novvoll12

novvoll12

DXY has broken the one-year long up trendline last week. The head-and-shoulder pattern from 97.11 support level projects the next target at 94.5. Happy Trading!

novvoll12 Updated 

Treasury yields have been rising over the past two months, with 2-10 treasury yield spread reaching 29 bps on 12/20/2019, highest level since June 2019. The 1 to 3 year Treasury ETF - SHY broke below the June-November 2019 trendline last week, forming a head-and-shoulder top. Based on the project, the treasury bond ETF prices could target 83.95 area, retracing...

novvoll12

Treasury yields have been rising over the past two months, with 2-10 treasury yield spread reaching 29 bps on 12/20/2019, highest level since June 2019. The 1 to 3 year Treasury ETF - SHY broke below the June-November 2019 trendline last week, forming a head-and-shoulder top. Based on the project, the treasury bond ETF prices could target 83.95 area, retracing 50%...

novvoll12

TSLA has been on a tear since June 2019 as short sellers were squeezed and capitulated. The stock cruised through the 387 resistance area, reaching $413, a new peak. Based on projections off its historical moves, the near-term target is in the 420 area, where Musk said he would take it private. Let's see if he will carry out his words. Happy Trading!

novvoll12

GLD pulled back from the Sept’19 peak of $30.98. The ETF has been consolidating above strong support levels: the $ 25.98 low on Nov 12, 2019, 200 day MA at 25.33, and 50% retracement of the 20.14-30.96 upswing. The bounce over the past few weeks seems to coincide with the overall recovery of commodities, commodity currencies, and energy. GLD is likely to continue...

novvoll12

CHWY has been rallying out of the 21-22 area over the past few weeks as the 6-month lock-up period expires on 12/18/2019. The near term target zone is in the 29-30 area. Happy Trading!

novvoll12

QQQ rallied 33% year-to-date, from 154.26 (12/31/2018) to 204.98 (close on 12/11/2019), driven the Fed rate cuts (three times). The ETF is currently overbought technically as shown in MACD sloping downward. As investors rotate into the cyclical underperformers (energy, materials, industrial, and consumer discretionary), QQQ could potential consolidate and pull...

novvoll12

6-month rising wedge and negative divergence worth watching

novvoll12

SPY 223.53 weekly bullish – Forms a 6-month rising channel SPY reached a new all-time-high at 228.34 (December 12, 2016 weekly peak), forming a 6-month rising channel, before consolidating. While the key 217.66/216.05/213.13 support zone (20-week moving average/61.8% of the 208.38/228.34 upswing/76.4% of the 208.38/228.34 upswing, near the channel lower bounds)...

novvoll12

GM extends bullish momentum following better-than-expected auto sales report for November.

novvoll12

QQQ 117.50 – Monthly Neutral – Forms a rising wedge ahead of key resistance QQQ made a new 8-year high at 119.66 (October 2016), just shy of the year 2000 all-time high of 120.50 (March 2000), before ranging. The indicators are still in the positive territory, suggesting scope for further upside. Nonetheless, the 15-month rising wedge (connecting the August 2015...

novvoll12

Extended pullback to the $200 area is possible

novvoll12

11-11-2016 SPY 216.42 bullish – Sharp weekly bullish reversal candle pattern points to 219.60 peak SPY found support at 208.38 (November 7, 2016 low) near the 200 day moving average, before reversing sharply higher. The upside break through the 2-month falling channel confirms a channel breakout and suggests a test of the 219.60 peak (August 22, 2016). A decisive...

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11-11-2016 AMAT @ 28.28 – Expected to test support zone before resuming 13-month uptrend AMAT rallied 13 months to reach 31.07 (September 22, 2016 high) before consolidating. The pullback so far has been benign, down 11% to 27.56 (October 13, 2016 low). As the momentum indicator remains neutral, the stock is expected to consolidate further towards the 26.00-27.00...

novvoll12

AAPL @ 116.60 – Rising channel signals further upside AAPL has been rallying through a 4-month rising channel to 118.69 (October 10, 2016 YTD high) before pausing. Given the bullish momentum, scope remains for further upside. A break above the 118.69 resistance level would confirm channel breakout and open 123.82 (November 2, 2015 lower high) next. Above the...

novvoll12

M $36.51 – 10-month falling channel suggests further range-bound price action M made a new-year low at 29.94 (May 23, 2016) before consolidating. The level could hold medium-term since it is near the 61.8% key retracement of the 2009-2015 (5.07/73.61) upswing. Currently, M is ranging below the 200 day moving average (at 37.68) within a 10-month falling channel....

novvoll12

9-11-2016 SPY 213.28 bearish – Sharp weekly reversal points to a retest of 200 day MA at 205.43 SPY sold off sharply last week after reaching an all-time-high at 219.60 (August 22, 2016). Near term, the weekly downside reversal points lower to unwind the overbought condition. Further weakness from the 213.28 new 8-week low area (September 9, 2016 low) would open...

novvoll12

AAPL stalled at the 110.23 resistance area (August 16, 2016 high). Subsequent sharp reversal suggests bears are back in control, looking to fill the gap and test 101.00 (July 21, 2016 high). A decisive break below the latter would confirm near-term topping and expose the key YTD low at 89.47 (May 12, 2016). Beneath lies the long-term support around 85.00 (near...