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"I Don't Know If the Correction Will Extend, But Here are Five Charts I'm Watching"


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#1 dTraderB

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Posted 29 May 2021 - 08:08 AM

Good article from one of the best:

About the author: Martin Pring is one of the most prominent names in the industry. A master technical analyst and educator extraordinaire, he is the award-winning author of numerous books on Technical Analysis, including Introduction to Technical Analysis and Technical Analysis Explained

 

 

https://stockcharts....ection-863.html

 



#2 dTraderB

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Posted 29 May 2021 - 08:11 AM

ORD is 

SPX Monitoring Purposes; Long SPX on 5/19/21 at 4115.68.          

Monitoring Purposes GOLD: Long GDX on 10/9/20 at 40.78.

Long Term SPX Monitor Purposes: Sold long SPX on 1/15/21 at 3768.25= gain 10.80%; Long SPX on 10/26/20 at 3400.97.

034dbdba-d2c7-4589-b87e-2744f439ec67.jpg

We showed this chart recently, now updated to today's close. The chart above is the weekly National Association of Active Investment Managers (NAAIM). The NAAIM Exposure Index represents the average exposure to US Equity markets reported by its members' current exposure index sets at 44.21% -- meaning the NAAIM have 44.21% of their assets in the market, which is pretty low. In the past, that has been a bullish level. We also look at the Bollinger Bands on the NAAIM and, when this index falls and hits its lower Bollinger Band, the market has been near a low. The bottom window is the Percent Bollinger Band; when "0" is reached, that means the lower Bollinger Band is touched (which was hit recently). Long SPX on 5/19/21 at 4115.68.

 

https://stockcharts....5-2021-255.html



#3 dTraderB

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Posted 29 May 2021 - 08:28 AM

https://www.bespokep...ct-a-correction



#4 dTraderB

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Posted 29 May 2021 - 08:37 AM

McClellanOsc_1057.gif

 

https://www.mcoscill...t_breadth_data/



#5 dTraderB

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Posted 29 May 2021 - 08:39 AM

Not so far. When VIX and SP500 do turn to an abnormal positive correlation, it can be a pretty good topping indication. But that's not happening now.

first came up with this observation about 10-day VIX correlation, as far as I know.

Dave Collum

 
@DavidBCollum
· May 27
The VIX seems to have gone uncorrelated with the market indices. Not sure if that is true or what it means, but it caught my eye.

 



#6 dTraderB

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Posted 29 May 2021 - 08:42 AM

"This recovery that everybody is talking about is a myth. We haven’t recovered from anything. All we’re doing is spending the money the Fed prints." -- (who will be right again)


#7 dTraderB

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Posted 29 May 2021 - 08:44 AM

#Gold rose 7.5% in May, closing above $1,900. Meanwhile #Bitcoin had its worst month since 2011. It couldn't sustain $40K with $42K acting as powerful resistance. $30K support is back in play, and if it fails $20K is the next target. Memorial Day may have added meaning in crypto.


#8 dTraderB

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Posted 29 May 2021 - 08:55 AM

Sharp  VXX reversal late on Friday cash session was main reason for ending the day green

 

Interesting historical study. Looks like $VIX often comes back from a holiday refreshed, relaxed and not a bit hungover. Which is good since it's back to being a teenager this week.
Quote Tweet
 
 
tSZqoR8u_mini.png
 
SentimenTrader
@sentimentrader
· 18h
Volatility event ahead? There have been 11 other times when the #VIX closed at a 52-week low ahead of an exchange holiday. It jumped an average of 25% at some point during the next month when traders (and volume) returned.


#9 12SPX

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Posted 31 May 2021 - 08:19 AM

Last day of the month, up early to watch the French Open, might as well throw in a trade so trying a buy at 4199.  See how that goes....



#10 dTraderB

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Posted 31 May 2021 - 08:44 AM

Reopening 2nd HEDGE LONG 4195