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Minor Changes as Small Caps Suffer The Most

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With some indices at resistance today’s selling was not a surprise. Hardest hit by the selling was the Russell 2000, it lost over 2% as it reversed off the March swing high. Volume climbed in confirmed distribution, but aside from the relative strength loss against the Nasdaq, other technicals were positive. While the selling was heaviest in this index it didn’t breacelletnt support. The S&P posted a small loss, although volume rose in confirmed distribution. Resistance at the February gap along with the 200-day MA is in play but the trend remains bullish. The Nasdaq has already posted new all-time highs as it looks to consolidate its gain. The gain came with a new ‘buy’ trigger in relative performance vs the S&P. Technicals are not … [Read More...]

Deep Shaft

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FEEDThe Metals & Mining ETF tends to slog and churn slowly, but it does so in broad, sweeping cycles. Looking at the entire history of this instrument, you can plainly see a quartet of reversal patterns. I have used SlopeCharts‘ expansion feature to make the future and the downside potential more plain. As always, click Read More 0 Comments The post Deep Shaft appeared first on Slope of Hope. [Read More...]

Nasdaq Moves To Challenge "Gravestone Doji" High

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The Nasdaq has been leading indices throughout 2020, even the sell-off caused by Covid19 was not as bad as was inflicted on the Russell 2000 or S&P. The latest gains are challenging the most recent swing high which was marked by a “gravestone doji” in addition to building on the break of 10,000. On-Balance-Volume is leading the indicators with a strong accumulation trend. The S&P is rallying off its 50-day MA, albeit on low volume, although On-Balance-Volume is trending higher in line with net accumulation. Other technicals are looking to improve with a fresh ‘buy’ trigger in +DI/-DI and relative performance gain vs Small Caps. Small Caps was again struggling to get past its 200-day MA with small losses on the day. … [Read More...]

HDFC Life,Jubilant,Dabur Harmonic Analysis

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HDFC LIFE Positional  Traders can use the below mentioned levels Close below 546 Target 529 Intraday Traders can use the below mentioned levels Buy above 553 Tgt 558, 563 and 569 SL 548 Sell below 546 Tgt 540, 535 and 539 SL 550 Jubilant Positional  Traders can use the below mentioned levels Close above 1710 … Read more HDFC Life,Jubilant,Dabur Harmonic Analysis The post HDFC Life,Jubilant,Dabur Harmonic Analysis appeared first on Bramesh's Technical Analysis. [Read More...]

Happy anniversary Hong Kong

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Hong Kong was on holiday today, ostensibly celebrating the 23rd anniversary of its handover to China in 1997. This anniversary will be of cold comfort to the territory today, however, because Beijing’s new security law was approved and enacted into the SAR’s Basic Law last night. The content is more vigorous than expected, with the only positive note being that it is not being applied retrospectively. So, how much of a fall-out for Hong Kong of Beijing’s much-increased supervision will be, very much depends on the response of the international community. I rather suspect that money talks and Hong Kong has a lot of it sloshing around. Personal and press freedom will take a hit, as will China’s wilting international reputation. But … [Read More...]

Nifty FAANG

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Just as any propaganda needs a certain germ of truth to grow from, so do bubbles. The FANGAM are incredible companies, and they function The post Nifty FAANG appeared first on Slope of Hope. [Read More...]

Asia stocks rally, Europe and US likely to follow

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The US continues to grapple with the economic fallout of the COVID-19 pandemic, as the lockdown has led to a sharp contraction in economic activity. Unemployment numbers have soared, manufacturing and services are showing contraction and GDP contracted by 5.0% in Q2. Despite the severe conditions, the equity markets continue to head higher. Wall Street finished the second quarter of 2020 with a bang, with all three major indices rising overnight. That, combined with generally positive regional PMI data today, has supported Asian stock markets this morning. The Hong Kong stock market is closed today, perhaps fortunately so after the enacting of the new security law, removing the only real spoiler to Asia’s bullish price action. The S&P 500 rose 1.54% overnight, with the Nasdaq jumping 1.87% … [Read More...]

Currency Markets Remain in Hibernation

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The currency markets have been quiet of late, and any hopes that the end of the second quarter would cause a stir in the currency markets have now been dashed. Quarter-end flows had little to no effect on currency markets overnight, with the G-20 space content to continue in wait-and-see mode. The dollar index was barely changed, lower by just 0.18% to 97.36. One senses that the dollar’s corrective recovery may still have more to run, and that currency markets are more fearful of the COVID-19 pandemic’s fall-out in America in the near term. The second quarter of 2020 has been marked by a global rotation out of the USD. USD/JPY has quietly risen by 200 points over the past week, to just … [Read More...]

Small Pair

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FEEDWith the markets such a tangled mess these days, I continue to rely on important, long-term ratio charts to appreciate the big picture. Here, once again, is the Russell 2000 divided by the S&P 500, which suggests to me that small caps are going to be in for a rough ride for many, many months. Read More 0 Comments The post Small Pair appeared first on Slope of Hope. [Read More...]

Morning Charts 06/10/2020 SPX

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I sure hope this strategy of letting the radical left show the nation how truly awful they are works come November. I’m sure as hell getting tired of it.I do believe we get another pandemic or FF of some sort. Whether it be the China virus again or something worse. They can’t let us vote at the polls in November. They may even try to JFK Trump. I do see some good reasons to be pretty bothered.I ride around and cuss at things privately in my car these days. Usually responding to someone the radio that’s triggered me. I’m not the sharpest knife in the drawer, but the idiocy and irrational shit going down today is unacceptable.On to the lie -There is actual organic … [Read More...]

Oil Prices Muted, Gold Grinds Higher on Covid

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By recent standards, oil’s price action overnight flatlined, supported by very narrow daily ranges. Brent crude fell slightly by 0.25% to $41.20 a barrel, with WTI rising 0.50% to $39.80 a barrel in directionless trading. Both contracts remain comfortably ensconced in the middle of their respective monthly ranges, as outlined yesterday. Covid-19 nerves are definitely capping the US-centric WTI contract. API Crude Inventories fell by 8.156 million barrels overnight, a massive deviation from the expected climb of 1.75 million barrels. In times past, that would have sent WTI soaring. Instead, we had a narrow range day and finished almost unchanged. A substantial data calendar could yet spark WTI into life, but for now, the reality of the effects of Covid-19 on hoped-for oil consumption seems to … [Read More...]

Bank Nifty Astro Analysis as Sun Conjunct Mercury

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As discussed in last analysis We are seeing a range contraction also tommrow very important Astro date suggesting big move round the corner. Till we are below 21450 bears can push towards 21170/20940/20720. Bulls will get active above 21500 for a move back to 21720/21870/22100.Bank Nifty opened with gap up but unable to do 21720 … Read more Bank Nifty Astro Analysis as Sun Conjunct Mercury The post Bank Nifty Astro Analysis as Sun Conjunct Mercury appeared first on Bramesh's Technical Analysis. [Read More...]

Escape Velocity!

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FEEDI think I’ve been vocal enough about my enthusiasm for gold. I’m delighted to see it is starting to show some real signs of life today (this is a 1 minute chart): Here is a longer-term view, showing a well-formed consolidation pattern and, God willing, our hearty escape from it! This, to me, is the Read More 0 Comments The post Escape Velocity! appeared first on Slope of Hope. [Read More...]

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