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The latest charts from Current Market Valuation have tumbled out, and the story is the same: record highs, record highs, record highs. Here is their aggregate chart, which yet again is at a new peak for this endless bull market. In the entire history of mankind, there was only ONE fleeting moment when the aggregate was higher, and that was March 2000.
In my premarket video on Friday I was noting the four hourly sell signals fixed (3x) or forming (1x) on ES, NQ, RTY and DAX and saying that we might well see a retracement day. We saw that and all those signals reached target by the end of the day.
In my The Bigger Picture video yesterday I was looking at the support backtests seen on Friday and was looking at the bullish looking setups on SPX and QQQ particularly. So far that looks as though it may be delivering so let’s review.
(more…)There sure does seem to be some magic about Monday sell-offs, huh? For the past two Mondays, there has been a big plunge only followed by perpetual healing. Whether or not Canada and Mexico are actually doing anything NEW is unclear to me, but it was still quite a piece of performance art.
What I’d suggest is to continue to respect the fact that the overall strength of the market (as expressed by the symbol $SPX200MA, which shows the percentage of stocks above their 200-day moving average) is behaving very technically itself, inasmuch as it was range-bound, broke down, retraced, and is now re-weakening. This isn’t August 1982, folks.
In my last post on Thursday last week I was, among other things, looking at a sharply upsloping H&S on Bitcoin (BTCUSD) that had broken down with a target in the 92,000 area, though I was expecting that H&S to reject back up into the highs, and over last weekend Bitcoin broke down into a low at 97.7k.
On the face of it that was looking promising for the H&S to reach target but in my premarket video on Monday I put the case against that, on the basis that so far at least, this was looking like a backtest of the daily middle band as part of a bullish consolidation. In my premarket video on Tuesday I had drawn in the obvious bull flag setups on both Bitcoin and Solana (SOLUSD).
(more…)In my last post on Wednesday 22nd Jan, I was looking at the various targets for the move up from the January lows on the US equity indices, the all time high retest on SPX, which had just be reached, and the all time high retests on QQQ and DIA, which In my last post on Wednesday 22nd Jan, I was looking at the various targets for the move up from the January lows on the US equity indices, the all time high retest on SPX, which had just be reached, and the all time high retests on QQQ and DIA, which are still outstanding. I was also noting that a retracement to set up less vertiginously steep rising support trendlines on all three of these was overdue.
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