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That horizontal line is really something else, isn’t it? The /ES just keeps changing sides on it, and we wound up pretty close to it (as support) at the close. The day was overall bullish (+62 on the /ES and about +250 on the /NQ) although, as it often does, the market faded a bit once Powell strolled away from his podium.
In my last post on Friday I was looking at the overall picture on Crypto and the current setup on Bitcoin (BTCUSD), Solana (SOLUSD) and Ethereum (ETHUSD) which is still in the balance but looking decent this morning, though some key resistance levels still need to be broken to open the upside for a decent rally.
Looking at the bigger picture again there is a double top setup on Bitcoin that has broken down with a target in the 69k to 70k area, and I am still expecting that target to be reached after any rally here.
I would also note on the weekly chart below that Bitcoin is rallying (so far at least) at the weekly middle band, which is a very obvious and historically strong support level.
(more…)The low-growth, highly valued Apple may well have seen its lifetime high for many years to come. Even on a day when the /NQ is up triple digits, AAPL’s performance is feeble, sporting a shooting star pattern beneath a rather well-formed reversal top.
I have a panic low indicator that triggered on Costco. It has plenty of signals generated at tradable low, but sometimes the signal is early because the move down isn’t finished. I went looking for a similar setup with the very weak bounce and found a possible match: May 2022.
The /ES continues to play footsies with the horizontal line at 5725. We got right up close to it – – again! – – and are easing back a little. Everyone’s waiting on the Fed non-event, which is absurd but still real.
