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US Technical Charts Potpourri
June 17 2018 ( From TradingView, CNN Money )
June 17 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 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) Still Into a Weekly Downtrend Channel and
into a strong Price Compression Phase. Broke 5 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 5 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). Into a Weekly Uptrend Channel.
Highest close ever on Low Trading Volume.
4) Apple Shares (AAPL) Broke 21 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Bulls need to stay above the Weekly Trendline of a Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 7 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 22 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Back below 9 weeks ago 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 19 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 last week a weekly Downtrend Channel Resistance. (See eight chart below-Channel) Back below last week the old the Rising Wedge Resistance (yellow).
9) Light Crude Oil Futures (CL2-NYMEX) Broke 2 weeks ago weekly Uptrend Channel and testing the Trendline. (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 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) Still Into a Weekly Downtrend Channel and
into a strong Price Compression Phase. Broke 5 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 5 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). Into a Weekly Uptrend Channel.
Highest close ever on Low Trading Volume.
4) Apple Shares (AAPL) Broke 21 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Bulls need to stay above the Weekly Trendline of a Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 7 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 22 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Back below 9 weeks ago 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 19 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 last week a weekly Downtrend Channel Resistance. (See eight chart below-Channel) Back below last week the old the Rising Wedge Resistance (yellow).
9) Light Crude Oil Futures (CL2-NYMEX) Broke 2 weeks ago weekly Uptrend Channel and testing the Trendline. (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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