FINANCIAL ICEBERG
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US Technical Charts Potpourri
July 15 2018 ( From TradingView, CNN Money )
July 15 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 2 weeks ago and into a strong Price Compression
Phase. Broke 9 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 9 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) New High Ever. Still Into a Weekly
Megaphone Trading Pattern. (See third chart below - red trendlines).
4) Apple Shares (AAPL) Broke 24 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Bulls are back above the Weekly Trendline of a Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 11 weeks ago the Major Resistance Trendline from a Weekly Falling Wedge. Now becomes support. Broke 2 weeks ago a Weekly Uptrend Channel. (See fifth chart below - Red Trendline)
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Broke 26 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Broke 2 weeks ago 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 23 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 3 weeks ago the old Weekly Rising Uptrend Channel Support.
(See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Back 3 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 2 weeks ago and into a strong Price Compression
Phase. Broke 9 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 9 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) New High Ever. Still Into a Weekly
Megaphone Trading Pattern. (See third chart below - red trendlines).
4) Apple Shares (AAPL) Broke 24 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Bulls are back above the Weekly Trendline of a Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 11 weeks ago the Major Resistance Trendline from a Weekly Falling Wedge. Now becomes support. Broke 2 weeks ago a Weekly Uptrend Channel. (See fifth chart below - Red Trendline)
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Broke 26 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Broke 2 weeks ago 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 23 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 3 weeks ago the old Weekly Rising Uptrend Channel Support.
(See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Back 3 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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