Still in this whipsaw range and it would surprise me if we ended up with a positive week with so many earnings announcements to come this week but I'm not ruling it out. If the week ends with a down candle it will confirm a bearish hanging man 3 candle structure. The weekly looks to be rejecting the 50 RSI for the 3rd time going back to early November which suggests this downtrend has legs. Mac-D is trying to cross the signal line up but it could just as easily reject it and remain under the 0 level, another confirmation of high timeframe downtrend.
On a positive note it's still holding the 50% retrace fib from last swing high and could even go up to the .618 and remain bearish. A break over the .618 would look bullish to me but for now the bears still seem to be in control. The declining volume on this recent surge upward looks like another bearish clue.
One thing I've thought about that may surprise some bears is if large Chinese investors start to pull out of the declining Chinese market and reroute their investments to US equities. As obvious as it seems, the global downturn looks like it could be real. I think at least a retest of that mid 2500 level seems imminent but this has been one hell of a bull market for quite a while, so it wouldn't surprise me to see continuation of this current uptrend either.
On a positive note it's still holding the 50% retrace fib from last swing high and could even go up to the .618 and remain bearish. A break over the .618 would look bullish to me but for now the bears still seem to be in control. The declining volume on this recent surge upward looks like another bearish clue.
One thing I've thought about that may surprise some bears is if large Chinese investors start to pull out of the declining Chinese market and reroute their investments to US equities. As obvious as it seems, the global downturn looks like it could be real. I think at least a retest of that mid 2500 level seems imminent but this has been one hell of a bull market for quite a while, so it wouldn't surprise me to see continuation of this current uptrend either.
Nota
Last week strong earnings proved to be what the bulls needed to avoid that hanging man weekly and now they've broken through and are holding the .618 and taken the 50 W RSI. The super safe play would be to wait to go long once the mac-d and signal both cross the 0 plane but the bulls definitely seem to be in control. A strong volume up week this week would seem to confirm this may have just been a needed correction.Nota
next significant weekly resistance I see Nota
bouncing off 30 to crossing and seemingly holding the 50 W RSI is quite a bullish signal. The safest play, of course, would be to play the all time high bull break but I think scaling into a long from here is reasonable as well. GLNota
The recent action in these indices is a good reminder, to me at least, that the market doesn't give two shits about what the masses are calling for and this doom and gloom scenario seems to be on hold for now with a dovish Fed and strong earnings across the board.Nota
We are right near this ascending tri target. I would be suprised to see it blow right through it w/out a consolidation day or two, or a small pullback, but it's so bullish right now anything is possible.
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.