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Post by theMist on Jul 6, 2017 17:59:15 GMT -5
XLF & BAC both look to have put in topping candles any updated charts for us?
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Post by huh on Jul 6, 2017 18:14:29 GMT -5
XLF & BAC both look to have put in topping candles any updated charts for us? Besides the final daily candles, not much changed in XLF & BAC from the charts I posted earlier here (XLF), and here (BAC)I think most interesting though is that although AAPL struggled hard to hold its neckline, it closed below it. If that holds tomorrow, that means 1) AAPL downside target is ~129, and 2) This tech sell-off is only about halfway done. (BTW, AAPL below that orange line could mean a much, much larger bearish pattern is developing)
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Post by huh on Jul 6, 2017 18:17:46 GMT -5
I wouldn't get too excited though. Not yet. This is the exact point in charts like AAPL when the squeezes usually begin. Needs to hold below the neckline tomorrow to confirm.
I'm still not dismissing the idea of a banks turn down, techs turn to rally sort of set-up.
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Post by theMist on Jul 6, 2017 18:18:44 GMT -5
I think Nasdaq is coming back down to fill some gaps just below 6k mark just a question of how it gets there
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Post by huh on Jul 6, 2017 18:33:21 GMT -5
I think today's move sets ES up for a downside target in the mid-2350's. Normally we could expect some more consolidation within this channel, but that may not be necessary now since all of the RS distribution already happened above the shoulder test line (blue circle). But, if tech were to rally, we'd see that consolidation anyway, even if XLF sells-off.
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Post by huh on Jul 6, 2017 18:37:00 GMT -5
I don't like that S&P now has 2 upside gaps open above. What do you make of those, Mist? (2432.53 & 2452.78)
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Post by theMist on Jul 6, 2017 18:49:26 GMT -5
I don't like that S&P now has 2 upside gaps open above. What do you make of those, Mist? (2432.53 & 2452.78) I still see more downside for S&P in short term. If S&P were to bottom and bounce at some point and form a bullish pattern I may consider the possibility that S&P still rises up to SP2468ish target which would obviously take out those two gaps. Those 2 gaps are common gaps and in my book not mandatory to be filled. Not to say that they can't. However, I do see a breakaway gap in SP2322 area that is mandatory to be filled. I remain Bearish until charts say otherwise
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Post by huh on Jul 6, 2017 18:50:43 GMT -5
I don't like that S&P now has 2 upside gaps open above. What do you make of those, Mist? (2432.53 & 2452.78) I still see more downside for S&P in short term. If S&P were to bottom and bounce at some point and form a bullish pattern I may consider the possibility that S&P still rises up to SP2468ish target which would obviously take out those two gaps. Those 2 gaps are common gaps and in my book not mandatory to be filled. Not to say that they can't. However, I do see a breakaway gap in SP2322 area that is mandatory to be filled. I remain Bearish until charts say otherwise That gap at all time highs isn't a common gap, is it? That was the only day ever that the S&P traded at that spot
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Post by theMist on Jul 6, 2017 18:54:16 GMT -5
If your talking about the gap down from all time highs on 6/19/17, yes its a common gap.
S&P traded up into that high and that gapped down and in that gap area S&P did trade before (on the way up).
The breakaway gap in SP2322 area was a gap up and S&P never traded in that gap range (breakaway gap).
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