mfournier3

mfournier3 Updated 

..on a micro picture, this morning, on the few minutes charts, 1,3,5 minutes etc.. you have an ascending triangle, we are overdue for a decent rally! For the one familiar with UVXY, regardless your reading, anything can happen.. Bonne chance!

mfournier3 Updated 

It is not the best time, seasonnaly speaking, but NG always choose his own way to swing.... At 3 years low, with the RSI flirting with 30, long term sensitive point for this one on the daily chart, a decent bounce is predictable... There is many ways to trade it, have some fun!!

mfournier3

we are in the 61.8 retracement zone from the top 2941 to 2346 the low we are getting there, topish pattern developping on daily SPX nearly overbot (TO SHORT) UVXY nearly oversold (TO BUY) opportunity developping... GET READY! getting these numbers on the daily chart usually generate reliable opportunities..

mfournier3

www.zerohedge.com

mfournier3

....with 20 points up on the SPX, and virtually no change on UVXY, it is probably brewing another bounce.. similar behavior than end of january, a few more days like that would make it an even stronger and bigger bounce.

mfournier3

...to follow my last week comment, again, printed a new low this morning with higher RSI... on the Daily but this time, what makes it special, we have a higher UVXY with a higher SPX ... like the precrash behavior we had in january for a few days before the big slump... the VIX been heading higher with a SPX heading higher.... for a few days, and then...

mfournier3

If u look at RSI formation, it is pretty close to call it a divergence, it is for me... touching same level of oversold territory of the last bump, with a lower price by 60 bps. Also compatible with SPX reading from my last post of a few minute ago...

mfournier3

if you pay attention on the RSI behavior, this past 3 months, it is notable that we are in an exhaustion phase for SPX... the previous two times, when RSI was reaching overbot territory, we have seen a significant short term retracement.... we currently have a setup to potentially repeat this market action... good luck!

mfournier3 Updated 

from my 35 years experience, this time will break it for real, the bear market probability is increasing quite a bit this morning.. beware!

mfournier3 Updated 

extremously oversold, not a time to buy, but if u see consolidation, indicators divergence, breakouts, should trigger a nice opportunity for a deadcat bounce too... again beware, commodities equal very wild cats.. start with options if you are not convinced of directions.... but good profit potential US-China kids play can be very painful, beware! p.s.: SPX...

mfournier3

with gold oversold and fundamental improving with trade war and China-Russia buyers of gold and sellers of treasuries, among others, a rally to happen anytime soon, and at worst , should consolidate around this area.. low risk with good upside potential... check the monthly chart

mfournier3

...if the start of the week is weak..it's a buy opportunity! technical is good, and fundamental is improving with trade war and Russia-China buyers of gold and sellers of treasuries.. low risk strategy to my opinion buy the DIPs

mfournier3 Updated 

....multi years low for many... extremely oversold across the complex! JUST A TRADE TO KEEP AN EYE ON... I am not an expert in these ones, but the trade war has potential for more destruction, even, there is important votes for Trump midterm in it (farmers)... any surprise can come up from the hat! ...but we also entering the new crop season. With this crazy...

mfournier3

www.zerohedge.com

mfournier3

is this happening again

mfournier3 Updated 

back in March, 2720 has been a magnet for SPX.The trendlines channel looks weak for SPX, but close to be oversold... I have no opinion for now, but the lower trendline in an oversold area may show some support.

mfournier3

read this... www.zerohedge.com

mfournier3 Updated 

... if ALGO on vacation, expect SP to erase today's advance they often kick in friday afternoon after 14:00 for some weekend window's dressing