Not much has really changed. going to Mikes for the weekend.
Saturday, September 26, 2020
Sunday, September 20, 2020
Week ending 9/20/20: Are we going into a correction? Lumber has tanked over 30%
Stock indices and several stocks such as AAPL and AMZN, have large patterns forming, and/or triggered that have target prices in correction territory. Bonds and gold traded mostly sideways. Oil has climber back above $40. Lumber has tanked over %30 from highs.
The S&P has vM's triggered to
3272.75, 3161.25, and 3060.5
Does still have large longer term vW's triggerred as well.
The Russell still has patterns in both directions that are triggerred.
Needs to hold 1479 area to avoid further selling towards 1409.7 and 1338.7
The Nasdaq has triggered a vM to 9432.75,
which will put it in correction territory
Still has a vW triggered to 12734.25
Bonds still have large patterns both ways.
Gold has been trading sideways the last several weeks.
Has vM's to 1854.2 and 1711.1 but also looks like
could be coiling for a move towards 2102.8 and higher.
Oil has formed some large vM's to 33.94 and 27.13
Dollar has formed vW's to 94.425 and 95.715
vM to 91.305 is still triggered.
The charts for lumber on Thinkorswim and Tradingview
are a bit different and have different highs.
Regardless though, it's down over 30% in a couple weeks.
Wells Fargo has a vW to 19.72 triggered,
and is close to triggering vM to 12.59
It is also close to nulling vW's higher.
It caused weakness in XLF last time so watch it v.s. XLF
Sunday, September 13, 2020
Week Ending 9-11-20: Lumber chart is whacked
Stocks were volatile but went sideways for the most part. Still several good size vM's out there. Oil is close to triggering a sub-30 vM to 27.13. Lumber looks like it fell, but short term chart is whacked for some reason.
The S&P still has vM's to 3272.75 and 3161.25 that are triggered.
Longer term vW's to 3852.5 and 4394.75 are still triggered as well.
The Russell has triggered vM to 1409.7
Still has several vW's higher that are triggered as well.
Bonds still have large patterns both ways.
Gold has been trading sideways the last several weeks.
Has vM's to 1854.2 and 1711.1 but also looks like
could be coiling for a move towards 2102.8 and higher.
Oil has formed some large vM's to 33.94 and 27.13
Dollar has formed vW's to 94.425 and 95.715
vM to 91.305 is still triggered.
Lumber fell with the market but bounced has nulling vM to 687.9 and hit longer term vW from 1994.
Actually this chart is screwed up.
Not sure whats going on.
Day time frame or less shows the new highs,
but weekly and monthly charts show vM to 687.9 being hit.
Other sources confirm he price closing at 640.4 for the week.
Banks have several patterns triggered both ways.
Sunday, September 6, 2020
Week Ending 9/4/20: Labor Day Weekend. Lumber out of gas???
Markets fell Thursday and Friday after making new ATH,
but had a pretty good bounce Friday mid-morning/afternoon.
See if indices can push back to all time highs,
or break Fridays lows and push lower.
The S&P fell Thursday and Friday morning, forming vM's to 3272.75 and 3161.25
It formed a short term vW to 3572.75 on Friday.
See if can push back up to new highs and null vM's lower.
If we break Fridays lows, expecting 3272.75 and 3161.25
The Russell was showing some strength earlier in
the week with closes above recent daily closes,
but fell on Friday as well. It still has short term
vW's in both directiions. If breaks Fridays lows,
expecting 1484.3 and 1409.7
Bonds still have large patterns both ways.
Gold has been trading a bit sideways,
but has patterns lower that formed.
Oil came within 6 cents of vW to 43.84
and has formed and triggered a vM to 37.37
Dollar looks like it wants 91.305
Banks didn't look too bad this week,
considering Thursday and Fridays action in the indices.
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