Happy Weekend traders.
I want to begin by revisiting the elephant in the room. We’ve rallied hard in November from a low that I thought we weren’t nearly bearish enough at for it to stick. And stick it did.
At the end of October (here), I discussed how the market was either clownishly bullish or clownishly bearish. The clownishly bullish view involved a huge, macro “cup and handle formation” that at the time, looked like this (from that article on the 28th of October):
Read more “The Weekend Review of the Markets: The Coming Market Reversal”
Good afternoon, traders.
Let’s take a look at the ascending triangle we discussed yesterday. Yesterday’s failed breakout attempt made it look like this bullish pattern was about to fail. And that started to look good today for a while, until we had short covering into the close that kept us involved in the structure:
Read more “Market Update for Thursday, November 30th, 2023”
Good evening, traders.
Well I didn’t have anything I could add yesterday because we barely moved and we stayed in the tight range we had been in for some days, and I ran the risk of simply repeating myself.
As for today, we gapped up out of what appears to be a triangle, and sold almost from the open back into the structure:
Read more “Market Update for Wednesday, November 29th, 2023”
Good afternoon, traders. I hope everyone who celebrated the holiday had good time and got stuffed.
On the U.S. indices, triangles and other overlapping structures abound.
The NDX futures may have an overlapping rising wedge, which is compatible with an ending diagonal:
Read more “Market Update for Monday, November 27th, 2023”
Good evening, traders, and Happy Thanksgiving!
Last discussed a couple of days ago here, the S&P 500 has struck this trend line:
Read more “Market Update for Wednesday, November 22nd, 2023”