As I analyze the charts of DJI and S&P300, a compelling narrative emerges. To establish a higher low, DJI needs to revisit its support level, approximately 2% lower from current levels, before the end of this month. To gain more confidence in the overall market structure, I constructed an S&P300 index by selecting the top 300 volatile stocks from the S&P500, excluding the top 10 largest market capitalization stocks to minimize data skew. The chart below displays two sets of candles: DJI (divided by 400 for scaling purposes) at the bottom and S&P300 at the top. Observing the S&P300 chart on a monthly timeframe reveals a notable pattern – most candles bottom out approximately 2% above their previous month's low. Currently, the S&P300 price is still 4% above its previous month's low, indicating another 2% downturn is likely. Given the strong correlation between DJI and S&P300, it's reasonable to assume DJI will follow a similar path. With this insight, traders can confidently prepare for potential trading opportunities, leveraging the anticipated 2% drop to their advantage. # Key Takeaways: - DJI needs to revisit its support level, approximately 2% lower from current levels, before the end of this month. - S&P300 is likely to experience another 2% downturn based on its monthly chart pattern. - Strong correlation between DJI and S&P300 suggests a similar price movement. # Trading Strategy: - Prepare to take trades at the anticipated support level, leveraging the expected 2% drop. - Monitor the S&P300 chart for confirmation of the 2% downturn. - Adjust trading strategies accordingly to optimize returns while minimizing risk. Happy trading!!! Checkout my other free indicator sangana beta table to see beta of stocks in a table all at once(works for S&P500 and Nifty 500). Note: I am not a financial advisor. Do your own research before investing!!
Is MicroStrategy mania about to unwind? That insane volume is telling me we could have seen the peak, once we get some closes below that slighting inclined support line. Yeah, nobody cares about this or my Nvidia charts...
(I'm not a financial advisor) The chart reveals a classic Cup and Handle formation on the weekly timeframe, signaling a continuation of the bullish trend. The cup represents a period of accumulation and consolidation, while the handle indicates a minor pullback before a potential breakout. Key Levels: Breakout Point: ~$235 Current price: $222.73 Target Projection: ~$500 (based on the measured move from the bottom of the cup to the breakout point, mirrored upwards). Bullish Outlook: A confirmed breakout above the handle resistance could trigger a strong move upward, fueled by the continuation of the prior uptrend. The measured move aligns with a target near $500, reflecting a potential 2x increase from the breakout point. Why This Setup is Significant: Cup and Handle patterns are reliable continuation patterns in technical analysis. The handle's tight consolidation shows reduced selling pressure, increasing the probability of a breakout. Volume confirmation upon breakout would strengthen this bullish forecast. Watch for: A weekly close above the breakout point (~$235) with increased volume. Potential pullbacks to retest the breakout zone as support.
it will bounce @ 2.53 to 2.54, and continue to go up
EURUSD Summary of Dec 17 Price opened in Asia in a premium. Had no strength to rally. Expanded to the down side to rebalanced a FVG from Monday, fell past the .79 retracement level testing the other highlighted FVG before reversing. NY news driver at 8:30 saw price react to the up side to the 50% where it consolidated until after lunch coming back down into a discount. Price has been narrowing its range the last couple days, just seeking FVG from the previous day and previous days equal highs and lows.
MartyBoots here , I have been trading for 17 years and sharing my thoughts on FTX here. FTX is looking beautiful , very strong base for more upside Very similar to RSR which is up nearly 170% increase in a similar base Do not miss out on FTX as this is a great opportunity Watch video for more details
YM Feat and FIVY ETFs launched today using the Dorsey Wright Point and Figure Strategy. I don't know how to Read it and traded it but this is what a point and figure chart looks like.
The main focus on Wednesday will be the Federal Reserve's action taken regarding the fed funds rate. If the Federal Reserve lowers the fed funds rate by 25 bps, the expectation will be an upmarket and a positive close. If the Federal Reserve defers lowering the fed funds rate, the expectation would be a down market and a negative close.
BINANCE:SOLUSDT.P the bull flag seems to be holding quite well, https://www.tradingview.com/x/bBwPdqyi/ I'm getting in ahead of the breakout. If it fails, I'll catch the second.
Bosonusdt has successfully broken out of a falling wedge formation, which is typically a bullish signal. Following this breakout, the price has demonstrated potential stability, suggesting that it may be poised for a fresh impulsive move upward. The plan is to focus on the re-accumulation area for potential buying opportunities, while also keeping an eye on the target areas indicated on the chart for strategic exits. As the situation develops, further updates will be provided to refine trading strategies and capitalize on market movements.