Within Range
The last update on SPY, showed ‘shortening of the thrust’; a classic Wyckoff observation concerning end of trend (not advice, not a recommendation).
Now, we have a possibility of another all-time high.
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
Fibonacci Week 5
This coming week is Fibonacci ‘Week 5’, from the KMX reversal during the week of 8/28 (labeled as ‘1’ on the chart).
Note the volume last week, increased over 78% from the week prior (not advice, not a recommendation).
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
A Century Old, Observation
The net upward distance traveled on the S&P, with each major thrust, is getting shorter.
This ‘shortened thrust’ is one of Wyckoff’s observations going all the way back to ‘Studies in Tape Reading‘.
It’s getting harder for the S&P to make any additional headway; the move is nearing its end (not advice, not a recommendation).
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
Dow, S&P, Qs Et al.
The Dow (DIA) all-time highs were on August 5th, the S&P (SPY) on August 13th, the Qs (QQQ), way back on June 3rd; Semiconductors (SOXX), June 22nd, and the list goes on.
We have updates by the day, if not the hour, like this, this, and this, letting us know in real-time, the air’s coming out of the bubble (not advice, not a recommendation).
So, ‘gentlemen, start your engines‘ 🙂
Pick your market
Biotech XBI, Daily
The chart has an added bonus, showing the potential trading channel.
Trade Action: Yesterday, XBI-26-11, was exited at break even, then re-established (short) as XBI-26-12, and well-in-the-green by the close (not advice, not a recommendation).
Stay Tuned
Charts by StockCharts, TC2000
The Danger Point®, trade mark: No. 6,505,279
Massive Channel
As reported by Ox Talks, link here, Oracle’s corporate bonds are about one tick above ‘junk’ status, Time Stamp: 13:00 (not advice, not a recommendation).
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
Long Term?
Expedia has so far, failed to sustain a breakout to new highs.
The chart shows several weeks above the resistance line set by highs posted back in early January.
Price action broke below those highs, coming back to test at 38%, a weak retrace (not advice, not a recommendation).
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
Off The Cliff?
We won’t know for sure, until a long time from now … when it’s all over (not advice, not a recommendation).
Yesterday’s action in biotech IBB, posted a new daily high, while at the same time, XBI moved higher but was unable to post a new high.
Trade Action: IBB-26-05, was exited with profit and the short re-established as XBI-26-11 (not advice, not a recommendation).
As the chart shows (blue arrows), that XBI short was increased during today’s session.
Biotech XBI, Daily
We’re still at the far-right side, the ‘supply side’.
If the entire channel is in-effect, the ‘demand side’, is a long way away.
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
Contact Points
Price action has verified the existence of the right-side trend line with at least three contact points (not advice, not a recommendation).
Minor pivots posted at Fibonacci intervals.
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
At The Trend
The situation with Aflac, is best explained at this link.
Aflac ‘has nowhere else to go’.
It’s either going to break higher and continue the rally from the spring set-up or reverse down hard, back into the channel (not advice, not a recommendation).
The outlier, it does nothing, goes sideways.
However, with stories like this breaking by the day, if not the hour, doing ‘nothing’ appears to be low probability.
Stay Tuned
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The Danger Point®, trade mark: No. 6,505,279
Break & Breakaway
AutoZone can’t seem to get it together for any kind of bullish move.
In fact, as each week goes by and price action continues to erode lower, the massive 200-plus point gap shown, looks more and more like a ‘breakaway;’ gap (not advice, not a recommendation).
Note the channel lines on a potential trading channel.
Stay Tuned
Charts by StockCharts, TC2000
The Danger Point®, trade mark: No. 6,505,279
