Uptrend Rules
Strong : Second closing candle above the high of the first breakout candle.
Semi-strong : Price reaches above the high of the breakout candle at any point.
Weak : The second candle post-breakout closes above the 34 EMA (high) of the breakout candle.
Downtrend Rules
Strong : Two consecutive candle closes below the 34 EMA (Low). This...
Recent price action on S&P futures suggests a potential rollover happening now, particularly after today's sell-off. This downturn began after the index peaked at 5,333.5 on April 1, 2024. Despite this, the upcoming Federal Reserve meeting and forthcoming high-profile earnings reports, such as NVDA's in late May, add layers of uncertainty. Notably, NVDA has...
USO (crude oil ETF) is trending down toward its 200-day moving average, coinciding with a previous pivot up within this range and slightly below it. This commodity tends to make dramatic moves so wouldn't be surprised if it made a sudden drop along the way and then bounced, but the channel range may serve as the upper bound. Until it can break free of this...
MNSO getting some analyst attention lately with price targets around previous all time highs. 34EMA / 200 MA cross up is a sign of potential longer term uptrend and some momentum should price start to push up. Three targets above current move are previous pivot levels it came down from.
Studying recent price action in SOXL (3X ETF on SMH - semiconductor segment). Example of an uptrend that ended (as defined by 34EMA wave), and then a retracement from 200MA back up to the 34. In this scenario, be cautious about buying into the bounce as it can often drop back down after reaching the 34 again from the bottom. Past support becomes current...
The journey up over the last 3 months since early July was just erased over the course of the last week or so, with much of coming just in one day. Right at the 200 EMA for the close, but at the moment NQ futures further down below 7000. One scenario is a bounce from this level where past congestion lines up as potential support just below the 200EMA, and if it...
NYSE:PPG , maker of coatings, specialty materials, and glass products fell 10% today (Tuesday) after warnings of higher costs and weaker demand ahead. But bounce back up on after market on disclosure by Trian Fund Management disclosed a stake of roughly $700m it has been building in the company over the past several months, roughly 2.9% ownership interest. Could...
The Investor's Business Daily IBD 50 is a popular watchlist used by many to pick stocks with bullish momentum. It has been made into an actively managed ETF by Innovator Funds as AMEX:FFTY . This chart compares how the ETF is performing vs. AMEX:SPY YTD. On a quick visual glance, it seems to basically track S&P with higher beta, eyeballing this at maybe 1.25...
S&P 500 ( SP:SPX ) testing the 50 day exponential moving average, let's see if this is yet another buy on the dip, prolonging the bullishness, or the beginning of a rollover. NASDAQ:QQQ and AMEX:IWM have already taken deeper hits and may be a warning sign of what's to come for the broader market, but AMEX:DIA seems to be holding up. Overall this is to be...
On the way down it filled the gap from early June, which took it right to the 200EMA at the time, but then just blew right through it to the downside versus bouncing. Inability to catch a bid at the 258 level indicates notable selling pressure still persists.
