How am I expected to offering multiple posts a day commenting on a market that basically looks like this?
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The following monthly chart of EUR/USD shows that the Euro has risen to a resistance level (1.2500) at the upper edge of a downtrending channel that began during the 2007/08 financial crisis.
Its next resistance sits at 1.3055, a major Fibonacci resistance level taken from the 2000 lows to the peak prior to to the financial crisis. Fibonacci support sits below at 1.2134.
Momentum is in uptrend on this timeframe and still rising, but has yet to match the all-time high set in March of 2011.
I wanted to use one stock – — Marriott – – to illustrate how the market has gone utterly and totally into la-la land. In the circle area, you see a normal market. It has ups and downs. It has volatility. It is dynamic and provides opportunities in both directions.
For the past year, however, a lot of stocks look like the straight red line I’ve drawn. This is, once again, a STRAIGHT line, and the bars fit so rigidly underneath it you can barely even see them. I have been looking at charts for many decades, people, and I swear to God, I’ve never seen anything like this in my entire life.
I posted my premarket video today as I haven’t done that in a while, and in part that’s because I’m not well and trying to protect my voice today, so it makes sense not to do an intraday video today.
The analysis of equity indices is at the start of the video and I’ve left in the other sixteen instruments I cover every morning in these premarket videos at theartofchart.net. If you’re interested, there are interesting things happening on DX & USD pairs, CL, GC, ZB & HG particularly.
Premarket Video – Update on ES, NQ, TF, and CL, NG, HG, GC, ZB, DX, EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, NZDUSD, KC, SB, CC & ZW:
If there’s one thing – – just one thing – – to remember as we move through 2018, it is this: bull markets die on good news, not bad news. With all the sunshine and flowers kicking around – -massive tax cuts, bonuses being handed out to American workers by the truckload, worldwide peace, and even talk of North and South Korea reuniting – – just keep that thought in mind.
I offer you Exhibit A this morning: