UPDATE
Some things to look out for tomorrow. Am I still bearish? You bet! but there is something one should look out for, because the possibility of a reversal is there. $E-mini NASDAQ 100 Futures(JUN4)(NQmain.US$ $Invesco QQQ Trust(QQQ.US$
The white highlighted sections is called an inverse head and shoulder, it is bullish and it matches up with an oversold signal. CPI is due out tomorrow and if it comes in low, the market could rally (my cynical side thinks this is possible because it is being too hyped as very bad)
The DMA, MACD (and DMI not shown because its on a different platform) are all BEARISH!
Why am I so bearish?
A: The market must adjust for the lack of FED assistance and therefore evaluate based off of value not projection. bye tech (AAPL 26X, MSFT 33X earnings and dont even get me started on TSLA) not that they are coming down that far but a reasonable selloff to lower PE seems necessary to me.
The white highlighted sections is called an inverse head and shoulder, it is bullish and it matches up with an oversold signal. CPI is due out tomorrow and if it comes in low, the market could rally (my cynical side thinks this is possible because it is being too hyped as very bad)
The DMA, MACD (and DMI not shown because its on a different platform) are all BEARISH!
Why am I so bearish?
A: The market must adjust for the lack of FED assistance and therefore evaluate based off of value not projection. bye tech (AAPL 26X, MSFT 33X earnings and dont even get me started on TSLA) not that they are coming down that far but a reasonable selloff to lower PE seems necessary to me.
$VIX Index Futures(JUN4)(VXmain.US$ $CBOE Volatility S&P 500 Index(.VIX.US$
VIX is doing exactly what I predicted, it bounced around resistance before breaking out towards the end of the day.
VIX is doing exactly what I predicted, it bounced around resistance before breaking out towards the end of the day.
OIL- building a long pennant. At the end of triangles price tends to break one way or the other.
Oil fighting resistance, if it fails expect oil to fall, should it break through, I expect it to challenge the next resistance. I am still very bullish on oil, it is in a pullback/consolidation building for another run. But if it falls it should hold around 91 on the 100ma $Crude Oil Futures(JUL4)(CLmain.US$ $VanEck Oil Services ETF(OIH.US$
$E-micro Gold Futures(JUN4)(MGCmain.US$ $SPDR Gold ETF(GLD.US$ Gold ran at open, just getting started the miners are solid GOLD right now $VanEck Gold Miners Equity ETF(GDX.US$
for those less risk averse $MICROSECTORS GOLD MINERS 3X LEVERAGED ETN(GDXU.US$
°hold when trend is bullish, sell when trend is bearish- lots of monitoring
for those less risk averse $MICROSECTORS GOLD MINERS 3X LEVERAGED ETN(GDXU.US$
°hold when trend is bullish, sell when trend is bearish- lots of monitoring
$Micro Silver Futures(JUL4)(SILmain.US$ $iShares Silver Trust(SLV.US$ $Sprott Physical Silver Trust(PSLV.US$ Moved just as expected! (I did catch someone napping buying calls at close on friday!)
Expect the price to come back and check the breakout line before running again - or (and I like this one) we just run now.
Expect the price to come back and check the breakout line before running again - or (and I like this one) we just run now.
*added
Rates: something just happened that's pretty significant.
Here is the 30 year rate, long downtrend, then around 2012 it tried to reverse before being pushed down (FED reversal in 2018). Now it is reversing 2.81 was the point at which we have broken a downtrend in rates
Rates: something just happened that's pretty significant.
Here is the 30 year rate, long downtrend, then around 2012 it tried to reverse before being pushed down (FED reversal in 2018). Now it is reversing 2.81 was the point at which we have broken a downtrend in rates
Ta da, look where we are, we broke the rate downtrend. (Bearish, and bad for housing)
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Imso : how about being a opex week where quad witching for tons of puts expiring causing NQ to squeeze up just like 17march?
Kopi is Life : Thanks @iamiamfor sharing. What would confirm if it’s a true bullish reversal or just a squeeze up (then another leg down again)?
iamiamOP Imso: possible, but that would be a reaction to the inverse head and shoulders. normally OpEx is down the last one was an anomaly
Kopi is Life : Sorry this is for NQ in case you are wondering what I was referring to. Both scenarios will no doubt show a rebound off a certain support level, so just wondering how can these signals be identified?
Valery S : Good analysis!
iamiamOP Kopi is Life: the trend (MACD, DMA, *DMI if you have it, it is essentially the DMA with a strength indicator and as of the last time I saw it it was still pegged at a strong downtrend)
anyways- the indicator will start to rollover on the hourly, then 2hr, then 4hr (that would be strong and a signal to close shorts because it could last days or longer)
I just took this so midnight, the red arrow shows when price dropped below all the moving averages leaving no support (there is, that's a figure of speech, but there is no support from any moving average)
the price is in oversold condition (meaning price is relatively "cheap" to history so it sends a buy signal)
the DMA and MACD have not rolled over but I drew what that looks like, on the MACD it will be accompanied by green bars on the histogram ^shown)
iamiamOP Valery S: thank you.
BruceLin8 : Thank you for your analysis@iamiam
msg86 iamiamOP: To bounce back
Cow Moo-ney : Nice TA buddy!
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