Stock Market Technical Analysis 8-12-19


  1. ideally I would've liked to see a bit more volume on a bear day like today…was watching market at 3am yesterday but couldn't pull the short trigger at 2930 so now I'm waiting for another objective short entry…

  2. NYAD moving avarage clicked off on Friday. No need for big candles, little candles, ever ending shifting of trend lines, just follow the yellow brick road.

  3. Interesting day to say the least since it was pretty choppy today. Right now my focus is on the bear miners. What I remember is how they broke out of their daily EQ before gold actually did so they are more overdue for correction. GDX has daily and 4hr bearish divergence on RSI and the weekly RSI is the highest that it has ever been in 13 years. Gold itself has the 3rd highest weekly RSI ever, except the other 2 times prior to this it was in blue sky breakout and now that is not the case here. I am looking for daily consolidation into possibly weekly consolidation. Taking it a day at a time, but certainly the risk to reward favors the bears here short term

  4. The entire premise of technical analysis is that information about the future is somehow encoded in information from the past. If that was true, AI algorithms would have figured it out already and be acting on it. I think the future is random and unknowable, and physics backs that up.

  5. Tffn OBriant saying one more bump up before big decline why? Volume is declining on each pullback on the SP500 QQQ ?who knows

  6. I think SnP will develop a head & shoulder and drop to the 200d SMA (SPX 2500ish), which is also the trendline from 2009. Then bounce again. By the election in 2020 fall, the SnP should be making 3200ish or 261% Fib extension. Then ready for the drop … regardless if Trump is elected again or not.

  7. I'm expecting lower prices-the S and P 500 has hit the high end of its historical P/E ratio

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