The 09/17/23 blog “Crude Oil Elliott Wave Pattern – 09/15/23” noted that an important Crude Oil top could occur in a few trading days. Recent action of the Energy sector exchange traded fund (XLE) indicates they may have topped on 09/14/23. Since the S&P 500 (SPX) all-time high in January 2022, both the XLE andContinue reading “Energy Sector Stocks May Have Peaked”
Category Archives: Price
Possible Major S&P 500 – Bottom October 2023
Seasonal patterns for stocks are bearish until October. A break below a strong support zone could trigger a mini – crash bottoming sometime in October 2023. The recent blog “S&P 500 – Support Levels – 09/20/23” noted, (The first support area is the double bottoms of 06/26/23 and 08/18/23. The important level is 4,328.08 madeContinue reading “Possible Major S&P 500 – Bottom October 2023”
Upside Target for U.S. Treasury Yield
The 09/09/23 blog “U.S. Interest Rates Ready to Thrust Higher” noted that long – term U.S. interest rates/yields could soon make new highs. Also noted, (The most important point on the chart is the 08/21/23 peak at 4.474 which is labeled Minor wave “1”.) Today 09/21/23 U.S. 30 – year treasury yields (TYX) blasted aboveContinue reading “Upside Target for U.S. Treasury Yield”
S&P 500 – Support Levels – 09/20/23
Seasonal stock patterns are bearish until late October. Today’s U.S. – FOMC short – term interest rate announcement triggered additional selling, opening the door for lower prices. The daily S&P 500 (SPX) chart courtesy of Trading View shows two potential support zones. The first support area is the double bottoms of 06/26/23 and 08/18/23. TheContinue reading “S&P 500 – Support Levels – 09/20/23”
S&P 500 – Momentum Update – 09/15/23
The prior blog “S&P 500 – Upside Target Hit – 09/14/23” noted “There’s a good chance the SPX made an important top at 4,511.99. If so U.S. stocks could begin a sharp and deep multi- week decline.” On 09/15/23 the S&P 500 (SPX) fell more than 54 – points. Weekly and daily SPX momentum oscillatorsContinue reading “S&P 500 – Momentum Update – 09/15/23”
Nvidia Corporation Update – 09/08/23
Nvidia Corporation (NVDA) bearish technical situation was illustrated in the 08/13/23 blog “Follow the Leaders”. Since then, the technical condition of the stock has gotten more bearish. The weekly NVDA chart courtesy of Trading View illustrates the action since 2022. In bull markets there are usually one or two stocks that are spectacular upside leaders. Continue reading “Nvidia Corporation Update – 09/08/23”
S&P 500 Continues to Decline – 09/07/23
Daily momentum for the S&P 500 (SPX) implies more downside action. The daily SPX chart courtesy of Trading View updates the action. Daily Stochastic had a bearish lines cross three – trading days ago and the lines are in the upper part of the neutral zone. Today 09/07/23 RSI crossed below its moving average line.Continue reading “S&P 500 Continues to Decline – 09/07/23”
Bitcoin and Nasdaq Relationship – 08/18/23
The Nasdaq Composite (IXIC) and Bitcoin in U.S. dollars (BTCUSD) tend to trend together. Since late 2021 BTCUSD has been the weaker of the two and could be giving a preview of near -term IXIC action. The weekly BTCUSD and IXIC chart courtesy of Trading View shows their relationship since November 2021. BTCUSD made itsContinue reading “Bitcoin and Nasdaq Relationship – 08/18/23”
S&P 500 First Wave Down Nearing Completion – 08/18/23
The 08/16/23 blog “S&P 500 – Downside Targets – 08/16/23” noted. “A Fibonacci .236 retrace of October 2022 to July rally is near SPX 4,350. The SPX closed 08/16/23 at 4,404 and could reach 4,350 on 08/17/23.” On the S&P 500 (SPX) 08/18/23 open it reached 4,350 and quickly bottomed out at 4,335. Could thisContinue reading “S&P 500 First Wave Down Nearing Completion – 08/18/23”
S&P 500 – Downside Targets – 08/16/23
Today 8/16/23 the S&P 500 (SPX) made a new decline low. Fibonacci analysis provides clues to potential short-term support levels. The 08/15/23 blog illustrated that the SPX was in a declining wedge. The 2- hour SPX chart courtesy of Trading View shows what happened to the wedge. The wedge is gone, and the SPX isContinue reading “S&P 500 – Downside Targets – 08/16/23”
