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It hasn’t happened quite yet across the board, but I wanted to at least point out that the 50-day EMA is getting deliciously close to crossing beneath the 100-day EMA for the first time since early 2022. And, as I recall, early 2022 started off a very interesting period in the world of trading.
Below is a photo I just took of the eggs my hens laid over the past couple of days. It metaphorically represents the kind of relationship I’ve got with the market right now. That is to say, most people gripe about the high price of eggs and the plunging stock market. Me? Just the opposite. I’ve got more eggs than I know what to do with (my dogs get a bunch!) and I’m loving the plunging market!
This is my first post in a while looking at individual stocks, but I used to do a lot of these, and this is the first of regular posts on these in the future. Today I want to look at the two stocks in The Magnificent Seven which currently have the best and the worst looking prospects over coming months.
The one with the best looking chart is definitely NVDA. Looking at the hourly chart I have an H&S that has broken down with a target in the 100 area and a very possible bull flag falling wedge that has been forming as it declines. I’ve drawn in a couple of possible support trendlines on that and if the bull flag continues to form it would ideally now return to flag resistance, currently in the 136.5 area but declining rapidly, and then make a last leg down into the H&S target in the 100 area. We’ll see how that goes.
(more…)In my last post on Friday I was looking at a decent quality rally setup and that was looking good on Friday night, but Trump’s interviews on Sunday delivered a big decline yesterday. Trump’s comments in those interviews however were very illuminating about the likely direction on tariff policy over the next few months.
So, what did the interviews tell us? Well firstly Trump is very keen on imposing tariffs on most of the trading partners of the US and seems to be convinced that will bring in a lot of extra money for the US. I think he is seeing that as a heavy tax that the US can impose on trading partners for the privilege of trading with the US, and we have already seen that he seems to think that this won’t come at a heavy cost to the US.
(more…)A vivid illustration of just how deeply sold the big ETFs are, by way of the standard trio of exponential moving averages, which are already in the process of crossing under.
