FINANCIAL ICEBERG
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US Technical Charts Potpourri
July 29 2018 ( From TradingView, CNN Money )
July 29 2018 ( From TradingView, CNN Money )
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Trade war is on. Expect more volatility going forward. Technology stocks
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 4 weeks ago. Still Into a Weekly Uptrend Channel.
Weekly Shooting Star last week. (See first chart below - channel)
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 11 weeks ago. Still into a Weekly Uptrend Channel. Weekly Shooting
Star last week. (See second chart below - Channel).
3) QQQ ETF (NASDAQ - 100 Index) New Weekly High Ever violently Rejected
last week (lower weekly close with a Shooting Star) . Still Into a Weekly
Megaphone Trading Pattern. (See third chart below - red trendlines).
4) Apple Shares (AAPL) Broke 25 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Weekly Shooting Star. Still Into a Weekly Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 13 weeks ago the Major Resistance Trendline from a Weekly Falling Wedge. Now becomes support. Broke 4 weeks ago a Weekly Uptrend Channel. (See fifth chart below - Red Trendline)
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Broke 28 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Back 2 weeks ago below 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 25 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 5 weeks ago the old Weekly Rising Uptrend Channel Support.
(See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Broke last week the weekly Uptrend Channel.
(See ninth chart below -YellowTrendlines).
The buy the dip mentality is still strong and will become costly to investors. Buyback is still keeping that market alive 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 4 weeks ago. Still Into a Weekly Uptrend Channel.
Weekly Shooting Star last week. (See first chart below - channel)
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 11 weeks ago. Still into a Weekly Uptrend Channel. Weekly Shooting
Star last week. (See second chart below - Channel).
3) QQQ ETF (NASDAQ - 100 Index) New Weekly High Ever violently Rejected
last week (lower weekly close with a Shooting Star) . Still Into a Weekly
Megaphone Trading Pattern. (See third chart below - red trendlines).
4) Apple Shares (AAPL) Broke 25 weeks ago a Weekly Rising Wedge Technical
Pattern Support Trendline. (See fourth chart below - Right - Red Trendlines)
Weekly Shooting Star. Still Into a Weekly Rising Wedge (pink).
5) DXY Index (US Dollar Index) Broke 13 weeks ago the Major Resistance Trendline from a Weekly Falling Wedge. Now becomes support. Broke 4 weeks ago a Weekly Uptrend Channel. (See fifth chart below - Red Trendline)
6) TLT ETF (iShares 20+ Year Treasury Bond ETF) Broke 28 weeks ago a Weekly Rising Wedge Support Trendline. (See sixth chart below - Red Trendlines) Back 2 weeks ago below 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 25 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 5 weeks ago the old Weekly Rising Uptrend Channel Support.
(See eight chart below-Channel)
9) Light Crude Oil Futures (CL2-NYMEX) Broke last week the weekly Uptrend Channel.
(See ninth chart below -YellowTrendlines).
The buy the dip mentality is still strong and will become costly to investors. Buyback is still keeping that market alive 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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