WellTrainedMonkey

WellTrainedMonkey

It is not just the $Dax, the 2-yr T bond futures also not feeling the Pow Wow love with a 3-drive completion and a bunch of SSR suggesting an impending trend change.

WellTrainedMonkey

$Dax testing that downtrend line from 2018. Will the central bankers succeed in breaking the bears??? Or will the Pow Wow deliver a smack down???

WellTrainedMonkey

$TYA hits an ABCD price objective in spectacular fashion as Trump enlarges the trade war to include Mexico. Not sure what would cause a sell-off in bonds, but the fact the $TYA hit the ABCD target in such an explosive manner as we head into the last trading day of the month and new SSRs being set, makes me do a double and want to take money off the table. ...

WellTrainedMonkey

$85.50 is the key neckline support for $HYG as it bounces off the top boundary of wedge pattern. The neckline can be seen with multiple previous SSR levels. The downward bias is reinforced by the current SSR level for which price action is firmly pinned under. With an earnings recession in progress and oil demand in question, it is inevitable to see some stress...

WellTrainedMonkey

Since 2018, markets have marked out the 2900-ish range as the top bound for the $ES1. The fundamental reasons are aplenty with the US economy in a late stage expansion boosted by a lot of leverage and multiple expansion. The top range is readily apparent with the triple top highlighted in red. Within the latest top, the price action is potentially developing...

WellTrainedMonkey

CL1! has completed the stretch price objective for a channel breakdown at 1.382x. This price objective also ties in with an ABCD completion from the Apr peak. You can see CL1! has formed a double bottom on high volumes and price action has broken a new SSR level on the upside. Normally on a breakdown or break-up, we would expect to see a retest of the previous...

WellTrainedMonkey

This an OMG moment. This is a weekly chart and it is so parabolic that my shorting bells are ringing off the hook. Why? No idea, this kind of charts just makes me go hmmm....has it touched the moon? If you scroll in a tad to the 240M, you can spot a 78.6% lower high. Got to scratch this itch somehow....

WellTrainedMonkey

When's a wedge a wedge and when is it a pennant formation? To answer this question:- #1 The wedge occurred post a trend-break which from experience is usually an ABCD down move at the minimum #2 The wedge is situated at a key interim support level (note the key SSR level at 2800) #3 Price action is now clustering below a new SSR level #4 Price action tried...

WellTrainedMonkey

Since 2016, XOM has been trading off 78.6% lower highs with MACD cross-downs followed by an ABCD completion. No reason to think this time would be any different considering the company has a fair bit of debt, production volumes has not been all that great and recent investments in US shale may not be as rosy as previously thought. The target for this weekly CD...

WellTrainedMonkey

Chinese smartphone component manufacturers all started breaking down on Friday as if there were some major news in the works. Well...Google announced on Sunday it is revoking Huawei's Android license... Given sales to Huawei and Chinese smartphone manufacturers are a key source earnings and growth, this news should have a major impact on the price action. In...

WellTrainedMonkey

Raoul Pal from Real Vision has been active in pushing the line "Buy bonds wear diamonds" as the two asset classes to buy in this market regime. Can't say I disagree since I published the "Preponderance of Evidence" series of ideas back in Oct'18. TY1! is slowly and surely creeping along an intermediate uptrend line after bouncing off a multi-decade channel...

WellTrainedMonkey

At this stage of the market, one should expect global equities to have a correlation of 1x and today's chart of the day for the NY1! can be viewed in-line with yesterday's call on the ES1!. The NY1! should see some support at current levels as it approaches key SSR levels and test the lows of the 4th leg of the 3-Drive formation (if you prefer, Elliot Wave...

WellTrainedMonkey

Over the last 18 months, the 2800 level has been a consistent significant support/resistance level for the ESA. With China making its retaliatory moves yesterday, we are probably at peak negativity with regards to the trade war until the run-up to the Trump-Xi meeting in end June. Please note, I do not think this is a BTFD moment, it is more of a watch for the...

WellTrainedMonkey

NCM has been trading in a channel formation as long as gold has been trading in a wedge formation. NCM is a gold proxy by any name, would look for a break of $24.50 as confirmation of the start of the retracement.

WellTrainedMonkey

Sony completes a 3-Drive formation into the last ALL TIME HIGH from 2007. Can it get any better with the PS4 getting long in the tooth and smartphone shipments slowing down? Also check out the massive SSR level set at 5,400 first set in 2006 which holds till today.

WellTrainedMonkey

Gold has been trading in a wedge pattern since 2016 and is trading off the top end of the wedge. With the stronger dollar outlook, look for fade rallies with confirmation coming on a break of 1270 being the last lows and SSR level. For more information on how to use SSR levels, please go to www.tradingview.com

WellTrainedMonkey

Over the same time fame as the TSMC channel, TXN has been trading in a bearish megaphone pattern and has hit the $117 top of range level for the 6x. No reason to believe the 6th time would be any different from the earlier 5 occurrences.

WellTrainedMonkey

TSMC has been trading in a +/- 20% range since Jan 2018 and this is the 3rd time the stock has hit the top of the range. Be it more tariffs, smartphone saturation or the fact that Chinese crypto mines are being shut down, the demand picture for chips are just not that great.