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US Technical Charts Potpourri
July 8 2018 ( From TradingView, CNN Money )
July 8 2018 ( From TradingView, CNN Money )
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Trade war is on. Expect more volatility going forward. Emerging markets
turmoil start to bring some question for the US equity behavior.
The market is still all momentum stocks not value stocks.
Some Weekly Technical Charts and Short Comments on US financial products:
1) SPY ETF (SPDR S&P 500 ETF) Tested and rebounded from a Major Weekly
Uptrend Channel Support and into a strong Price Compression Phase. Broke 8
weeks ago the Resistance of a Weekly Wedge critical for Bulls to stay over.
(See first chart below - pink)
2) VTI ETF (Vanguard Total Stock Market ETF) comprised of 3 638 US Stocks
(Total Market Index) Broke the Resistance of a Weekly Falling Wedge Technical
Pattern 8 weeks ago. That become the Major Support Trendline that Bulls
need to protect. (See second chart below - Pink Trendline).
3) QQQ ETF (NASDAQ - 100 Index) Still Into a Weekly Megaphone Trading
Pattern. (See third chart below - red trendlines). Broke 2 weeks ago a Weekly Uptrend
Channel on high Trading Volume.
4) Apple Shares (AAPL) Broke 23 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Bulls failed 3 weeks ago to stay above the Weekly Trendline of a Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 10 weeks ago the Major Resistance Trendline from a Weekly Falling Wedge. Now becomes support. Broke last week a Weekly Uptrend Channel. (See fifth chart below - Red Trendline)
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Broke 25 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Broke last week above the Major Weekly Rising Wedge Support (blue-from Feb 2011). Strong Price Compression within a Weekly Falling Wedge (pink trendlines).
7) VIX Index (SP500 Volatility-CBOE) Broke 22 weeks ago a Weekly Falling Wedge Technical Pattern. Started the new Volatility Phase. (See seventh chart below - Grey Trendlines). That trendline become weekly support.
8) Copper Futures (HG2-COMEX) Broke 2 weeks ago the old Weekly Rising Uptrend Channel Support.
(See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Back 2 weeks ago into the weekly Uptrend Channel.
(See ninth chart below -YellowTrendlines).
The buy the dip mentality is still strong and will become costly to investors. Buyback and tech stocks pushing that market for now.
turmoil start to bring some question for the US equity behavior.
The market is still all momentum stocks not value stocks.
Some Weekly Technical Charts and Short Comments on US financial products:
1) SPY ETF (SPDR S&P 500 ETF) Tested and rebounded from a Major Weekly
Uptrend Channel Support and into a strong Price Compression Phase. Broke 8
weeks ago the Resistance of a Weekly Wedge critical for Bulls to stay over.
(See first chart below - pink)
2) VTI ETF (Vanguard Total Stock Market ETF) comprised of 3 638 US Stocks
(Total Market Index) Broke the Resistance of a Weekly Falling Wedge Technical
Pattern 8 weeks ago. That become the Major Support Trendline that Bulls
need to protect. (See second chart below - Pink Trendline).
3) QQQ ETF (NASDAQ - 100 Index) Still Into a Weekly Megaphone Trading
Pattern. (See third chart below - red trendlines). Broke 2 weeks ago a Weekly Uptrend
Channel on high Trading Volume.
4) Apple Shares (AAPL) Broke 23 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Bulls failed 3 weeks ago to stay above the Weekly Trendline of a Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 10 weeks ago the Major Resistance Trendline from a Weekly Falling Wedge. Now becomes support. Broke last week a Weekly Uptrend Channel. (See fifth chart below - Red Trendline)
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Broke 25 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Broke last week above the Major Weekly Rising Wedge Support (blue-from Feb 2011). Strong Price Compression within a Weekly Falling Wedge (pink trendlines).
7) VIX Index (SP500 Volatility-CBOE) Broke 22 weeks ago a Weekly Falling Wedge Technical Pattern. Started the new Volatility Phase. (See seventh chart below - Grey Trendlines). That trendline become weekly support.
8) Copper Futures (HG2-COMEX) Broke 2 weeks ago the old Weekly Rising Uptrend Channel Support.
(See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Back 2 weeks ago into the weekly Uptrend Channel.
(See ninth chart below -YellowTrendlines).
The buy the dip mentality is still strong and will become costly to investors. Buyback and tech stocks pushing that market for now.
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"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."
-Sun Tzu, the Art of War
-Sun Tzu, the Art of War
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