Comments on: Stock Market Technical Analysis 9-4-19

By: TJS

TJS — Thu, 05 Sep 2019 20:02:11 +0000

Newbie here. And have a really new guy question. What program or site is used in these videos to check the ETF and stock charts, specify trend lines, set reminders, etc? I love it, and wouldn’t mind starting to attempt my own analysis on the side to get my bearings and see if I can follow along. Much appreciated.

By: rsotc

rsotc — Thu, 05 Sep 2019 12:42:28 +0000

In reply to Hoperush. Yes, sitting tight on my QQQ swing shorts for now. I also posted an update to the official QQQ short trade this morning with a small revision to the suggested stop. Additionally, I have an indirect hedge on my QQQ swing short via shorts on gold, silver & Treasuries which should make it easier for me to sit tight on my QQQ short while I assess today's breakout above those ranges.

By: rsotc

rsotc — Thu, 05 Sep 2019 12:39:15 +0000

In reply to bryrune. No so much anymore. /GC (gold futures) down nearly 1% as I type & /SI (silver) down over 1% & both still pointing south. /ZB (30-yr Treasuries) down nearly 1% as well which is a big drop for the long-bond. The gains on my shorts of all of the above are more than offsetting my losses on my QQQ/NQ swing shorts so far today on the breakout above those Aug trading ranges.

By: rsotc

rsotc — Thu, 05 Sep 2019 12:35:41 +0000

In reply to jasonstevanhill. Certainly a possibility & the logic makes sense (a falling $USD is typically bullish for gold). However, gold & Treasuries are so overbought with divergences on both the daily & 60-minute time frames of both GLD & TLT so I suspect that any upside from here for the near-term (weeks) is somewhat limited regardless what the Dollar or the stock market does. JMHO, of course.

By: Hoperush

Hoperush — Thu, 05 Sep 2019 12:28:09 +0000

@rsotc did you mention that you are holding the swing short position still and will close if QQQ were to close hourly and daily above the aug trading range of 189.27? Please suggest as unable to day trade

By: wilhud

wilhud — Thu, 05 Sep 2019 07:16:07 +0000

Algos popped the China coming to Washington headline despite the Bloomberg article going on to say it was unlikely any progress would be made. Then Germany came out with some very poor factory orders -2.7% and missing exp. taking the edge off the pop in futures.
I’m seeing this wedge pattern forming
https://www.tradingview.com/x/TqBBtvZC/

By: bryrune

bryrune — Thu, 05 Sep 2019 05:43:56 +0000

In reply to SlowPitch. Maybe, and precious metals are holding up in pre-market. We'll see which one gives first and if this was just the algos making a greedy run at stops before they put in that low. Happy trading tomorrow.

By: SlowPitch

SlowPitch — Thu, 05 Sep 2019 02:41:25 +0000

Bull trap

By: bryrune

bryrune — Thu, 05 Sep 2019 02:29:11 +0000

Well that’s it here comes the big gap up the stop raid. I can’t see how this market doesn’t just burn through all the negative technicals. We just got a tweet that delayed the timeline to a trade deal and the futures are making a run at all time highs. Can anyone say irrational exuberance?

By: Dan

Dan — Wed, 04 Sep 2019 22:16:36 +0000

In reply to jasonstevanhill.

DXY looks bullish looks like its about to go for a double top at least.
https://www.tradingview.com/x/XZoDW2le/