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Just one simple chart for you here: the Broker/Dealer Index ($XBD). The price is absolutely rammed perfectly against the apex of the triangle. This should – – I would almost say MUST – – fall on Monday. Failing that, it’s time for start a career in aluminum siding sales.
A week ago I led with a chart looking at the strong correlation between SPX and BTCUSD (Bitcoin). I was talking about the big inflection point likely coming up on SPX, and SPX is in that inflection point now, at a stage where it could very much break either way, though the Fed gave bulls a big boost yesterday. Whichever way SPX breaks here, Crypto will likely follow to a significant degree.
On the Bitcoin daily chart, the daily middle band was backtested and held as support. BTCUSD has also broken back over the 50dma, and is close to a test of the 200dma currently at 63985. Bitcoin is looking a bit stretched at the moment, over the daily upper band currently at 62775, but still well short of the daily 3sd upper band currently at 65078.
(more…)This is my first post on equities this month. My apologies for that. I’ve been getting my boys back to university. They have now both gone and summer has officially ended in my house.
In my last post I was looking at the bearish track record for Septembers in presidential election years, and we saw a sharp decline shortly after at the start of September.
I have still been doing my premarket videos every day as normal at my chartingthemarkets substack and, after that low was made I said there was a strong case for a retest of the all time highs on SPX and Dow next, at which point there would be a lovely topping setup on both, and a fail area inflection point that could deliver a big decline from there into October. Both of those all time highs have now been retested, and that really nice topping setup has formed. We are waiting for the decision on whether this will now break down within the setup or break up out of it.
(more…)I’ve never been so wrong about a pattern as I was about the Dow Utilities earlier this year. This diamond was straight out of Technical Analysis 101. It was beautiful.
Normally, when one is hunting for intriguing short-sale setups, he might think the way to go is to look for something that’s really expensive and near lifetime highs. I’d like to offer a fresh example of something that doesn’t fit this mold.
Here is Unity Software (symbol U) which, as you can see by the tint, is sporting a remarkably well-formed head and shoulders pattern. It has all the characteristics you’d want to see: a well-defined shape, an easily identified neckline, a sharp drop, and a full retracement. This looks just a great place to short, or at least watch very closely to enter a bearish position.
