the_sunship

08:31

the_sunship Updated 

Some interesting developments in the bank etfs today - XLF and KRE, worth watching on both a weekly and daily basis. Long term JPM looks like a head and shoulders may be forming.

11:42

the_sunship Updated 

Looking at the futures charts today and I wanted to convey my thoughts for the week and also what I think may be coming for the next few months. There are a few other charts I've been talking about which seem to point to this idea as well (IWM, SOXX, XLF). A further bounce back up would not change this idea but getting over the summer's high would invalidate it...

the_sunship Updated 

ok at 97 this should see support, but damn this is looking like a very long term top on Jamie Dimon's baby. That hurricane he was talking about started a few months ago. Long term target is 50.

the_sunship Updated 

Bearish pennant "may be" done here. Above 203 on IWM and the idea is probably INVALID. I've pointed out the SPY/IWM monthly bull flag before (idea is linked below). If correct, it shows IWM losing considerably to the rest of the market. Why? Well I'm still wary of the Banks even though it's been a minute since anyone has really thought they are a problem....

the_sunship Updated 

The SOXX (semiconductors) ETF has been playing around with this channel for almost a year. Price broke down back into the channel recently (bearish) and with NVDA earnings we tested the top of it again. My guess is it goes back to the bottom of the channel and any bounces should be a good selling opportunity. Any higher than 518 and this idea will be invalid - good luck!

07:12

the_sunship Updated 

All in the video under the previous channel would be very bearish and probably mean they want to test the neckline of the head and shoulders, from there I would think a sideways consolidation would happen. SOXX (semiconductors) also mentioned towards the end.

the_sunship Updated 

Long term perspective. Monthly and weekly charts showing a bull flag on this ratio chart with steep hidden bull divergence on monthly especially. If we breakout of the flag it means IWM in general will start to lose much more value than SPY. 2.85 is the bull flag target but it could exceed that. Keep in mind this is a monthly chart so we're talking months...

11:25

the_sunship Updated 

If the bounce area does not hold, 4300 is the 50 ma on the daily chart and horizontal support, so that should be the next level for an objective long. However, any bounce will likely be shallow. Gold and Silver are potentially is bottoming in this area, but the monthly close will be very important for both. Bonds may be making a double bottom. BTC could rally a...

08:08

the_sunship

The Monthly Consolidation on XRT is almost done and I suspect the next move down will be quite large. EMTY is an etf which is a 1x leverage against XRT. My view is EMTY can double from here. Good luck!

06:32

the_sunship Updated 

I think the downtrend is done for a while regardless of how this closes today. The rsi needs to reset and a weak bounce for a few weeks would make sense. 4450 area would be an ideal bounce target, but the RSI will tell us when it's time to short again. Good luck!

the_sunship Updated 

The weekly 18ma target is around 433, I think we get there by Friday. I expect another gap down and panic selling tomorrow. Once we reach the weekly 18ma a bounce is expected but I don't expect higher highs at this point. I think a C wave (like the IWM chart below) is now upon us.

08:03

the_sunship Updated 

The falling wedge pattern and rsi are not acting as bullish as usual. The fact that they couldn't get over the trendline last week on a huge push up also points to more downside. I think 4350 is the target, from there a bounce is likely. I will update if I'm wrong, but right now this is what I'm seeing. Good luck!

the_sunship Updated 

Not calling a bottom in bonds here, but the extreme monthly RSI of this SPY/TLT chart is impressive. Bonds broke down again over the summer but may be forming a double bottom. Could bonds finally get a serious bid? This charts says it's possible, but exact timing may be difficult to do.

the_sunship Updated 

Was thinking the downtrend was over today, but it looks like we've only completed waves 3-4 with the 5th wave down next. 4th waves are exceptionally choppy because half the participants believe the trend down is over while the other half do not. Looks like bears are going to get their way at least until tomorrow. I expect a flush into Friday and then a bounce...

09:10

the_sunship Updated 

One more low is still possible to complete a falling wedge and more substantial panic before the bigger rally. I do think a larger multi day rally comes, but it could wait a day or two. I will update if anything changes. Good luck!

the_sunship Updated 

Breakout of wedge, all pullbacks would be an opportunity to add. A test of the wedge breakout is possible as a bear trap before the larger upmove. The target is conservative, I actually think it's more likely they come back to test the trendline.

the_sunship Updated 

Bounce and happy micky or break and sad mickey. My feeling is bounce back up to test 200ma into 2nd half of the year.

the_sunship Updated 

It's my belief that NQ has only a little more down to go before a larger rally to take out shorts once again. RSI on most mid time frames 1-4 hr) are showing strong bull divergences and a gap is near 15800 on futures. It's rare that a futures gap would stay open for long. I think we get to about 15800 this week, and maybe by Wednesday. After the rally I expect...