As we noted in yesterday’s Daily Briefing, the market was overbought, formed negative divergence and was due for a sharp pull-back. Today’s action was totally anticipated and outlined ahead of time.
Market Pulling Back off Overbought Conditions Fully in-Line with Expectations Read Post »
While there’s near-term risk for a sharp pullback taking shape, there are repetitive aspects to the market that suggests significant more upside in the intermediate-term.
Risk of Rally Peaking Increases on Retest + Earnings calendar Read Post »
Market taking a breather after a strong week of trade. Long-Term outlook remains the same.
Market Consolidating a Bit After a Big Move Last Week Read Post »
NASDAQ-100 has pushed above key psychological resistance at $470 and is now looking to confirm its breakout. A few more point of upside and we may have that. Same with the SPY and $548.00.
The NASDAQ-100 (QQQ) is approaching its critical breakout point at $467 a share. This could pave the way for a run up to $493 as we outlined this week. The SPY is making a corresponding run at its $548 resistance level.
NASDAQ-100 (QQQ) Making a Hard Push to Take Out Significant $465 Resistance Zone Read Post »
With today’s big move to the upside on the administration’s softening stance on China, we’re starting to get a lot of clarity in the long-term direction of the market.
QQQ gaps-up Above Key Trend-Line & reaches Near Overbought Conditions Read Post »
As we noted yesterday, the third leg down was on the weaker side and the rebound we’re now seeing sort of illustrates that quite clearly.
Market Rebounds off Oversold Conditions as a Key Trend-line Emerges Read Post »
Today clearly indicates the market is on a third leg down. But volatility is weaker and the distances needed to sustain the sell-off are simply too great at this point. Market is likely to fully bottom on this leg lower.
Market Definitive Third Leg Lower on Much weaker Volatility Read Post »
The $NYMO presses higher while the market pulls back a little off of its highs. It’s still unclear whether we’ll see a third leg lower, but if we do, it will likely be small and short lived.
Market Volatility Continues to Contract As Trading Range Tightens Read Post »
Market pull-back looks minor at the moment. But as we mentioned yesterday, the market started to show signs of weakened ahead of today’s sell-off. It’s not yet clear whether it will turn into anything more.
Market Pulling Back Slightly, but Risk of 3rd Leg Still Unclear Read Post »