I wrote an update on AMZN yesterday that raised the possibility of the stock making a possible Wave 2 high of a new possible trend or at best a Wave 2 high of a large sideways consolidation pattern (click here). The stock is about $13 below where it was when I wrote that blog post and it looks like it is possibly testing a break of the weekly broadening price pattern that I have been tracking for AMZN.
You might say … whoop-t-do, price is breaking some imaginary price pattern!! I say beware when price breaks price patterns, because it could be the early warning of a change in trend. Here are the charts … Continue reading
Here is the bigger broadening pattern that I have been tracking since late 2016 …
WFC – Weekly Chart
The broadening pattern seems to be giving traders good levels to trade against … I think that the median line will act as resistance here.
WFC – Daily Chart
The daily chart shows that price is extended here as we push into that weekly pattern’s median line.
Cheers … Leaf_West
NFLX reports their quarterly earnings after the close on October 16th. After a huge July monthly move, the past two months have seen NFLX consolidate around the high of that large range monthly candle. Which way will price go … I think that we should get some volatility in either direction regardless of which way it ends up going. I would have to think that downside volatility could be a bit more vicious, due to the length of the upward run so far, but I remain open-minded.
You sometimes get the MoMo tech names to run higher into earnings, but maybe, NFLX will actually pullback into this next earnings report. Continue reading
This morning, my audio alert notified me that the gold ETF (GLD) has pulled back to the upper resistance line of the downward broadening price pattern. Continue reading
Small caps are up 2.45% so far this week and 5.8% so far for the trading month that is going to end today at the close … no problems here with this stock sector – move along please!! Continue reading
The McClellan Summation Index continues to push higher today showing that there is more buying pressure than selling pressure in the market currently … however, a look at the equal-weighted major indexes point out the fact that the leadership in the market is drifting to a smaller and smaller list of names.
NASDQ 100 Equal-Weighted Index – Daily Chart
S&P 500 100 Equal-Weighted Index – Daily Chart
We will have to see if these potential Head & Shoulder chart patterns actually play out as we go forward …
Cheers … Leaf_West
A trading friend of mine asked my opinion of CME here at the current levels … Continue reading
The market hitting all-time highs here and pushing into the September monthly OpEx tomorrow has me updating my bigger view of the S&P 500 … Here are the charts: Continue reading
There is lots of talk on the business channels today about how bad the US$ is performing this week … the business channel pundits are great at looking in the rear-view mirror to tell us what has just happened – that doesn’t really help traders make money, however. I prefer to look ahead and anticipate what may happen next.
I did that back on March 19, 2017, when I wrote a post about my outlook on the price pattern on the US$ on my old blog site and posted it to StockTwitts and Twitter …
Obviously, the link to my old blog site no longer works, but my thesis back earlier this year was that we had likely made a top in the US$ strength, right when everyone was wringing their hands about how strong the US$ was and how that was going to hurt the economy going forward. Most traders and ALL tv-pundits/economists look at the past price movements of a stock/commodity etc and extrapolating them in a straight line forward. They don’t bother to consider the wave structure of price movement.
Here is the updated monthly chart for the trade-weighted US$ … Continue reading
I have traded crude futures and energy equities pretty well the last several months … here are the tweets I made back in late-June and in late July. Continue reading