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 →
Another overnight bounce, another head fake… continued for members… … continue reading →
In our last update on BTC [see: Dec 5 Update] we noted that BTC had briefly dipped below our 46,000 target and was due for a backtest. I would expect a bounce up to backtest at least the black dashed line (51,766ish) or even the cloud bottom (54,850.) If those (now) resistance levels hold, then … continue reading →
A little over a week ago, COMP made a hard bounce off its 200-DMA, gapping much higher the following day. Yesterday, it plunged below its 200-DMA and closed there – not a good sign for the bulls. continued for members… … continue reading →
With the 10Y completing an IH&S Pattern and gapping up to 1.845%, focus on the price of oil and gas. Bottom line, rates won’t decline until oil and gas do. And, if oil and gas decline sharply, the equity selloff will only accelerate. Decision time for the Fed. Futures are down sharply. Our price targets … continue reading →