China is again in the news as its Caixin manufacturing index hits its lowest reading in 6 years. Dutifully, world markets decline by around 2% on average. Clicking the graphic…
Using SPY for the US market and EEM for general Emerging Markets, I’d like to illustrate what I think may be in play on the short-term.
SPY shot up to the equivalent of our first S&P 500 target around 1980. This was based on lateral resistance (not shown on the chart below) and a 50% Fib retrace. We also have an ultimate potential upside (corrective) target equivalent to SPX 2040. That is the thick red zone on the SPY chart below.
A subscriber asked if I was still in the SPY short or had I stopped out? Answer: Still on the short. It had been noted that the stop loss would be above 208.61 (last week’s high). SPY hit 208.76 today and I have not even thought of letting that make me cover.
This is very similar to a previous update that worked out well shorting SPY. The parameters to short are very similar, the current level up to 206. A rise above…
So if you are a bull, you are buying here... right? Are you a bull? I ask that seriously, because I myself am not sure at the moment what I…
I have gone mostly sidelines with the seasonal stock market bounce stuff, but also am not short a single thing. With that disclosed, here is a gappy view of the…
Frankly, the more unwieldy this hyper frenetic market gets, the less inclination I have to do NFTRH+ updates, because the volatility has a funny way of breaking charts (with associated…
Per the regular update this morning, the EMA 10 (2056) was noted as key resistance on the S&P 500. Translating that to a bear trade on the SPY, we find…
The long bond fund TLT has looked just fine, as we had been noting in NFTRH ETF updates during its bowl-like pattern. It's now broken above it. Daily MACD and…
A snapshot of the current technical status of several key markets (a lot of charts today because macro changes seem to be in effect)…
GLD broke down from the Sym-Tri (strike 1), lost the June low (strike 2) and now would try to find support at the December low, equiv. to gold 1180. Over sold, prone to bounce but technically bearish below 120 and 123.
A snapshot of current technicals for key markets…
GLD became very bearish with the breakdown from 124. A rise above 123 is needed to even begin to repair this chart.
A snapshot of the current technical status of key ETFs…
GLD filled gap, which now closes out the geopolitical hype and leaves gold on its own right at key support. Still not a constructive looking chart. A rise above the SMA 200 and then the 50 makes it constructive.
The market bounce is providing a potential opportunity for those who care to, to re-short. As you may know I covered a short on SPY on the recent decline and have been looking to re-enter it. The S&P 500 bounce target has been 1950 to 1960, but let’s refine the situation for the SPY.
A slightly abbreviated Key ETF segment due to ongoing time commitments over the mid summer weeks. Just a snapshot in time, picking up where we last left these charts a few weeks ago…