chakri12

chakri12 Updated 

The markets rallied on positive covid vaccine news (an overreaction). But the price was unable to hold and dropped substantially by the end of the day. with the price not hitting the high for the day at least once after the open. SPX would likely retest the support at S1 and if that holds we can see another leg up before seeing any downturn. If S1 doesn't hold...

chakri12

Related tickers.- NDX, QQQ The NDX got rejected off the upper Bollinger band and off the resistance trend line. The covid hype for stocks is slowly fading away and this will further impact technology stocks in this week. I am anticipating a drop of at least 500-600 points. Trade Disclosures: I am not holding any calls or puts on QQQ but will be adding some...

chakri12 Updated 

Related tickers- SPX, SPY. Technicals: Bulls were able to keep up the price but could not break out of the resistance. Bullish MACD crossover on the daily. Bearish MACD Crossover on the Hourly and bearish divergence on the RsI Formation of a dragonfly Doji on the daily chart (indicating a possible reversal) Ultra-low volume on Nov 6. indicating the exhaustion...

chakri12 Updated 

The similarities between the 2 leg ups are obvious and in a way funny. If we look at the average move we can see how unrealistic this move is. I am calling out a false breakout a bit early (I could be wrong). I am getting more confident on the downward move next week. I am not against bullish moves but the current political, and Economic environment is NOT at...

chakri12 Updated 

Last night I expressed doubt if the price will be able to slice through the upper trend line, but we have a confirmation today with a huge push upwards putting the price dangerously close to the 3500 rejection zone. As indicated the bull case of hitting a new ATH is only possible if all the 3 conditions are met. Any weakness and we will be back down to the lower...

chakri12

We again saw a bull rally today making it the best day for US indices since July. SPX was back in the channel and had resistance at the upper trend line. The rally can be contributed to investor sentiment that we will have a clear winner from the election at the earliest. The drop in volumes indicates to me the price action is unsustainable Tomorrow (NOV 4) will...

chakri12

It looks like a bull trap is forming on the S&P. There is a double bottom pattern that has formed and also the price is at two crucial supports S1- 3200 ZONE S2- 200 EMA/Trendline It seems like the price is validating those supports and is making a reversal but I think that is not the case, Volume is even lower than 29th Oct when the market rallied. Be aware of...

chakri12

Breaking the support below 3200 is for sure happening and the probability of further slide to 3000 levels also looks very possible. Technical perspective: 1.All the indications are pointing towards a red week with MACD cross over and the VIX trying to go back up (note the flagged point on the chart). 2.Observe the volume in the rectangular area. the green day had...

chakri12 Updated 

At this point, the retest of the crucial support zone looks imminent in the next 2-3 trading days. we can almost be sure of that. We had a bounce today but the volume is relatively low and all the tech gains as expected exceeded their revenue and EPS expectations but failed to show any strong indication of sustained growth going forward. FB, TWTR $ AAPL showed...

chakri12 Updated 

NDX gapped down below both the 50 and 100-day Moving Average and is on its way to fill the gap. I think it could very well touch the support level at 10730. The MACD line crossed below on both the 1h and Daily and just bounced off on the 4h chart. The possibility of a weak reversal is possible tomorrow but not betting on it. **Just an Opinion.

chakri12

In my previous post, I mentioned that I think it's unlikely the SPX would touch the 3200 levels. while I still think that, The probability of it hitting the September support level has likely increased. I am favouring the downside until after the elections. i.e until week ending on 06 Nov. Nervousness and fear are dictating the market. I am personally taking...

chakri12

S&P 500 broke below the watch zone giving an indication of further downside. the price fell below the 20 periods MA as well. I am expecting it to test the trendline that's in line with the 100MA. Also, note that the test of that support may happen in the first week of November i.e after the election is done. We should have a pretty good idea of the trend by...

chakri12

The price channel seems to be relevant in the current downtrend. Probability for downside: 1.rising virus cases (which on its own is irrelevant) combined with uncertainty about the election is making investors cautious. 2. Increasing delays in vaccine approvals and companies delaying their data. Probability for upside. 1. a stimulus package is imminent and it's...

chakri12

Looks like the price is back in the channel. we had a break-out on Friday but we are back in the channel now. Bulls were scooping up buy opportunities last week but this week they seem to be more cautious. Just an opinion.

chakri12

the rectangular area should work as a watch zone for the momentum indication either to ATH (by the 3rd week of November) or test the support levels lower. This week should give us a good idea of the direction. The setup should be valid in the 4h time frame as well. Just an opinion.