FINANCIAL ICEBERG
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US Technical Charts Potpourri
March 27 2017 ( From TradingView, CNN Money )
March 27 2017 ( From TradingView, CNN Money )
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The Trumpification of Financial Markets still on (pro-growth and reflation
theme within a protectionism bias) but details of his action plan are scarce
and the health care bills fails deals a blow to the rest of his agenda.
That is starting to weight on the stock market.
Some Weekly Technical Charts and Short Comments on US financial products:
1) SPY ETF (SPDR S&P 500 ETF) broke last week the Weekly Uptrend Channel.
Also broke the previous Weekly Break Out Trendline that was critical for Bulls.
(See first chart below, Rising Channel + Blue trendline)
2) VTI ETF (Vanguard Total Stock Market ETF) comprised of 3613 US Stocks
(so for me it is the Total Market Index) broke violently last week the
second breakout Trendline (See second chart below - Ellipse).
3) QQQ ETF (NASDAQ - 100 Index) Tested last week the Major Previous Weekly
Break Out Trendline of a Rising Wedge (See third chart below - Left-Blue)
and made a new high ever last week but was strongly rejected.
4) Apple Shares (AAPL) broke last week a Steep Weekly Rising Channel.
(See fourth chart below - Right - Channel) New High Ever but resolved in a Weekly Gravestone Doji Pattern.
5) DXY Index (US Dollar Index) is back below its Previous Weekly Breakout Trendline (See fifth chart below - Grey Trendline) and unable to make new high with good economic numbers... Starting to be a concern...
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Into a Weekly Downward Channel. (See sixth chart below - Channel) Last Call for Bulls is the Bottom Yellow Support Trendline.
7) VIX Index (SP500 Volatility-CBOE) is finally rebounding from the Major Weekly Support Trendline of a Falling Wedge (See seventh chart below - Grey). Highest Weekly Close since December 26 2016 week!
8) Copper Futures (HG2-COMEX) broke four weeks ago a Weekly Support Trendline. (See eight chart below-Red Trendline) and into a Weekly Downtrend Channel.
9) Light Crude Oil Futures (CL2-NYMEX) broke last week the Old Weekly Rising Wedge Support Trendline (See ninth chart below - Grey Trendline - Ellipse) that was so critical for Bulls.
A few signs tells me to be cautious here: Trump start to feel the weight of politics, US Dollar Index (DXY) weaker and no new high yet on Major Indices on good economic numbers...
theme within a protectionism bias) but details of his action plan are scarce
and the health care bills fails deals a blow to the rest of his agenda.
That is starting to weight on the stock market.
Some Weekly Technical Charts and Short Comments on US financial products:
1) SPY ETF (SPDR S&P 500 ETF) broke last week the Weekly Uptrend Channel.
Also broke the previous Weekly Break Out Trendline that was critical for Bulls.
(See first chart below, Rising Channel + Blue trendline)
2) VTI ETF (Vanguard Total Stock Market ETF) comprised of 3613 US Stocks
(so for me it is the Total Market Index) broke violently last week the
second breakout Trendline (See second chart below - Ellipse).
3) QQQ ETF (NASDAQ - 100 Index) Tested last week the Major Previous Weekly
Break Out Trendline of a Rising Wedge (See third chart below - Left-Blue)
and made a new high ever last week but was strongly rejected.
4) Apple Shares (AAPL) broke last week a Steep Weekly Rising Channel.
(See fourth chart below - Right - Channel) New High Ever but resolved in a Weekly Gravestone Doji Pattern.
5) DXY Index (US Dollar Index) is back below its Previous Weekly Breakout Trendline (See fifth chart below - Grey Trendline) and unable to make new high with good economic numbers... Starting to be a concern...
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Into a Weekly Downward Channel. (See sixth chart below - Channel) Last Call for Bulls is the Bottom Yellow Support Trendline.
7) VIX Index (SP500 Volatility-CBOE) is finally rebounding from the Major Weekly Support Trendline of a Falling Wedge (See seventh chart below - Grey). Highest Weekly Close since December 26 2016 week!
8) Copper Futures (HG2-COMEX) broke four weeks ago a Weekly Support Trendline. (See eight chart below-Red Trendline) and into a Weekly Downtrend Channel.
9) Light Crude Oil Futures (CL2-NYMEX) broke last week the Old Weekly Rising Wedge Support Trendline (See ninth chart below - Grey Trendline - Ellipse) that was so critical for Bulls.
A few signs tells me to be cautious here: Trump start to feel the weight of politics, US Dollar Index (DXY) weaker and no new high yet on Major Indices on good economic numbers...
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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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CBOE SP500 Index Volatility ( VIX )
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Oil Futures ( CL2 )
Volume ( Bottom Blue Area )
Oil Futures ( CL2 )
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