SPX has been threatening to break back above its 200-day moving average ever since Jan 23. Despite numerous vigorous attempts, it remains below it, signalling more downside ahead. It’s time for the bears to put up or shut up. continued for members… … continue reading →
Monthly Archives: January 2022
Futures have been all over the map, but ES’ flag pattern is still intact. All of our targets remain unchanged. Look out below. continued for members… … continue reading →
EURUSD finally broke down, meaning DXY finally broke out. We set the 1.0999 target over two months ago, reasoning that a breakdown in equities would send the dollar higher and the EURUSD lower. The DXY broke out two days later – even though the equity correction was delayed by year-end equity-propping silliness that saw DXY … continue reading →
After Monday’s tumble, will Powell have the guts to stick to his inflation-fighting guns? Futures are up about 1.5%, but are still just shy of the 200-day moving average. continued for members… … continue reading →
Less than a week ago, we penned an update on COMP that was aptly entitled COMP Signals More Pain Ahead accompanied by the following chart. COMP complied yesterday, racing past our initial downside target to tag the next one at 13,213.50 before a massive bounce back to the .618 Fib. Is it safe to wade … continue reading →
Yesterday was one of the wildest rides we’ve seen in quite some time. It won’t be the last. ES nailed our next downside target, then did a swan dive through the bottom of the channel from 3 weeks ago, nearly tagging our 4153 target in the process before closing in the black. With the futures … continue reading →
ES tagged our next downside target this morning……tagging the 4319 target we posted back on Jan 3 [see: De Facto Shutdown.] The only question now is whether stocks will get the big bounce they usually do after a 10% correction or whether they’ve come undone. In other words, I have this 1969 Guess Who classic … continue reading →
Quick note: BTC has reached our next downside target, the red .886 Fib at 33,205. As we detailed in our last update [see: Jan 18 Update]: BTC will have two opportunities to rebound at the red .786 Fib (37,245) and the .886 (33,205.) Should these fail, then only one last level of support remains in … continue reading →
A substantial correction seemed a little farfetched two weeks ago. Now, not so much… continued for members… … continue reading →
In our last update on NKD [see: Nov 30 Update], I somewhat snarkily disparaged the index’s legitimacy. The Nikkei 225 is less a securities index than it is a measure of how much intervention the Bank of Japan feels like throwing its way. It’s what the Dow aspires to be when it grows up. At … continue reading →