Every week I do a Closing Prints post on where certain assets closed and the completed weekly candle. Closes are the most important prices and we like to see if we can get a better grasp of the next market direction with these prices.
As I have said for the past couple weeks the market is very extended here. With the topping tail on the weekly chart last week followed by an inside week this week, I feel that any break lower here in the next few weeks will send us lower back towards a fair value. I am looking for at least a move back towards 215-218.
Too far too fast. My target was 150, and long term still is. But this post election euphoria needs to be unwound. And at the rate of increase I want this to come in and come in hard. All the emotional buying the past couple weeks will be losers soon.
20,000 or not this is saying “I’m reversing and reversing now”.
Biotech actually pulled into the election gap and held! This is promising, and for everything to move higher, everything needs to pull into the election areas. I think biotech Holding in here is good for the long run and specifically looking for AGN to make a move to 225.
This is bouncing now. The bearishness is overdone here and it bounces to 125. What happens there is what matters.
This is 7 straight weeks down since the election. Most oversold on a daily timeframe as far back as I can research. This reverses now. Everyone sees under 1000. I see a bounce to 1200+ and if this election move gets unwound, “Holy Toledo”!
I was expecting this to breakout more out of this base. It’s running out of gas and about to come down. If it holds 100 the bulls win. If it doesn’t. Look out below to low 90’s.
This has been the absolute key to this entire election move. The Yen has carried EVERYTHING. Yen has carried stocks up and dollar boost, yen has killed gold and bonds. Absolutely obliterated them. This move is way overdone and I see the 110-112 test a given. Then once the emotion and euphoria is out the direction it chooses THEN matters.
Next couple weeks are huge! Does this hold or does it go to parity. Everyone thinks parity. I don’t. Long Euro at these levels.