So many of the context pieces I monitor are flirting with the high-ends of their established ranges.
Either this is it, and we finally break range and explore higher prices or sellers are about to land a blow from the top ropes. I am watching USD/JPY, Oil, and Nasdaq semiconductors. Here’s the semiconductor chart:
Breadth is strong intra-day, but these context pieces have me trying to dig my heels in and stay bearish on the week.
I also have a lagging Nasdaq, fading copper stocks, and lackluster momentum in the favorites like Facebook, Netflix, and Tesla.
On my wish list is biotech softening up again. They are so strong. And some decaying breadth to motivate sellers to become initiative on the week.
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Watch $EEM and $FXI. When they are in front of this type of move, that’s the best sign you can have.
thanks, I haven’t queued either of those up in weeks
I only look during market corrections like this. They always trend out first if we are to recover.
FXI same story, top of the line, butting up against former support. EEM not quite as clear. Real tight interplay going on here o_0
Short-term double top, yep (at the lower channel line, too). Currently retracing? We shall see soon enough. 4321 would be a nice “end of the line” point.
Not a double bottom though, right? Especially given the context of the overall move lower?
Sold at 4319.25 – mental stop – which sucks because I got things to do other than monitor this all afternoon.
Well, it does look like a double bottom over the last two sessions at about 4269.5 – that’s fine, let’s retest it.
F it, hard stop at 4319, I got firewood to cut, split, and stack.