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Best Stock Trading Ideas!!Stocks have broken out from the inverse head and shoulders pattern we called out yesterday. They first met resistance at 3937, then retraced to 3909. Both of these levels were explicitly called out in our reports. If 3909 fails to provide support, we will see support again from 3887, which is the neckline from which we broke out yesterday. If the current price action is just a retracement, we can expect to make a run back to 3937, and then break out further to cross the vacuum zone to 3963.
FX:SPX500Long
by quantguy
2
Comeback for Stocks??Stocks caught some support off 3810. It seems Powell was able to assuage their fears at least somewhat. Currently, we appear to be forming a small bull flag after that rejection from lows. We could be gearing up for another breakout. Stocks have quite a bit of territory they need to recover and they are oversold at this point. The Kovach OBV is picking slightly, still not in comparison to the selloff, but it could indicate we are gearing up for a breakout. Finally, we appear to have a head and shoulders with a sloped neckline meeting a level at 3886. It is from this level that we will break out if we get momentum. A breakout could take us to the 3900 handle easily, namely 3909, 3927, or 3937.
FX:SPX500Long
by quantguy
1
Stocks Waiting on PowellStocks really took a dive today. It seems the S&P is fearful of what Fed Chair Powell may have to say today. Recall that part of the reason that stocks are selling off is that due to increased bond yields, investors are fearful of higher interest rates, which would dampen the easy money party that stocks have been enjoying for years. We are at a support level right now of 3847, which has further support from the intersection of a trend line and the psychological level of 3850. It is highly likely we will see a bit of support here, and it looks like we are catching a meager bounce at least. The Kovach OBV is bearish, and the Chande is turning over so both indicators are not looking too hot for stocks right now. If we break down further, watch 3825, and if we are able to break out, we will find resistance at 3887.
FX:SPX500
by quantguy
Make-Or-Break for Stocks! Eyes on the Fed 👀Stocks have retraced significantly in what appears to be a megaphone-like pattern. For the pedantic, a proper megaphone pattern requires higher highs as well, which we don't seem to have, but the spirit of the megaphone pattern is expanding volatility which we do see, especially on the down side. These current levels are a make-or-break for stocks. The level 3867 is crucial here, as it is the intersection of a tend line and a technical and Fibonacci level. If we break this we will have a lot of momentum, and could easily slice through 3846 to find support at 3824 or even 3810. Fundamentally, investors are fearful that a rise in the bond yields will result in a more hawkish Fed, and stocks are loving their low interest rate environment and easy money policies. Watch for hints of the Fed's direction when Jerome Powell speaks tomorrow. If you have faith in the stock market, then any dip should be considered a buying opportunity, as once the news is digested, hawkish or not, stocks will likely rip back to highs.
FX:SPX500Short
by quantguy
$JSENRP Nepi Rockcastle. Upper channel resistance Nepi has together with most of the big players in the property space moved aggressively up in the last couple of months. Nepi has now reached the top of a larger channel and into a consolidation phase. This consolidation pattern (flag) needs to be watched carefully. An upper break through the 9600 levels could see a continuation of the upper trajectory. A break down from this flag pattern could see more downside. Neutral position and watching.
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by KoosKanmar
Stocks Face Volatility Near HighsStocks continue to see volatility at highs. We had a nice burst of bear momentum yesterday as the markets were pretty risk off. We have gotten support from 3887, and this seems to hold. Broadly, the S&P is likely to hold the rather large range between 3887 and 3963. We are at 3909 right now, which is broadly in the middle of this range. It could go either way. The Kovach OBV is on the uptrend, after registering the bear momentum. However, we are at the upper bound of the KRI, and near a significant level, so we may retrace back down to 3910
FX:SPX500
by quantguy
1
S&P 500 Retracement??The S&P is bouncing around between lower levels below highs. Currently 3910 is providing support, but may be forming the neckline of a head and shoulders. Stocks are looking very weak right now. The Kovach OBV is a bit oscillatory, but is broadly flat. The Chande is in the middle which suggests we may be looking at a further retracement. The first level of support would be 3887. This has provided support in the past. The next level would be 3867, which seems to align with a Fibonacci level. If we are wrong, we will know at open. We could easily retrace to 3937, or even back to highs at 3962.
FX:SPX500
by quantguy
1
Stocks Feel the Yield Rally! When to Buy Back??Yesterday, bond prices collapsed and stocks felt the bond fervor as investors clamoured onto higher yields for the first time in over a year. The S&P retraced from highs, but is still clinging to support at the next peg down from highs, between 3936 and 3927. We do appear to see an inverse head and shoulders pattern forming with the headline at 3937. Watch for a breakout from here at open, which would make a run back to highs at 3963. It is doubtful we will break this level today, but if we do 3970 is the next target. If we break down, which may be the case as the S&P looks like it is having trouble completing the second shoulder of the inverse H&S, 3908 and 3887 will provide support
FX:SPX500Long
by quantguy
S&P 500 to 4000!!!The S&P has hit our price target exactly. We had identified 3963 as a potential target using our Fibonacci Extensions several days ago. Currently stocks are ranging, feeling out the new price territory. It could go either way from here. We could see another retracement, which would take us down to 3937, 3928 or 3909 at the most. These would be good opportunities to buy back. If we breakout, the next target its fairly close at 3978. The next level after that is 4009.
FX:SPX500Long
by quantguy
Breakout Imminent in Stocks!!!Stocks are consolidating into a triangle corrective wave. This is a perfect consolidation pattern an suggests a breakout is imminent. We are bullish of stocks and anticipating a bullish breakout at open which will take us back to 3928. From there we will likely meet resistance and consolidate further perhaps in a bull wedge before breaking out to higher highs. If we are wrong, we will find support at 3882 or 3871. The Kovach OBV is very strong and the Kovach Chande is neutral which is a perfect storm for a breakout.
FX:SPX500Long
by quantguy
Stocks Reject All Time Highs!! What's Next??We called out resistance at new highs with stocks for many reasons. The higher highs were increasingly less pronounced, momentum was sluggish and the Kovach Chande was gradually tapering. That and being at or near ATH's would take some momentum to break through. We were spot on with this analysis. The S&P tried to break new all time highs, and did so for a split second before completely and utterly rejecting them, diving to support exactly at the levels we identified. It sliced through 3898 to finally find support at 3882, which would have been a great level to buy back, and some readers did take advantage. Currently we seem to have gained some momentum from the bounce off 3882. The Kovach OBV has turned positive again, and the Chande has swung up. This however suggests that we are back to overbought territory and are due for a rejection of highs at 3928 or 3937. If we are able to break highs again, which will likely happen next week 3963 is the target.
FX:SPX500
by quantguy