SPX - turnaround Tuesday and Oil - ready to move higher
Both discussed in the video. The SPX resistance level of 4340 is an area where an objective short can be tried. It may go higher but I don't think by much. Oil is almost done consolidating for a bigger move to the upside. Possible cup and handle target would be $120
Good luck!
Good luck!
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no selling yet - QQQ looks like it wants to get to 372, then we'll see....
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OIl still consolidating.
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to me the count looks like this - sideways B and we're in the middle of C another wave up on C makes sense but not too much higher. The whole correction looks like WXY
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false breakdown on oil - to take out stops I assume - may breakout today.
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Good morning, we may have topped yesterday, I'm not sure. PPI this morning and FOMC minutes at 2pm so it may be a wild day. I'm watching this channel, we are now on top of it, back into it would be bearish but we could go back to the top of it again. That retest may be a short opp. Also strong support at 4340 should not be ignored.
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OIl looks to be breaking down, so it should be a strong move down from here unless they save it soon.
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the channel could also be like this - in which case, they may sell it here at 830.
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2nd stab at channel, short opp
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Oil double bottom - may reverse here - over 86 and it looks better for bulls. nothing decided yet.
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watch for a potential break and fail.
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price is compressing with low rsi on small time frames, a breakout and a higher high is certainly possible into 2pm fomc minutes.
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SPX appears to be in a triangle, or something like that - probably into FOMC minutes at 2pm.
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looks like a tradable top, a bounce with the fomc minutes will likely get sold,
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RTY coming into a support level. Objective long especially here I think. Still cold be more upside in this rally. Never underestimate the buy the dip crowd when it works. Lately it has.
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gap at 4400 level on spx cash still not filled, could be a target if a rally sticks.
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should continue higher to fill the gap on SPX
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back to the channel by end of day. It could be a trap - note the hourly bearish divergence here. We'll see tomorrow....
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nq resistance area
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us oil gap fill, not sure what to make of it I got stopped out.
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IWM was weak today compared to other indices, sometimes a leading indicator. Stopped at it's daily18ma
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IWM still has not made it's target of 165 (head and shoulders) i think it does by November.
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us.econoday.com/byweek.asp CPI today at 830
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market keeps pushing against the channel. A break above with CPI and continuation into 930 (to take out shorts) is possible. usually these kinds of patterns have a "blow off top" moment. I do think today the market will turn down regardless of how high it gets first.
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soxx back to channel resistance
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qqq to 372 area - channel resistance
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ES (futures) suggest 4450 area as possible target.
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15 minute rsi too low again, expecting higher
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after open I still expect a short squeeze, RSI is hinting at it. I could be wrong, but here it is.
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looks correct,
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current count -
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support level here - if it can hold it probably goes higher. Feels like a bear trap - again.
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lost support, looks like the top may be in. test of that 4376 - 80 level may hold it back.
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we have an expanding channel here - which may prove to be the bottom before a final rally. Just best to be careful.
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this channel is acting as support. one more high would not surprise me in the least bit. RSI extremely oversold on small and mid time frames
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q's gap at 376 area, may be what's driving the tech move.
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resistance of 4380 still holds. if it breaks it's bullish.
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secondary resistance here. so far looks bullish but it may stop around here.
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secondary channel structure reached, but it looks like it's going to crack.
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if they break the channel (blue) any test of it is an objective short. If they hold and test the yellow trendline which held earlier, that now should be resistance.
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ok we're bearish
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Larger structure still looks like a channel. Wave 5 down starting i think.
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coming back to test the channel. I'm not sure what's going to happen here but they will keep everyone guessing into the close I'm sure. Above 4370 tomorrow and it's going to make another high.
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how the day ended -
