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Thursday, July 18, 2019

Market Update 7/18/2019 - Searching for a pullback target

 We've seen a little selling over the past few days, but nothing to write home about. We've established a little downtrend, on the 1 min chart, and if this continues, the trend on the longer term charts is going to start breaking, and that's going to cause downside acceleration, but I'm not expecting that.

I've drawn up a couple fresh 1 min chart views this morning: 1 is in the public charts area, and this is the other one (below). The larger pattern looks like a rising expanding triangle (aka megaphone pattern), with a 2981 - 82 target. Whichever charts works, we'll go with.

 It's important to watch the $VIX here. If it continues to break out, and gets above the 14.10 level, we could see a nice little washout. That's the short term pivot

$VIX - 10 min view:

 Tomorrow is OPEX, so I'm expecting the market to build a base this morning, and squeeze the short sellers out on a Friday as usual. Then we got the THE FED announcement...

The $RUT continues to consolidate bullish imo, and that be the sector that continues to lag behind the broader market.  Here's a 30 min chart, I may add to the PC area.

 That may not be the prettiest chart, but it's still working. The trend (in blue) is up. 

 Speaking of Trends: Silver continues higher, and miners managed to make a new high as well.
Commodities tend to overshoot, as do the leveraged ETF's. This is the norm.
$NUGT has doubled since June, and just pierced the upper triangle line, and if you don't know what that means, go back as read the previous sentence.

 And finally - NetFlix trading in the same pattern as the DOW. Amazing!

Public charts - auto refresh Issues continue -

I found an app to refresh the public charts window, but as it turns out, on a refresh; the page asks if I want to resent the data, so that's not going to work.

For now I'll try to refresh the charts manually every hour on the hour, but unless donations start pouring in... I'm not going to waste my summer refreshing short term charts for day traders. I also need down time, or my charting suffers, so I'm not really seeing a solution....  Maybe I can refresh the page from my laptop, without getting too stressed out about it? We'll see....

Good luck, Traders


1 comment:

  1. Funny, I clicked on the public charts area, and it isn't public. Not sure if it has been taken down, or what? I published it again, and will try to straighten out the problem ASAP