As with the other US stock indexes, QQQ has potential bullish divergences in place which are worth monitoring, should prices move higher into next week. Today the Q's dipped below the recent trading range but found support at the May 6th reaction lows. (edit: the previous posted 60-minute charts for QQQ & SPY were the [...]
QQQ has broken 104.90 support, opening the door for a move down to at least the 103.55 area while SPY has taken out the 204.00 support level & is likely headed to the 199.80 area in the coming days. IWM is coming up on the 108.07-107.77 support zone. While the potential bullish divergences are still [...]
Nice impulsive move lower following the break below the previously highlighted bear flag on USCR (U.S. Concrete Inc). Still an unofficial trade idea although I've added a price target (same as T1 on the previous short trade from late 2015). USCR was posted as an unofficial trade idea in the trading room (click here to [...]
The first target on $CL (crude oil futures) has been hit. While a reaction is likely, I favor crude prices ultimately moving down to the next target at 46.84 note: this is a 60-min chart of the July contract, as covered in yesterday's video, the previous static post (first chart below posted on Wednesday) showed [...]
GLD (gold ETF) printed a solid close below the bearish rising wedge pattern today on impulsive selling, opening the door to a move down to the 116 level & possibly beyond while GDX (gold miners ETF) also printed a solid close below its bearish rising wedge pattern on impulsive selling & is likely headed lower [...]
price targets for the NUGT short will be based off the GDX chart as follows: T1=23.32, T2=22.39 and T3=21.52 with a suggested stop on a 60-minute close above 26.10 GDX. Additional charts & updates will follow soon.
Due to decay from the 3x leverage, the price targets for the ERX (3x bullish energy sector ETF) short are based off the XLE (1x bullish energy sector ETF) chart, with T2 (62.20) as the current final target. Suggested stop on a close above XLE 67.30. XLE daily chart: XLE daily May 18th