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Market Update: November 17
Bitcoin! Heads up because ‘digital gold’ is quickly approaching its all time high of 19666. Just under this level is a parallel that crosses major levels (mostly from 2015 to 2017). BTCUSD is a long term bull but I’m of the mind that we see a strong reaction from the parallel/all time high.
Market Update – September 21
The Dow is testing critical support from the June high. This level has been support since 8/20. A break below would complete a head and shoulders top that’s been forming since early June. The measured objective would be 25853.
Market Update 1/17 – USD Nearing Resistance
GBPUSD sports 5 waves down from the high in what is probably wave an of a small 3 wave correction. As such, expectations are for a small bounce in wave b. The proposed resistance is 1.3690s. Eventually, the top side of the former channel resistance is proposed support near 1.3600.
Market Update 3/1 – Silver Breaks out from 13 Month Channel
Silver broke above its 13 month channel today to join gold. The top side of the channel at 24.87 is now support. The objective is the 2021 high and full channel extension at 30.14. Gold support should be 1922/28 now.
Market Update – June 19
***Happy Phi (6/18) Day! Another day of quiet for the most part (GBP was down big) but tomorrow could get interesting intraday due to June expiration.***
Market Update – June 5
QQQ traded to an all-time high on Wednesday and at today’s open before ending the day down slightly. It’s interesting that the Nasdaq Composite and Nasdaq futures have not traded all-time highs yet. S&Ps have not either. I’m not sure if this non-confirmation means anything. Time will tell. 223.94 is still seen as an important level (call it the ‘breakage’ point) but weakness under the lower diagonal line (lower magenta line) near 230 would be enough for me to suggest that the uptrend has broken.