axelroark

axelroark

Hard to miss this massive head and shoulders pattern forming. Has bounced between two chop zones, but looks weak. May target: 48-49

axelroark Updated 

Not that DTL's are 100% reliable, but given the current state of the market, and weakness in other indices, such as IWM, SPX looks exposed going into the holiday weekend. Mon/Tue action will be telling.

axelroark

Last week's analysis suggested that Grubhub could make an attempt to breakout in the form of a cup and handle. However, Thursday's action negated this potential. Instead, it's shaping up as a great short opportunity, especially with earnings being reported this upcoming Thursday (4/25). If it's true that Q1 earnings are consistently featuring reduced guidance,...

axelroark

Square has been extremely volatile over the past year, acting as an ATM for bulls and bears alike. From a purely fundamental perspective, their revenue is directly correlated with the health of American small businesses. Fewer swipes results in fewer merchant fees. The same could be said of their lending product, which requires a healthy revenue stream in order to...

axelroark

Plenty of charts showing doji's, spinning tops, hanging man, and inverse head and shoulders on the major indices, all pointing to why the market should correct in the coming weeks. Add this trendline break to the list of reasons for the same. No prediction or price target, but a 3rd close below this line would suggest a change in momentum, if not a full reversal.

axelroark Updated 

Sitting on the bottom of a fresh demand zone, with RSI poised to breakout. Expect to reach the top of the drawing, then potentially form C&H.

axelroark

Could not sustain its H&S breakout, and looks to go lower to build momentum for another move up. Target 97-100.

axelroark Updated 

Chart says it all.

axelroark

Downward sloping daily averages, descending triangle forming in both RSI and price action. Appears to be bear flagging daily.

axelroark

Chart says it all. Target 325.

axelroark

YUM is a name that holds up will in both up and down markets. Looks poised for a fresh breakout.

axelroark

IWM is looking vulnerable, printing a red day Friday while its peers $ES_F, $SPX, and $SPY closed strong. RSI may be stuck at the top of a downward sloping channel, and it's sitting at the top of a chop/consolidation zone. A failure to breakout here will likely result in a short-term correction. Should this happen, it's likely a hint of what's to come for the...

axelroark

Many bears are wondering when/if the sell will come, and while it's still unclear we'll re-test the 12/24/18 lows, a retracement to $SPX | $ES_F 2650-2750 would be healthy in order to continue moving beyond 2018 highs. Looking at the $VXXB chart we can see similarities in price action, and in the RSI, to what we saw October->Dec 2018. If this theory holds, we can...

axelroark

FDX took a hit in Q1 2019 due to a poor earnings report. It looked like a great short going into the end of March, but a strong surge of buying pushed it through the chop zone and into the next level of support. Elevator down through here, so expect a quick surge followed by a test around 200. Target 196-200, with possibility for a strong short play on the reversal.

axelroark Updated 

Netflix and SPX tend to move hand in hand with each other. When their patterns begin to separate, they correct relatively quickly. In this case, NFLX is setting up a bear wedge that, in this bull market, will fail to breakdown fully, but should bring the current NFLX price in line with SPX's chart, resulting in a 5-15% drop. Target 335, which coincides with both...

axelroark Updated 

Apple finished an inside week on 2/15/19, and appears to be running out of steam as it attempts to climb higher. Twice rejected by its weekly 100, and facing loose resistance inside lower region of fan DTL's, it seems likely a retest of 160 would be in order. Not impossible to test 145-150 before regaining ATH's.

axelroark Updated 

Ignoring the macro trends that back this move, pure technical analysis shows Gold (in this case, GLD) is preparing to breakout directly from this pattern, or once forming the handle in a cup and handle.

axelroark Updated 

The US Dollar Index appears to have stalled in a supply zone, and needs to regroup before climbing higher. Expecting a return to 1200 prior to ATH's.