xtremerider8

xtremerider8

EURUSD may be used as a liquidity proxy. It has been falling for a long time in a big down channel & Is now bouncing right at the dotted median line. (4Q is historically bullish going into new year specially on midterm election years, where markets bottom in late October) Watch closely if EURUSD will break above parity 1:1 again in a big move. Then most probably...

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XJO acting as an inflation hedge, except when recession kicks in, which will kill all demand. XJO or AUS200 is outperforming US indices coz in a high inflationary environment, a country producing a lot of commodities tend to do better. Another example is Brazil with ticker symbol EWZ, which is also a good inflation hedge if dont want to use PFIX to capture rising...

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2 yr yield usually tops out 1.5 months before FED pivots. Right now shortterm bonds (inverse of yields) are showing bullish divergence. Historically, this may predict that the FED may halt rate hikes or become less aggressive sometime this coming November. This will be very bullish for bonds & growth stocks. Note that as of today, the 10-yr yield is still...

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TLT still going down despite today’s big bounce in equities. TLT stopped exactly on the monthly mma200 red line after breaking below 100 today Monday. TLT should hold mma200 this week or else bonds & equities have a lot more to fall. Not trading advice.

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Gold has been on a downfall since it broke the 2018 uptrendline last June 2022. It attempted to rally but was rejected 2x at 1815 & then 1730, both along the black downtrendline from 1078 April 2022 top. For last 5 weeks, it has been chopping around 1678, the neckline of a big M-pattern started from the July 2018 low of 1169 up to the ATH...

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ETH have been chopping around the red wma200 line for the last 3 weeks with no clear direction before & after Thursday’s CPI report. The pump, dump & pump created a long-tailed hammer but still fails to recover the red weekly wma200 line. A tight Bollinger Band indicates a big move coming. TO BE BULLISH AGAIN: It needs to get above 1425 (the 2018 wave 1 top) to...

xtremerider8 Updated 

Newmont gold miner, after more than doubled from a 2016 Cup & Handle formation, came back down to retest the neckline at around 40. As you can see in the chart, it reached the top of the 2009 channel near 85 on April 2022 & went vertically down to retest the channel base near 40, with the usual chopping near the mid channel dotted blue line. Very bullish cases:...

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SSO is a safer 2x leveraged etf of SPX than SPXL. It recently formed slight divergence & a big engulfing candle, probably due to oversold RSI & also short coverings after Thursday’s dump & pump with investors betting massively on both directions triggered by a high CPI report. Prices may return to the neckline (return to mean) next week. Not trading advice

xtremerider8 Updated 

SPY formed 2 diamond patterns as seen in this hourly chart. It formed slight RSI positive divergence near the Oct low. However, this divergence may still get lower to reach 3500, an impt Fibonacci level, more so if the CPI report come out higher tomorrow. Weekly wma 200 still the line in the sand. The next major catalysts this week are Thursday”s CPI data & bank...

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GOOG, after doing a bear flag, was since rejected by 102 volume profile zone. It has entered into a low volume space & the next volume support level at 88.80 will be fast unless GOOG recovers 102 after Thursday’s CPI data. Some earnings report from banks this week are also catalysts. A small oversold bounce expected this week but may not last. Not trading advice

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PDD after bottoming after a H&S at the top, createa another inverse H&S & HAS SINCE REACHED THE COMMON NECKLINE AROUND 70, which I think is the market”s FAIR PRICE. Let us wait which direction this will lead to but I AM BIASED LONG. TP is 119 for H&S pattern measured move. Not trading advice

xtremerider8 Updated 

AMD formed a H&S topping pattern & has since broke below 100 psychological level & the neckline. It wants to retest 75, the neckline of a 2020 H&S that was bypassed because of the tech bubble. If the 75 neckline does not hold, the measured move may see a low of 49 or even a little lower.( due to the bigger H&S from ATH) However, it will be good to start averaging...

xtremerider8 Updated 

Nasdaq, si,liar to SPY has made 2 diamond patterns in May & June leading to a reversal with positive Rsi divergence. Could it be repeating similar set-up this Sept-Oct? It is currently hovering around the mma50+wma200+June low zone. Sometimes prices break a little below the diamond pattern first eating away the cut-losses before a reversal. If NQ makes another new...

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XRP is truly out-performing the rest of risk assets. It has been holding the monthly ma100 for a few months & has now broke above ma50 recovering the lost 048 to 0.50 important zone. Not trading advice but just my analysis of recent price movement.

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BTC keeps returning to the pivot line at 19500 which also acts as a support. It is also barely holding the base of the triangle as support. Bollinger Band is squeezing for a big move soon. As for now, the Head & Shoulder pattern neckline is still not yet broken, suggesting much lower prices if the neckline breaks. We just have to wait which way it breaks. If...

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TAN for the 3rd time made a diamond reversal pattern near the base of an upchannel. However, diamond pattern may also be a continuation down pattern possibly for a retest of 68. TAN also had a big red wedge fro 126 2021 ATH & is now retesting this wedge falling below weekly wma50. BULLISH BIAS: There is a strong chance this channel will be recovered considering...

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BULLISH CASE: XLE held a June low @66 which is a 0.618 retracement. It formed a triangle & has since bounced off the base very strongly with 2 gap-ups. Moving averages 50, 100 & 200 are forming a ribbon & are all pointing up. 76 is a strong support with volume profile. If this breakout from the triangle sees a follow-thru in the next few days, XLE may double the...

xtremerider8 Updated 

VIX reach the major resistance at 35. There is a great chance this diamond pattern may bring down VIX back to 27 support or the ideal 25 just in time for a historical 4Q midterm election rally into December. Watch next few days to see if price bounces up from diamond base or continues down. Not trading advice