Tag Archives: Shooting Star
THE CORRECTION HAS BEEN KICKED OFF When price completes a cycle and peaks the warning signals are displayed by breadth and risk on / risk off indicators before the correction begins to unfold.
WAITING FOR EVIDENCES OF A BOTTOM Three major assumptions:
THE SHORT-TERM LOW IS DOUBTFUL Despite ending the 5 consecutive days of losing streak, yesterday´s candlestick, a shooting star, suggests that bulls do not have much confidence in the sustainability of a bounce.
UGLY WEEKLY SHOOTING STAR After soaring to a new ATH on Thursday we had a potential exhaustion candlestick. Friday´s aggressive selling pressure, reversing most of the FED thrust, culminates the week with a Shooting Star.
THE RISK OF A LARGER DOWNWARD CORRECTION REMAINS ELEVATED Despite the McClellan Oscillator has been exceptionally positive since the June 24 low, we have a positive divergence and a breadth thrust, the internal structure of the advance from the June … Continue reading
THE TREND REMAINS DOWN OR SIDEWAYS The month of June ended with a Doji candlestick, with price recovering from a drop below 1576 (Former resistance now support). It can be considered a noteworthy achievement of the bulls given the previous … Continue reading
BULLS HAVE THE OPPORTUNITY TO KNOCK DOWN THE BEARS Today we have the major NFP risk event. It seems that bulls want a below consensus number.
BULLS ARE LOSING THE UPPERHAND Yesterday the market followed the script of the always-bullish Tuesday (20 consecutive Tuesdays gains), but despite the large gap up the end of day “picture” tells a different story as the strong bounce has been … Continue reading
THE PULLBACK IS UNDERWAY Preamble of my preferred scenario ====> the current pullback does not belong to a “major” reversal pattern, instead I expect just a retracement of the up leg from the April 18 low.
NO CHANGE: I MAINTAIN THE CALL OF A SHORT-TERM PAUSE This is madness but the fact of the matter is that despite extreme overbought readings bulls so far do not give in to an unavoidable short-term pause.