Test & Reverse
The last update on UBER, identified a potential downside reversal link here.
At that point, it was in ‘test’ phase.
Since then, UBER has posted a new weekly low, confirming the test and now, a reversal (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
One Side, is Exhausted
Today was the day when the airline sector was supposed to resume its uptrend into a (possible) new high.
Early in the session, that move has failed (not advice, not a recommendation).
Instead of moving higher, price action printed a new daily low.
As Dr. Elder said years ago in ‘Come Into My Trading Room‘, when a set-up fails, at times, it’s best to exit (if positioned) and re-enter in the opposite direction.
Airlines Sector, Daily
Last Friday’s action was a reversal bar with a higher close. The inference was for continuation to the upside.
As the arrow notes, that move has failed.
The benefit, is a well-defined stop (if short); that is, today’s session high (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Aligned with, The Delta Analysis
When looking at the airline sector below, it appears to support yesterday’s update.
That is, we have signs of potential buoyancy, enabling the sector and DAL to move higher (not advice, not a recommendation).
Of course, with that said, anything can happen in the markets.
Airline Sector, Daily Close
The circled area shows a wedge within a much larger (terminating) wedge.
If this pattern is in-effect, i.e., the market moves higher to the measured move, then we have one (possible) last high in the sector (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Possible, More Upside
Delta’s showing high page count in this site’s metrics.
Here’s an update.
We did get the downside move as suggested here.
However, DAL did not collapse as expected.
Instead, it looks like there’s some buoyancy, which implies more upside (not advice, not a recommendation).
Note the pivots (so far) occurring on Fibonacci counts.
Monday is ‘Day 8’.
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The Danger Point®, trade mark: No. 6,505,279
New Weekly Low
The weekly chart of Paccar Inc. shows a new weekly low off an up-thrust condition.
In addition, as can be seen from the lower blue support line, we also have a repeating pattern, link here (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Test, Complete?
The last update on Delta, link here, said there’s a possibility for an upside test.
Looks like it’s here.
Today, price action net upward progress, appears to have slowed (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Watch the Transports
It’s a no-brainer we’re seeing or about to see, massive corporate layoffs, link here.
If it’s as bad as reported or worse, the economic hit can’t be denied or somehow spun as ‘the best economy, ever’.
Back in the day, when the markets made some kind of sense, old-timers would tell us to ‘watch the transports’.
It’s the index which typically signals the first sign of economic trouble (not advice, not a recommendation).
SAIA, reported earnings two days ago, link here.
The market reaction was a powerful thrust lower, a slight recovery (test) yesterday, then continuation to the downside, today.
SAIA, Inc. SAIA, Daily
The trading response was to go short on the tenth, increase the position by 50%, yesterday during the test, then stand back and let the market decide (not advice, not a recommendation).
Rydex Bull/Bear
Recall, the work has already been done from a strategic standpoint, probability favors the downside, link here (not advice, not a recommendation).
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The Danger Point®, trade mark: No. 6,505,279
Almost There …
The last update on CRWD, is linked here.
Today’s action continued the upside test, but the momentum has slowed (not advice, not a recommendation).
The next earnings release is scheduled for early March, link here.
While (nearly) all eyes are focused on the A.I., and precious metals blow-out, elsewhere in the market, sectors appear to be stagnant or breaking lower.
One area is transportation and rail freight.
We’ll analyze that soon.
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The Danger Point®, trade mark: No. 6,505,279
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