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In my post a week ago I was looking at the runaway move on Tech, and the way the move had just blown through some serious sell signals on SPX without breaking a sweat. These moves can end anytime of course, and it may well be that the move has ended, with a powerful rotation out of Tech and into the Dow and Russell 2000 over the last few days.
There is another decent setup for retracement on SPX and NDX here now and, with Tech in retreat, that may well deliver.
(more…)I’m probably going to start writing a post every Monday morning on cryptos. That’s a good day to do it because the pivot week on cryptos ends on Sunday night, so the weekly pivots on the daily charts I post on Monday mornings will be the new ones.
BTCUSD made an interesting looking low a few days ago and I wrote a post that day about the possible bull flag low that might now be in. Since then on BTCUSD the possible RSI 5 buy signal has fixed and BTCUSD has rallied well to break back over the daily middle band yesterday. If that is converted into support then the next obvious target will be bull flag megaphone resistance, currently in the 71,300 area. On a break above that the bull flag target would be a retest of the all time high not far above.
(more…)Last week I was looking at the decent looking resistance trendlines and growing mass of negative RSI divergence on both SPX and NDX. Over the course of the last week first the SPX resistance trendline broke, though this could still be a bearish overthrow, and then the daily RSI 14 sell signal failed on Friday, and then the SPX RSI 5 sell signal failed yesterday. That is very unusual and does not favor a significant high being made here.
SPX daily chart:
I was saying on Wednesday that I was likely to do a crypto post at least once a week in future, and here is the first, as crypto is looking very interesting today.
I’ve been covering BTCUSD, ETHUSD & SOLUSD every day in my premarket videos but haven’t actually done a post on crypto before so those are the three I cover in detail,
Of those three obviously Bitcoin made a big new all time high in March and since then has been consolidating, with three close to that high retests in April, May and June, and then making a new low for this consolidation this morning.
(more…)It has been a few weeks since my last post, as I’ve had a lot of stuff to sort out. That’s pretty much done & I have returned.
As it happens, this doesn’t look like a bad time to be coming back. My speciality is patterns and reversals and we have some nice patterns and potential reversals forming on NDX and SPX here. They might just deliver yet another break up, but for now we have a decent looking inflection point, and what might be a pretty decent reversal brewing here.
On the bigger picture I was saying at the start of the year that presidential election years in the US tend to lean bullish, and that has certainly been delivering so far in 2024. I’m not really expecting that to change, and if we do see a retracement here, I’d be leaning towards that being a bullish retracement, with at minimum likely all time high retests to come after that completes.
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