AMD is in a long-term, nearly parallel upward channel. More locally, I see a bull flag (red). My expectation would be that we revisit the upper channel before then moving to retest the lower channel. Perhaps they will have a promising earnings release as an impetus before this then rolls over with the others. And if that lower channel becomes support, perhaps this...
Zoom's long-term chart, like Amazon's, shows a clear rising broadening pattern. February was the time to buy, but not now. This broadening pattern, like Amazon's also looks complete or virtually complete at this point. The pattern will usually resolve with a move to the lower channel, then a bounce, then a fall from the lower channel. If people wonder why I am so...
Amazon's long-term chart shows a clear rising broadening pattern. March was the time to buy, but not now. In fact, the pattern looks complete or virtually complete at this point. The pattern will usually resolve with a move to the lower channel, then a bounce, then a fall from the lower channel. There is absolutely nothing bullish about being at this spot in a...
I pointed this oscillator out for SPY a few days ago, and wanted to show it to you for Bitcoin as well. For over 3 years, when the weekly stochastic RSI fast line leads the slow line out of overbought, there is, at a minimum, a strong correction that follows. Even the two on the far left, which look small on this scale, were ~40% pullbacks. In the present case,...
US treasury yields are not confirming the rally from the 29th forward. They have gone literally not an inch from the June 29th high of day. That is when the latest counter rally began in the S&P 500: The risks are all around us right now.
Just a few numbers for you. The green vertical lines are the two lows on the 50-day moving average. On February 21, that average printed 0.752. Today it printed the lowest day since that day, 0.744. Today's actual , not-averaged number, was 0.583, the lowest day since June 8th, which was our last big pullback. So, we have four numbers and three tops:...
The markets will not fall until the big tech stocks do, and they are looking ripe for failure from here. I will highlight a few things I see on the charts. Strong bearish RSI divergence on the RSI and a classic rising wedge complete with an exhaustion overthrow. These features present themselves on the daily chart . On shorter time frames, we may even be looking...
SPY remains in its consolidating wedge and is close to retesting the trend line from the February highs. Both of these structures will likely keep SPY contained, so only very limited upside is likely from this point forward. There is significant ongoing rotation into the mega-caps (AAPL, for instance) while the rest of the broader markets continue to look weak....
The US 10-year treasury yield has been flagging down lower for some time. The last few days appear to show a breakdown of the most recent flag, a backtest of that flag, and perhaps we are now seeing the failure of that backtest. If that is true, I would expect the yields to continue lower, which would be a sign of the big money guys responding to risk in the markets.
Despite Facebook hitting fresh highs today, it reversed and remains involved in the same very bearish broadening formation that it has been hung up on for quite some time now. And as the market deteriorated today, it ended up no higher than where it was on May 26th, 42 days ago. Though it is taking its time to collapse from the structure, it remains a short.
The Stochastic RSI on the weekly chart can be an excellent oscillator to detect trend changes. Over the last two years, every single time the slow line has crossed down from overbought, we have had a significant pullback. As of today, the slow line has been trending down and is resting directly on the overbought perimeter. Virtually any weakness this week will...
If you examine the blowoff top/short squeeze in February to the one we're witnessing now, you will see that we have RSI bearish divergence and similar patterns unfolding on the MACD and Stochastic RSI.
Despite the push tech keeps making, Facebook has gone nowhere in weeks. It remains at the top of a very bearish broadening formation. When it's good and ready, it will be quite a waterfall.
Bonkers! The beautiful wedge I have been pointing out on Tesla has now been rendered incredible by the last few days' moves. As a result of that price action, it may now be forming a rising broadening pattern. This is still a bearish pattern, especially given that we are at the top of the range. It is essentially a rising wedge, just a very volatile one. I still...
Nothing too surprising here, crash, flag off the lows. It, too, like some of the other indices, looks ready to roll over. It's out of that flag and is presently pressed hard into a coil. To interpret that as a move up would require us to believe that it can break the multi-decade trend line above it (red). I find that to be incredible, frankly, largely because of...
GM has a terrific bear flag that has broken down and is backtesting on the weekly (and of course also the daily). Weekly stochastic RSI has turned down with the fast line having just pushed below 80. That is an objective short, as far as I can see.
This one is one wild ride. What we call our initial "COVID dip" in January was an absolute crash over there, and it almost immediately recovered. But then, when the world markets crashed in February and March, the Shanghai Composite crashed again with them. Goodness. And then, much like the other markets, it formed a nice wedge off the March lows. However, instead...
The familiar wedge off the March lows. The very recent price action looks a little more consolidating, almost as if it wants to push up one more time. And given Saudi Arabia's dependence on the price of oil, perhaps a bump on that will do, even if the other markets deteriorate more first. The long-term chart (below) looks like a long, consolidating period, a huge...