SPX - turnaround Tuesday and Oil - ready to move higher
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Both discussed in the video. The SPX resistance level of 4340 is an area where an objective short can be tried. It may go higher but I don't think by much. Oil is almost done consolidating for a bigger move to the upside. Possible cup and handle target would be $120
Good luck!
Good luck!
Nota
no selling yet - QQQ looks like it wants to get to 372, then we'll see.... Nota
OIl still consolidating. Nota
to me the count looks like this - sideways B and we're in the middle of C another wave up on C makes sense but not too much higher. The whole correction looks like WXY Nota
false breakdown on oil - to take out stops I assume - may breakout today. Nota
Good morning, we may have topped yesterday, I'm not sure. PPI this morning and FOMC minutes at 2pm so it may be a wild day. I'm watching this channel, we are now on top of it, back into it would be bearish but we could go back to the top of it again. That retest may be a short opp. Also strong support at 4340 should not be ignored. Nota
OIl looks to be breaking down, so it should be a strong move down from here unless they save it soon. Nota
the channel could also be like this - in which case, they may sell it here at 830. Nota
2nd stab at channel, short opp Nota
Oil double bottom - may reverse here - over 86 and it looks better for bulls. nothing decided yet. Nota
watch for a potential break and fail. Nota
price is compressing with low rsi on small time frames, a breakout and a higher high is certainly possible into 2pm fomc minutes. Nota
SPX appears to be in a triangle, or something like that - probably into FOMC minutes at 2pm. Nota
looks like a tradable top, a bounce with the fomc minutes will likely get sold, Nota
RTY coming into a support level. Objective long especially here I think. Still cold be more upside in this rally. Never underestimate the buy the dip crowd when it works. Lately it has. Nota
gap at 4400 level on spx cash still not filled, could be a target if a rally sticks. Nota
should continue higher to fill the gap on SPXNota
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back to the channel by end of day. It could be a trap - note the hourly bearish divergence here. We'll see tomorrow.... Nota
nq resistance area Nota
us oil gap fill, not sure what to make of it I got stopped out. Nota
IWM was weak today compared to other indices, sometimes a leading indicator. Stopped at it's daily18ma Nota
IWM still has not made it's target of 165 (head and shoulders) i think it does by November. Nota
us.econoday.com/byweek.asp CPI today at 830Nota
market keeps pushing against the channel. A break above with CPI and continuation into 930 (to take out shorts) is possible. usually these kinds of patterns have a "blow off top" moment. I do think today the market will turn down regardless of how high it gets first.Nota
soxx back to channel resistance Nota
qqq to 372 area - channel resistance Nota
ES (futures) suggest 4450 area as possible target. Nota
15 minute rsi too low again, expecting higher Nota
after open I still expect a short squeeze, RSI is hinting at it. I could be wrong, but here it is. Nota
looks correct, Nota
current count - Nota
support level here - if it can hold it probably goes higher. Feels like a bear trap - again. Nota
lost support, looks like the top may be in. test of that 4376 - 80 level may hold it back. Nota
we have an expanding channel here - which may prove to be the bottom before a final rally. Just best to be careful. Nota
this channel is acting as support. one more high would not surprise me in the least bit. RSI extremely oversold on small and mid time frames Nota
q's gap at 376 area, may be what's driving the tech move. Nota
resistance of 4380 still holds. if it breaks it's bullish. Nota
secondary resistance here. so far looks bullish but it may stop around here. Nota
secondary channel structure reached, but it looks like it's going to crack. Nota
if they break the channel (blue) any test of it is an objective short. If they hold and test the yellow trendline which held earlier, that now should be resistance. Nota
ok we're bearish Nota
Larger structure still looks like a channel. Wave 5 down starting i think. Nota
coming back to test the channel. I'm not sure what's going to happen here but they will keep everyone guessing into the close I'm sure. Above 4370 tomorrow and it's going to make another high. Nota
how the day ended - Nota
New Video - I will update there - enjoy 
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