Other than on asian markets, there is a lot of negative divergence on US and european indices on the weekly and daily charts now, with the first of those fixing on the RUT and FTSE daily RSI 5s this week.
SPX has possible daily RSI 14 and RSI 5 sell signals brewing, one half decent red daily candle would likely fix both signals. SPX daily chart:
In spite of about a month’s worth of strength, Amazon’s long-term bearish pattern still remains intact. Their earnings come out after the close on October 26th, so unless we’ve broken above the $1017 horizontal, there’s still an opportunity for a major whack-a-doodle-down on AMZN.
I’m having a scintillating evening at Armadillo Willy’s BBQ going through nearly 500 charts. I felt a little guilty not doing a post for the past few hours, so I thought I’d throw a couple of curiosities at you, since they have oddly consistent channel patterns. Lockheed Martin:
One of the most ironic posts on Slope must be the one I did just back in January called Bitcoin’s Massive Bullish Base, which featured this chart:
The entirety of the post’s text was as follows: “I’m not even going to try to understand the logic, but well-encrypted 1s and 0s of imaginary currency have formed an astonishingly-clean basing pattern, suggesting much higher prices ahead.”
Time once again for a review of the big picture, because… perspective. For example, in my mind I feel that training has been done to not expect a real whopper of an inflation trade. That was from the conditioning of the global deflationary force, post 2007. Yet the technicals for industrial metals are bullish for more upside, as you’ll see below.
Anyway, here are big picture monthly charts with limited word interference from me (and hence, not comprehensive analysis). It’s just for your own individual reflection if you’re even into this stuff like I am. (more…)
Obviously the bears have had serious issues achieving anything recently, and yet again today they have delivered their signature matching lows at the current lows of the day, but there is a decent chance that there is at least some more retracement coming in the next day or two, with all of the hourly charts on SPX, NDX and RUT currently on RSI 14 sell signals. I’m not expecting anything impressive, and the structure here is suggesting that will be at least one more leg up after that, so if seen this larger retracement should be a dip buying opportunity into new all time highs on SPX and NDX, and possibly on RUT as well. (more…)