Daily Archives: April 13, 2018

Friday the 13th Major Sector Winners & Losers

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With an input value of one day, the rate-of-change indicator shows which of the following 9 Major Sectors gained/lost the fastest in today’s action (2-month and 1-year daily charts below).

In this regard and in particular, watch for any continued strength in Energy (XLE) and any continued weakness in Financials (XLF) next week and beyond, which may equate to equity weakness, in general.

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Two Potential Scenarios for Bitcoin

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As shown on the daily chart below, Bitcoin has recently broken above several types of resistance, namely a downtrending Andrew’s Pitchfork channel, and two downtrend lines.

There are two potential scenarios for Bitcoin relative to the pitchfork channel:

  1. price spikes up to its 200% Fibonacci outer edge, which is currently around the 10000 level, or
  2. price drops back down to its 100% Fib channel edge, which is currently around 4000.

Keep an eye on the momentum indicator. It’s in the process of forming a higher swing high, hinting of further strength ahead, but we’d need to see a series of higher price swing highs and lows to suggest that its downtrend has reversed with any conviction. Otherwise, it may head towards 4000. (more…)

Post-Gap Crap

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With all my nebbish-like hand-wringing of this morning’s post, in which I worried that the bears were so terribly at risk, I guess it makes sense that the bulls got piano wires wrapped around their throats. We went into an immediate dive following the opening bell, with the blowout earnings from banks having a positive effective on financial stocks as long-lived as a lucky high school junior during a successful prom night after-party.

xlf (more…)