A break below Golds closest support could trigger a 10% decline. Point & Figure (PF) charts are very good at discovering potential support and resistance areas. The daily PF- Gold Continuous Contract ($GOLD) chart courtesy of StockCharts.com illustrates its action. Point & Figure charts consist of columns of X’s and O’s that represent filtered priceContinue reading “Gold Nearing Important Support – 05/31/24.”
Category Archives: Price
Nvidia Major Top Could be in Place – 05/30/24.
On 05/30/24 Nvidia Corporation (NVDA) high was 1,158.19. Major Fibonacci resistance illustrated in the 05/25/24 blog “Nvidia Nears Major Fibonacci Resistance at 1,157.00” was 1157.70. Today’s high was almost a bullseye hit. The daily NVDA chart courtesy of Trading View updates its action. NVDA then declined from 1,158.19 and closed below its 05/29/24 session low.Continue reading “Nvidia Major Top Could be in Place – 05/30/24.”
All Eyes on Nvidia!
The daily Nvidia Corporation (NVDA) chart updates its action. On 05/28/24 NVDA made a new all-time high at 1,149.39 very close to major Fibonacci resistance at 1,157.70. It is also close to a rising trendline connecting the peaks made in October 2018 and November 2021. Please see the 05/25/24 blog “Nvidia Nears Major Resistance atContinue reading “All Eyes on Nvidia!”
Major Bearish Signal for U.S. Stocks – 05/22/24.
Today, 05/22/24 the Nasdaq Composite (IXIC) made a new all-time high unaccompanied by the other two main U.S. stock indices. This combined with the S&P 500 (SPX) inability to break above major Fibonacci resistance, could signal a bear move lasting into at least early 2025. When one of the main U.S. stock indices; Dow JonesContinue reading “Major Bearish Signal for U.S. Stocks – 05/22/24.”
S&P 500 – External Momentum – 05/17/24.
External momentum indicators are derived from price action, they measure the speed of a market and aid in determining overbought/oversold conditions. The daily S&P 500 (SPX) chart courtesy of Trading View shows what’s been happening in 2024. Daily Stochastic has reached the overbought zone and has flat lined. On a daily scale Stochastic could continueContinue reading “S&P 500 – External Momentum – 05/17/24.”
Short-Term Action of U.S. Stock Indices – 05/17/24.
The 30 – minute S&P 500 (SPX) chart courtesy of Trading View updates its Eliott wave count. There’s a good chance the SPX completed Minor wave “4” of the extended Impulse wave that began on 04/19/24. The bottom on 05/17/24 was very close to a .382 Fibonacci retracement of the presumed Minute wave “v” ofContinue reading “Short-Term Action of U.S. Stock Indices – 05/17/24.”
Continuing Relative Weakness of the Russell 2000
The 04/28/24 blog “Russell 2000 Relative Weakness to the S&P 500” illustrated the long- and short-term bearish divergence of the Russell 2000 (RUT) to the S&P 500 (SPX). As of 05/10/24 RUT continues to diverge from the SPX and could be a bear market omen. The daily SPX and RUT chart courtesy of Trading ViewContinue reading “Continuing Relative Weakness of the Russell 2000”
Resistance Breakthrough – 05/10/24
On 05/09/24 the S&P 500 (SPX) marginally broke through “Volume Profile” resistance in the low 5,200 area. On 05/10/24 there was a decisive move above resistance. Unless the SPX can break below 5,200 it could soon at least return to the 03/28/24 all-time high. The daily SPX chart courtesy of BigCharts.com updates the external momentum.Continue reading “Resistance Breakthrough – 05/10/24”
S&P 500 – Update – 05/03/24
The 04/21/24 blog ”Potential S&P 500 Bottom – Early May 2024” noted a Fibonacci time cycle turn on 05/03/24. It was presumed that the S&P 500 (SPX) which began to decline in early April would continue dropping into early May. Subsequently the 04/27/24 blog noted that the size of the SPX rally since 04/19/24 madeContinue reading “S&P 500 – Update – 05/03/24”
Watch the U.S. Treasury 5 – Year Yield
For several months the focus has been on when the U.S – FOMC will cut short -term interest rates. In the meantime, rates/yields have been rising on long term – 5-to-30-year U.S. Treasury securities. The monthly 5 – year Treasury yield (FVX) chart courtesy of Trading View shows what’s been happening. After rising for moreContinue reading “Watch the U.S. Treasury 5 – Year Yield”
Four Dimension Trading 