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"A Gap I Don't Like"


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#1 dTraderB

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Posted 08 September 2018 - 12:28 PM

More than ever, the overall market direction depends on the TECH stocks. Nothing new there but note Friday's bounce coincided with that of NASDAQ's

 

DP Weekly Wrap: A Gap I Don't Like
Carl Swenlin |  September 07, 2018 at 06:51 PM

 

 

Last week we were looking at a possible bearish island reversal on one hand, and nascent parabolic advance on the other. This week's decline filled the island gap, making the island proposition moot. The decline also reached down to touch the parabolic arc, but so far that 'support' has held. Of more immediate interest is the gap between the most recent VIX top and the top Bollinger Band. More on that to follow.

 

https://stockcharts....-dont-like.html

 



#2 dTraderB

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Posted 08 September 2018 - 12:30 PM

I Am WILDLY Bullish Long-Term And Here's Why

by Tom Bowley

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#3 tsharp

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Posted 08 September 2018 - 01:23 PM

Tom mentioned the SOX... IMHO, they've topped and are entering bear market territory.  

 

SOX_W_9.8.18.jpg



#4 tsharp

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Posted 08 September 2018 - 04:42 PM

The NDX is not quite in the same place as the SOX, but does appear to be on borrowed time... this is one possibility:

 

NDX_W_9.8.18.jpg



#5 fib_1618

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Posted 09 September 2018 - 10:20 AM

Tom mentioned the SOX... IMHO, they've topped and are entering bear market territory. 

 

On an intermediate term basis...indecision continues.

 

Fib

 

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#6 SemiBizz

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Posted 09 September 2018 - 10:51 AM

Since the semiconductors are GROUND ZERO for the trade war, it will most likely depend on the outcome... Electronics compose the bulk of the trade with China... So a deal cannot be ruled out on this... and that could be the possible enabler for one more run in these stocks as well as Nasdaq...

 

Here's something to watch... the 2000 "Dotcom" high on the SOX index is 1362.10

 

Friday's close - 1360.77.


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#7 tsharp

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Posted 09 September 2018 - 04:52 PM

The small caps still appear to be in their topping process... the unknown is whether wave-5 extends... and if so, for how far.  The momentum indicator line is still above the 100 support and its UTL... so despite a decent amount of negative divergence of momentum against price, the up trend is still in tact.

 

RUT_D_9.7.18.jpg


Edited by tsharp, 09 September 2018 - 04:52 PM.


#8 dTraderB

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Posted 10 September 2018 - 05:57 AM

Sentiment is key: will market participants hold their nerve and remain in the market or will they panic and exit in droves?