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This isn’t the first time we’ve seen the peculiar “Ichthus” pattern (it’s not real; I made it up back in 2015) on financial charts, and here it is again on the Dow 15 Utilities. I’ve sort of given up on the $UTIL behaving itself properly, but I still find this fishy pattern to be fascinating, so long as it continues to respect the trendlines which comprise it.
I called a possible swing low on cryptos on 5th July, and that’s been progressing as expected so far, and is getting close to some key resistance levels and, in the case of SOLUSD (Solana), is hitting it.
On BTCUSD (Bitcoin) the daily RSI 14 buy signal is reaching the possible near miss target area, and a possible daily RSI 5 sell signal is brewing. Bitcoin has broken back over the 50dma and converted that to support and the obvious next resistance is the bear flag megaphone resistance currently in the 70,800 area. A break above that opens a retest of the all time high at 73.8k.
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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…)Early today, I trimmed my UAL puts to take some profits off the table, but after today’s huge rally, I’m thinking of loading up again. United Airlines reports Thursday morning, so this is a high risk/high opportunity time to get into position.
