Market Update: January 10
EURUSD is breaking down and focus is on 1.1915 or so. The underside of the just broken trendline near 1.2270 is now proposed resistance. 1.2125 is a possible bounce level.
Market Update: January 7
USDOLLAR continues to hold the May 2015 low. The level is also defined by a parallel that is equidistant from the parallel that was resistance in September and November (magenta lines) when measured from the median line. This is an example of symmetry that we often see in median line analysis. I am looking towards the median line, about 11840, as long as the low holds. A short term structure is shown below that is in play and worth following. 11650 is possible support.
Market Update 1/6 – More Reversal Evidence
50-51 is big for crude. This zone was critical support in 2019. Once the level broke early last year, crude went into a swan dive. As noted 2 days ago, the rally from the April negative print does compose 5 waves. 5 waves up plus a massive market level in the form of former support (turned resistance?) indicates reversal potential.
Market Update 1/5/2021 – Bitcoin Warning
Bitcoin! There aren’t enough superlatives to describe the recent rise. That said, pay attention at this level. Yesterday (first trading day of the year), BTCUSD completed a 2 day volume reversal. This means that the price rallied on significant volume and declined on significant volume the very next day. BTCUSD price history on TradeStation starts in August 2011 so this ‘study’ is in no means exhaustive. Still, the only other 2 day volume reversal occurred at the June 2019. Price is also at the top of an extremely steep channel so I’m on alert for something else besides parabolic rally.
Market Update: 1/4/2021 – The Most Important Update of the Year?
Today’s USDOLLAR low…11635. Price reversed sharply higher after low print. UUP, the USD ETF, made a high volume reversal today. The only other volume reversal on the first day of the year was in 2017, which was a high. This is only the 4th bullish reversal since inception of the ETF. The previous 3 worked. Those charts are below.
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