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Stock Hugging HighsStocks have made a run for highs, but faced steep opposition there. We saw some big volatility yesterday, rejecting 4245, taking us back down 20 points to 4225, then retracing back again. There is a clear affinity for highs, but it will take some momentum to solidly break them. It could go either way so watch for momentum at the open. We still feel we are in need of a healthy retracement to 4188 or 4144, but we cannot deny the bull bias. The Kovach OBV is tapering up, but still pretty weak. Strong momentum at open will be key to a breakout. If so, our next target is 4272.
FX:SPX500
by quantguy
The Direction Of The S&P500 Is UPThe direction of ES futures is UP There is the overbought (OB) trend noise balance (TNB) indicator on 2D-1W to confirm this There is a 1D BUY weakness (WK) indicator to confirm short term There is an 8H SELL WK indicator to conflict this (use SL to manage the risk of this indicator) Be aware of the cost of any potential SL and the affect of that on the account. In this scenario CMP 4223, 1W LOW SL 4165, 1 MES contract $5.00 = 1 'handle', cost = $290, In the book, Trading For A Living - a trade should not risk more than 2% of the account, account size = $290 / 0.02 = $14,500 minimum. This trade depends on where the market expects the month and the quarter to close. The ES futures has a sequence of 4 quarters closing high. The 1D 1XP BBW indicates that price will expand. The expansion could reach the 1M BB 2CP or it could reach the opening of the quarter. I think a surprise move to close the quarter red will set up more potential for bullish growth later. However, that is only a guess. I don't want to leave the short term opportunity on the table so I BUY and manage the risk with SL. If the SL is reached, I will patiently wait for the more ideal BUY zone to be reached although the market direction may be changed to DN at that point, in which case the analysis will be updated.
CME_MINI:ES1!Long
by UnknownUnicorn23694386
1
Action Soon for Stocks??Stocks continue to maintain a very narrow range between 4214 and 4225. The longer it maintains this range, the more likely a breakout becomes. We feel that it would be healthy for stocks to feel out lower levels before making new highs, and are preparing for a dip down to 4188 or 4144. The Kovach OBV is still flat and our outlook will not change until we see some life again. Levels from above will provide formidable resistance such as 4245 and 4272. It is unlikely we will hit our target of 4293 any time soon.
FX:SPX500Short
by quantguy
Stocks Ready for a Breakout??The S&P keeps edging up to higher levels. We anticipated the next level at 4214, and that is exactly what transpired. Broadly, we anticipate some ranging between 4068 and 4245 as the S&P considers making a run for new highs, eventually. Watch for resistance at these upper levels including 4214, 4228, and highs at 4245. We will see support from 4188, 4178, 4144, and 4122. The Kovach OBV is strong, but not as strong as it gets when stocks are in ultra bull mode.
FLong
by quantguy
Stocks Stagnant... Dump Coming??Stocks seem unable to break past 4228, the level they attained based on NFP numbers Friday. If the S&P is unable to budge from this resistance level, it most assuredly will dump, and perhaps our Gartley pattern was correct after all. We are starting to see a bit of a dip back to 4214, and if this does not hold we will see support from 4188. Stocks do appear to be a bit overweight right now, and due for a correction, which could easily take us back to our target price of 4147, based on the CD segment of the cypher. The Kovach OBV is pretty stagnant so this could easily come to fruition soon.
FX:SPX500Short
by quantguy
Stocks Wavering, Looking WeakStocks are forming a bear flag with a POC right at our 4188 level, which is a technical level and a Fibonacci level. We have adjusted our stop loss just above 4228, but the more conservative could adjust it to break even, or a few ticks in profit. We have one more level from below, 4165, before our target of 4147. If we are wrong and we get a burst of momentum, then 4214 will be the first level to provide resistance. The Kovach OBV is still pretty flat, suggesting life has not returned to stocks and we need more enticing prices.
FX:SPX500Short
by quantguy
2
Pure Gold Mining, Bullish Swing Trade!1SUMMARY Pure Gold is a growth company, located in the very heart of Red Lake. Pure Gold’s largest shareholders include three global gold leaders and visionaries. Eric Sprott, AngloGold Ashanti and Newmont, the largest gold producer in the world. Our leadership and management teams have deep roots and experience in the geology of the Red Lake gold district, and direct hands-on experience from years of on-site exploring, mining, and producing high-grade gold in this area. Our Mandate. Our mandate is pure and simple. To dream big. To draw outside the lines. To use smart science and disciplined creativity to exponentially increase the size and scale of our high-grade gold assets along Pure Gold’s 100%-owned property – historically the second-largest gold-producing property in the Red Lake District. Our Objective. Our objective is also pure and simple. To develop a highly-profitable long-life gold mining company in the heart of Red Lake, becoming Canada’s next iconic gold producer. Our Phased Growth Strategy. Our growth strategy is very disciplined, very methodical, and financially sound. To expand organically, and develop Pure Gold’s multi-million-ounce high-grade gold asset incrementally, step-by-step, using a Phased mining development plan to deliver maximum profitability. Our Long-Term Vision. Red Lake gold systems have deep roots. Our aggressive exploration program is designed to generate exponential growth in the size and scale of our multi-million-ounce gold asset over time, by systematically drilling beneath and adjacent to our existing reserves. We expect to be mining here for a long time. Our Discovery and Growth Engine Pure Gold has defined a 2.1-million-ounce Indicated Resource, and a 0.5-million-ounce Inferred Resource at the PureGold Mine. Mineral resources are inclusive of Probable Mineral Reserves of 1 million ounces of gold grading 9 g/t. 1,6 We believe this is just the tip of the iceberg... Want to know more visit their webside: www.puregoldmining.ca I am biased I own shares. Do your own due diligence. Trade safe, be well :)
PLong
by UnknownUnicorn212178
4
Stocks WaveringStocks have rejected 4228, which could be the first phase of the breakdown from our Gartley cypher pattern. A typical target for these cypher patterns is half of the height of the final segment of the pattern (CD). This puts us at 4144, which is not only a Fibonacci level but a technical level making it that much more auspicious. If we are wrong, we still have one level before highs, and it is doubtful stocks have the strength right now for it. The Kovach OBV appears to be turning over, suggesting, if anything, that will at least range. The level 4188 will provide support for now, also a technical level and a Fibonacci level.
FX:SPX500Short
by quantguy
Bearish Gartley Cypher Pattern in Stocks!!Stocks are staying close to highs at 4224, bounded below by 4188. We have seen a great consolidation of volatility and largely ranging behavior for the majority of last week. The Kovach OBV has been completely flat, suggesting that there is not enough momentum to break highs or even test them. Adding inflation fears might contribute to a bearish outlook for stocks. Additionally, we have a bearish Gartley cypher pattern forming, with the completion (D segment) right around current levels. If this is the case, the S&P could easily break to 4144.
FX:SPX500Short
by quantguy
Stocks Looking Weak...Stocks caught a lift from 4188, testing 4214, as we said they would in the last report. The S&P appears to be making a run for highs, however these rallies are very weak with respect to what is needed to break the resistance we will see as we approach highs at 4245. If we do not see this momentum, we will likely retrace back down to 4144 or 4122 unless 4188 provides support. The Kovach OBV is completely flat, so unless we can get a burst of momentum, we should see a continuation of the range at the very best.
FX:SPX500
by quantguy
1
$VIACA ViacomCBS. Return to normal uptrend.After a brief stint at +$100 levels, this one has returned back to the uptrend line. The heavy sell off was after a once off event where the bankrupt Archegos Capital Management hedge fund was a forced seller. Online streaming services are out for the hunt and after the news broke of Amazon's buyout of MGM, content providers like Viacom CBS could become targets for these online streaming monsters in future. George Soros also became interested in buying up Viacom CBS shares at current levels. In a rich market, once off events like these create opportunities. I have a position at $45
NASDAQ:PARAALong
by KoosKanmar
1
Stocks Ranging Before the BreakoutStocks have retraced a bit after encroaching upon the 4214 level. We still believe they are gearing up for another breakout and that 4068 is a bottom for now. We are likely to see either continued ranging here or a further retracement before the breakout. This is supported by a waning Kovach OBV. The levels 4188 and 4178 are providing good support. If these do not hold, then consider 4144 or 4122. The next major target is highs at 4245.
FX:SPX500Long
by quantguy
Stocks Ranging, Breakout Soon??Stocks have met resistance at 4214, another one of our levels. They have since leveled off and ranged a bit, finding support at 4188. It does look like we are forming a bull flag at the moment, but it could go either way. The Kovach OBV is still bullish, but has sloped off drastically. We will need another jump start in momentum to attempt higher levels like 4228 or 4245. A retracement could easily take us back to 4144, or even 4122, so watch for momentum at the open.
FX:SPX500Long
by quantguy