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
Click for Update



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.
Click for Update


Oil has formed some large vM's to 33.94 and 27.13
Click for Update



Dollar has formed vW's to 94.425 and 95.715
vM to 91.305 is still triggered.
Click for Update



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.
Click for Update



Banks have several patterns triggered both ways.
Click for Update



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
Click for Update




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