibonacci.
JP Morgan is breaking out of a flag pattern, Just broke above a key Fib line as well as its 50 dma. I like a move to its swing point at $54 then we're off to all time highs.
GLD continues to break trend lines, establish new "up trends" and then catch the shorts off guard when it breaks down again. I expect GLD to fail at its downward trend line once again, then down to test a significant swing point low at $123.55. From there whats stopping it from retesting $115 ?
This chart attempts to put into perspective the time and magnitude of each correction we have experienced over the past few months. Date ranges are classified from when the top was put in until that price was broken. Fibonacci Lines are used to show which levels have provided the resistance on the way back up to new highs.
GME consolidation after a big move up, ready for a breakout of the flag. If it breaks watch movement through the 3 swing points I highlighted at $51.36, $53.29 and 52 week high of $56.08. Also supported by its 50 dma in today's session.
Possible mean reversion play in Mastercard. At the top end of its Linear Regression channel and Bollinger Bands. Also Extremely overbought. Could test the $655 - $660 range before another move up.
