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For nearly a year now, we’ve been stuck in a box. That is to say, the breadth box of the percentage of companies trading above their 200-day moving average. Until this breaks down, there won’t be any serious bear market. Keep the faith! The symbol in SlopeCharts, by the way, is $SPX200MA. For now, we continue to tread water, broadly speaking.
I posted the SPXADP chart a few days ago, and since then it has punched above the 30 level on the chart. What does that mean? Well about 50% of the time that means that a short term high is very close, sometimes for a serious high, but more often just a retracement that would look for close to or at the -25 level on the chart. The rest of the time would be continuation, sometimes into a short term high not long after, but often just a move higher.
A double punch above the 30 level, as we may see that here, would strongly favor retracement or at least a period of consolidation in the weeks afterwards.
(more…)We know the story. A disgusting virus spread across the world…
All the new weekly pivots are on the daily charts posted below.
The last few days I have been watching the resistance at the daily middle band on all three of BTCUSD (Bitcoin), ETHUSD (Ethereum) and SOLUSD (Solana). An H&S pattern had formed and broken down on Solana, and another was still forming on Ethereum. If resistance at those daily middle band held then the setup was likely to break down further, into targets of 119 on Solana and 2,250 on Ethereum. On a sustained break up over those daily middle bands, and the failure of the H&S pattern on Solana on a break back up over the H&S right shoulder high at 152.17.
(more…)Finally some signs of a genuine, can be seen with the naked eye, retracement on equity indices today. I was talking in this morning’s premarket video about the possibility of setting up some decent quality hourly RSI 14 sell signals on SPX and NDX for the first time since the all time highs were made and they set up and fixed this morning into the decline that we have been watching today.
I have been muttering that without retracements there are no chart patterns, and this delivers a shot at finally seeing some of those form, and also a shot at setting up decent possible negative divergences on the daily RSI 14 or RSI 5 charts, again for the first time since the all time highs were made.
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