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Recession Weighs on StocksThe S&P 500 has slipped further after making a run for higher levels. Yesterday, we tested two levels that we have been identifying as targets for weeks now: first we touched 4009, then made a brief pivot to 4068, where we saw immediate resistance, confirmed by red triangles on the KRI. We subsequently plummeted as the risk off tone permeated the markets. We gave up the 4000 handle entirely, testing as low as 3963, where we saw green triangles on the KRI confirming support. The Kovach OBV has turned bearish, but we could see support from a relative low at 3909. If we pivot, we must first break through 4009 again then 4068 is the next target.
FX:SPX500Short
by quantguy
Preferred trade is to sell into rallies on US30USDUS30USD - Intraday - We look to Sell at 32761 (stop at 33164) The medium term bias remains bearish. A Doji style candle has been posted from the base. We look for a temporary move higher. A Fibonacci confluence area is located at 32800. Preferred trade is to sell into rallies. Our profit targets will be 31822 and 31600 Resistance: 32800 / 34300 / 36800 Support: 32000 / 30400 / 29000 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.'
OANDA:US30USDShort
by OANDA
1
DOW JONES holding the 1D MA50 in a repeat of the COVID recovery!The Dow Jones Index (DJI) hit the 1D MA50 (blue trend-line) yesterday and today shows the first signs of recovery. The drop from the August 16 High has been substantial, almost -7% but so has the rise since the June 17 low (more than +15%), so profit taking was natural, especially since the High exceeded the 1D MA200 (orange trend-line). The first Resistance on the short-term is the 1D MA100 (green trend-line) which is being tested at the moment. On the long-term though, this pull-back to the 1D MA50 after such a strong rally, resembles the initial recovery of March - June 2020 from the COVID crash. Especially considering also that the RSI and MACD on the 1W time-frame have been printing identical patterns, with the MACD being on a Bullish Cross since July 27 as it did on May 22 2020! From June 15 2020 to July 21 2020, the 1D MA50 held as Support four times and it catapulted Dow to the 1.15 Fibonacci extension. A repeat of that pattern sets the current medium-term target exactly on the 35000 level. Notice also that as on June 23 2020, Dow is currently close to having the 1D MA50 cross above the 1D MA100, which is a Bullish Cross formation and that would be the first time since then! -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
ULong
by TradingShot
5
Stocks Bottom Out... For Now...After plummetting to the bottom of the 4000 handle, stocks made a meager attempt at a rally. Our level at 4009 was the exact low of the S&P 500. It touched this level and promptly pivoted, testing the next level at 4068. However red triangles on the KRI immediately confirmed resistance and have been struggling to break through. If we can, then 4122 is the next target. It seems that 4009 provided good support but in the event of another selloff, 3978 and 3963 are the next targets.
FX:SPX500Short
by quantguy
1
US30USD YM1! DOW 2022 AUG 29 Week US30USD YM1! DOW 2022 AUG 29 Week Last week's 33205 rejection provided short opportunity. Possible scenarios: 1) Long at 31780 support 2) Short on rejection of 32546 / 31780 / retracement on low volume Price reaction levels Short on Test and Reject | Long on Test and Accept 34027 33326 32546 31780 31780 Weekly: Ave vol down bar close off low = Supply + some demand Daily: High vol down bar close toward low = Supply, + some demand coming in H4: Climatic + high vol down bar close at low, breaking down a previous support = bearish absorption Remember to like and follow if you find this useful. Have a profitable week ahead.
CBOT_MINI:YM1!
by paradox677
What Jackson Hole Could Mean for StocksStocks pivoted from 4122, where we saw strong support from green triangles on the KRI. Subsequently, we were able to pivot and made a run for higher levels. We have broken past 4188, the exact level we called out as a target yesterday. The Kovach OBV has picked up, but we will likely not see too much action until the Fed's Jerome Powell speaks at the Jackson Hole retreat at 10AM EST. If he sounds dovish, it could be an indication that the Fed's aggressive monetary policy is softening, and we could see a nice rally. If not, 4122 should continue to provide support. After that we have a vacuum zone to 4068 then 4009.
FX:SPX500Long
by quantguy
DOW JONES rejection finding Support soon.Exactly 2 weeks ago on our last Dow Jones (DJI) analysis we stated that the price had entered a possible rejection zone (red) and unless it closed a weekly (1W) candle above the 1D MA200, we would get a pull-back: Well as it turned out the index closed last week below both the 1D MA200 (red trend-line) and the 1W MA50 (blue trend-line), which are very close to each other, and got a considerable rejection this week. The price is now approaching the critical Support cluster that consists of the 1D MA100 (green trend-line) and the 1D MA50 (yellow trend-line). The chances of getting a new bounce are high as not only are wee on a 1W MACD Bullish Cross since late July but also the 1D MA50 is about to cross above the 1D MA100, forming a Bullish Cross. Last time that happened was on after the June 15 2020 1W candle, which was the first recovery from the March 2020 COVID crash: As you see, the 1D MA50 and 1D MA100 held as Support levels and Dow was able to sustain a solid rise. Technically there is no reason not to expect a similar development but in order to technically claim that the index is back onto the long-term bullish trend we need to see a weekly candle closing above the 1D MA200. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
U
by TradingShot
2