Facebook is only 5.5% of the Nasdaq Composite (COMP), but yesterday’s plunge [see: Facebook Flops] was a good reminder to update our outlook. In our last update [see: Nov 6, 2017 Update] we identified 7619.37 as our next upside target. At this point, it’s pushing into the top quadrant of the rising white channel where … continue reading →
Tag Archives: market
The 10Y yield has clearly broken trend as expected, with a couple of Fib tests the only things standing between it and our downside targets. Our 28.56 upside target from Jan 10 [see: China – It’s Not Me, It’s You] has officially yielded. This is what stocks were waiting for — a sign that interest … continue reading →
After allowing a six-session slump (that saw SPX nail our downside target), The Powers That Be can be forgiven for insisting on an overnight ramp job.Last night, it was USDJPY pushing through horizontal resistance, VIX getting clobbered through three separate moving averages, and oil continuing a nice bounce off our 48.63 target. It should be enough … continue reading →
With the S&P futures off around 100 points Tuesday night, I noted that if the selloff lasted, SPX had a very good chance of tagging the .786 retracement at 2034.97 the next day. Instead, we got the biggest overnight turnaround since Mar 2009 and a breakout of the channel SPX has been in for the … continue reading →
We’ve been watching a triangle form for over a month, wondering whether/when it would break out or break down. Yesterday, we got our answer. After coming within .40 of our 2170-2173 target on Monday, the triangle broke down — despite vigorous intraday ramping in USDJPY and CL. Tuesday’s initial downside target at 2150 was taken … continue reading →