Monthly turned green to red today. Obviously early in the month but I always like to note when the candle changes color. Also note that it appears to be rejecting VWAP from ATH, multiple ma's, 2021 dip lows, and a key Fib extension. CPI report in the morning could be a catalyst to move this. Regardless if CPI moves it or not, I think we see a large candle (20-30%)...
Long-term view of rates compared to SPX. Orange line is SPX, green line is 10 year yield, blue line is 10 year yield minus 2 year yield. Red vertical line indicates when the spread (10yr - 2yr) crossed back above 0 after dropping below. Historically, the curve has uninverted when yields dropped. I'm curious to see what happens if the curve uninverts with rates...
Has now pretty clearly broken the uptrend line going back over a decade. Earnings are 3 weeks from today. Ideal situation would be a retest of the trendline before now & then to get some puts for earnings. We'll see if she cooperates. I'm not usually one to care about fundamental reasons, but maybe this will be the quarter where the market decides those massive...
Seen this name posted a lot recently due to its strength. Currently ejecting monthly supply zone so now is not the time to get long imo. If anything, I like this name for a short over the next few weeks as some divergences are showing up on lower time frames (RSI divergence on 4 hr chart for example).
Off to an interesting start this week already almost back at the uptrend line. Was this breakdown since May just a false breakdown and now the real move up comes? Or is this just a retest of the breakdown before falling further? I think this week & next will be telling on the market direction for the rest of the year.
It's crazy how a few candles can completely change the look of a chart. Just a reminder to always keep an open mind. This chart had great potential but now looks horrible imo. Head & shoulders neckline is $155. I have a target of $80 if it breaks which would put price right around the c0vid lows.