SPX
Coming off an extended daily move down, we retested trendline here last week (blue), rejected, and have just retested another potential trendline (gold) on Friday. Second trendline lines up approximately with 5/9EMA.
It’s possible we want to test these areas highlighted in gold and red (both are bad structure from that extended run downwards), but it’s also possible we reject here at at the 5/9 convergence. If we move above, it has potential for some firepower/move upwards, but we’d need confirmation to trade that. Same goes the otherway….whatever direction it picks, it should be a strong move here.
Weekly, log scale…..interesting thoughts here as we broke down from and then just retested what could be considered a 10 year long channel. Prior week’s one white bullish soldier potentially negated here with last week, something to watch.
QQQ
Daily we’re coming off a demand bounce at 271 after a week long breakdown. Red area shows area of bad structure, seems to have been tested. Two potential, actually three potential trendlines this thing has reacted off of and what we’re seeing now is a rejection and retest of the 5/9EMA which has now just about converged. Possible RSI divergence here, I feel like bears have control until proven otherwise.
Weekly we see a strong movement off the 200EMA but a complete failure to break the 9EMA. Still bearish in my view….previous week’s bullish candle was negated last week.
IWM
Daily, after consolidating in the red area here for a year, we broke down and consolidated in the gold area for 5 months…broke down and now do we consolidate in the green area before continuing trend? Current channel is a downtrend, it’s reacting off both weekly and daily demand levels here (latest reaction was a weekly demand level). Bullish reversal not confirmed as we failed to cross halfway above initial bearish reversal candle. I’m expecting some chop here before a trend is full established. Look for it to potentially react at the levels posted.
XLU
Broke above potential 4 year bottom channel line, watch for potential H&S right shoulder chop here. Saw a strong reaction off of a demand line, which could prove to be a longer term H&S neckline….something to watch for. 74.69 is supply level here. No trade for me at this point yet.
Weekly breaking back into current channel, still within long term channel (green). Possibly expect to retest this weekly supply area at 76.08 before figuring out its overall current trend.
SMH
Weekly, log scale, close below bottom channel. I’d expect a continuation down, unless bulls get their shit together, to test the weekly demand area at ~ 182.5 . From there I’d likely expect a retest of the bottom of the channel again before it figures out its overall trend. This is an 8 year channel and a rejection of it would be very bearish in my opinion.
FXI
Daily close above current channel but failed to negate the bearish candles. Indicators shows it right at the 5EMA, but flat on RSI, potential MACD cross about to happen….I’m still short FXI long term.
Weekly showing a retest of the bad structure here from last month, but nothing yet to negate the potential bullish reversal. Something to keep an eye on.
BTC
BTC daily showing a potential reversal today….something to watch… if bulls take control here, I’m thinking we retest the daily demand level at about $21055. Could be a potential trap.
4HR not showing the same conviction
1HR seemingly topping out here
ETH
Daily…same sentiment here….
4hr was previously potentially bear flagging, looks to have close above, watch for a potential reversal back into this channel….would be a strong move….
1HR breaking out from this consolidation here but seemingly (potentially) topping at this potential trendline…..
