It should pretty clear from the daily charts below, that some tech names have red and declining Elliott Wave Oscillators. (You are encouraged to explore others). Amazon actually appears to have overlapped downward waves.
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| Tech Stocks - Daily - Red and Declining EWO's |
Keep the info in your back-pocket. Back in Dow/ES-land, there are still both down and up counts, being so close to the all-time-high. It is one of those times when a short-term new local high, or new local low, is needed to clarify the picture a bit. Today the Dow went down to a 78% retrace. The ES only about 50%.
Have a good start to your evening.
TraderJoe
Thanks for taking time to work those up! Save AMZN, they all still have rising relative strength vs SPX. When these start to go, either someone picks up the torch or .....
ReplyDeleteDitto. It is easy to sometimes get discouraged and conclude that in CB controlled markets technical considerations no longer matter.FVRR this morning is a great example. The chart pointed to 177 over a month ago and for awhile thst seemed improbable. Everyone, even technically savvy bears like Sven are now suggesting that FED distortion of markets can continue ad infinitum...I seriously doubt that.
DeleteHi Tach
DeleteCan the FED/CBs actually totally stop the pace of interviening, Im really wondering if they can? Rates in my opinion will end their manipulation, ALIMO. GL all
Nice. I like this type of analysis. Pick the whales, see what their charts indicate, see if it corresponds to the overall index pattern. I really think companies like Apple with its $90B buyback have floated the NASDAQ for a bit. Meanwhile the broader market has been in decline for months now, the $NAAD divergence is getting worse.
ReplyDeleteLol! I had given up on my 210 Aug puts...!!! :)
DeleteSPY 1 min: Start of the day. Five waves up including triangle. Perfect expanding diagonal downward.
ReplyDeletehttps://www.tradingview.com/x/MjzgZPLE/
TJ
Ugly, but legal.
Deletehttps://www.tradingview.com/x/FaTojnP0/
TJ
There is an overlap in futures.
DeleteFascinating possibilty...perhaps VIX playing possum...should have popped on lower trend-line break if significant imho...
ReplyDeleteMoving out to the slightly larger ES 5-min, it might be good to monitor this channel. Price is still inside of it. Below about ES 4,406 it looks like the channel would be in jeopardy. We are not there yet. Chart is delayed 10-min.
ReplyDeletehttps://www.tradingview.com/x/f9lhcX1Q/
TJ
Cool. Learning a lot from your disciplined, methodical approach. Appreciate it!
Delete..yw!
DeleteCurrent look at the hrly -
ReplyDeletehttps://www.mediafire.com/view/dunwg4xxpmrfi36/cfdhrly.PNG/file
There is a new post started for the next day.
ReplyDelete