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A decent looking low on crypto was made a few days ago. On the bigger picture these are likely bull flags forming on BTCUSD (Bitcoin), and SOLUSD (Solana), and probably on ETHUSD (Ethereum) as well, though the setup is muddier there. All three are still below their daily middle bands though and, while that remains the case, we could still see lower lows before they likely go higher.
SOLUSD daily chart:
These are pretty shocking differences. The U.S. has a 540% higher homicide rate than Britain? Yikes.
The momentum surrounding artificial intelligence (AI) is steadily beginning to wane following recent disappointing earnings seasons that involved several of the biggest U.S. technology companies.
Though the reported results weren’t the worst we’ve seen, in fact, some companies reported better-than-expected results, the overall performance on the stock market was relatively muted, despite some big-tech names delivering improved results.
After starting 2024 at a sluggish pace, investors are beginning to wonder whether the hype surrounding artificial intelligence and those companies fueling the development will continue to hold their momentum in the coming months and heading into 2025.
(more…)On Thursday last week I wrote a post looking at the possible four larger bear flags that could form on SPX, NDX, Dow & IWM after the sharp decline on Wednesday afternoon. Of those four, there are three decent looking larger bear flags that have since formed, and this morning we are watching the inflection point where these flags may break down into retests of the retracement lows made on Monday last week.
On SPX the obvious larger flag resistance trendline I drew on Thursday was hit perfectly on Friday and overthrown slightly today.
(more…)Oh, brother. I was glancing through my charts and saw that Huntsman (HUN) had completed a fantastic top I had been following for ages. Did I own puts on it? Yeah. Did I sell them too soon? Yeah, on July 27th. How have they done? They’ve doubled. Is HUN going to keep plunging for months? Yeah, I think so. Do I feel good about this. Nope!
