Seen this exact setup at previous major tops I have analyzed the SPX using 2 common indicators; i.e. RSI and breadth above 200d SMA. A very similar setup was seen just before the 2018 correction and the 2020 crash. This recent rally of past 5 months is bigger and more irrational than the previous two rallies. Thus, we should expect a bigger move down over the long-term.
Breadth Indicators
This week is critical for ISPHThis week is critical for ISPH
Multi timeframe analysis weekly to 5 minutes
Analysis is based on Ichimoku, and Elliot waves. Confirmation is done by other indicators such as MACD, stochastic RSI, OBV, and RedK Everex.
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Could CPI data help the US30 confirm a continuation? Hi, and welcome to today’s update. In today’s video update, we’re looking at the US30 and wondering if today’s CPI could break the consolidation deadlock we are currently seeing price sitting in.
Price continues to be held in an ascending triangle pattern, and in uptrends, these are typically seen as continuation patterns. We can clearly see that price remains in an uptrend, so if we see better than expected CPI data today, could that be a driver that sets off buyers? Better than expected data could tell the market that peak inflation could be here and that rates could move into a holding phase or at least see a smaller increase.
But if we see worse than expected data, this could set the pattern up to fail, and we could see a new break lower. For now, we will look for the current trend to remain in play until we see further price action telling us otherwise.
US CPI data is due out at 8:30 am EST. Good trading, and enjoy your Wednesday.
A massive bear market rally has just begunWhat I've shown in this video is an indicator to determine market breadth. When breadth reaches the extreme lows (like it did 2 weeks back), massive multi year bottoms have followed. However, this time I think it'll just be a multi week bear market bounce as we are in a long term bear market.
TAKEAWAY: SPY could go up to ~430 which would translate to ~17% rally from the bottom. Time frame is approximately early August.
Extreme market breadth saying a major bounce is comingIn this video, I've shown a means of measuring the current breadth in the market. It's at extreme lows which have historically marked major bottoms for the market.
TAKEAWAY
Combining this with my cycle analysis, I think a rally is coming over the next 6 weeks
$NEAR, easy invalidation on an asset with relative strengthYour job as a trader is to find assets with RELATIVE STRENGTH to this downward trend (if you're long).
$NEAR fits that description, for a simple reason: It's at support on the OBV, right above the daily MA200 and the MA200 is pointing up.
This means that not only is the asset still bullish, it also has a significant edge in your favor: EASY INVALIDATION OF A CLOSE BELOW THE MA200.
Thought to find these opportunities in this market. This is a gift. Enjoy!
Bitcoin (BTC) • Let's do some On Balance Volume analysis Bitcoin want to test higher but volumes overall still looking very weak to be considered bullish.
Swaps keep trading back and forward but futures still remain relatively flat with normalised premiums (that is good).
Funding rates currently favouring shorts as price mark up.
Overall feel pretty neutral leaning bearish (even if we mark up to test 45k range). Daily and Weekly timeframes look ugly.
I want to see volumes and some other strong signals coming out of futures to be more convinced that we found a bottom. At the moment I am not convinced.
In this video I focus on the analysis of the On Balance Volume (OBV) indicator.
Update with examples of the BBK SqueezeBITFINEX:BTCUSD is starting to show another squeeze on the 30m timeframe as price begins to consolidate. There was a great trade on the 30m using the indicator over the weekend. I also look at where another BBK Squeeze took price from the 11000 levels on the swing trading timeframe a few weeks ago.
If you are patient and wait for the BBK Squeeze to filter out the noise you can find some great potential breakouts!
DM me or comment for more info...