bbourji

bbourji Updated 

Not yet! But, bulls only have 1 shot to turn this around while bears got an entire tide working for them. Every rally since Jan. 24 was halted as a result of news or news on top of news even as bulls try to shrug off the negativity. Started with Facebook that got the whole market tanking until Amazon gave some comfort but then NFP kicked in. Bulls tried to shrug...

bbourji Updated 

They say history doesn't exactly repeat itself but it often rhymes. There are certainly similarities between the situation right now vs. 2018 but a huge lot of differences as well; in-fact probably more differences than similarities. Nevertheless, good to outline both NAS100 charts and overlay 2018 price action then you can make of it as you wish. Measured moves...

bbourji Updated 

Probably the biggest broken higher tier tech name on Wallstreet over the last 6 months and the one most oversold on weekly timeframes, for many fundamental reasons. Personally watching the 111-120 price range closely for early signs of reversal. Still a long journey on this one.

bbourji Updated 

March 2021 swing low coincided with October 2020 resistance. Will January swing low coincide with Feb. 2021 resistance range? Next few days will be telling, watch out for 13720-13760 if we revisit again. It's still quite soon to call it but I cant imagine daily RSI's going down to 0 from here :)

bbourji Updated 

Will we find a low at 4330/4350 range or are we heading lower to 4225/4250? Time will tell.

bbourji Updated 

Watch 160 closely, followed by 155/156; these are the levels that should provide support. 160 beautifully happens to be around 100 day EMA, 0.5 FIB and right at TL retest, all enough reason for a bull bounce ahead of earnings that will dictate the longer term direction. Ugly H&S formation on the daily is noticeable and is cause for concern. Is Apple in a...

bbourji Updated 

Amazon just had its worst week since 2018. Technically, the structure is damaged whichever way or form you look at at the chart. Double top, huge sell volume, way below all moving averages and closed under 2020/2021 support which makes me look at it all the way from March 2020 lows to see where this could be heading. A long-term TL support was broken in summer...

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I see multi-week accumulation from late November and 2016 resistance acting as strong support with bullish divergence on the weekly, what do you see?

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All goes down to CPI readings this Thursday but purely from a technical perspective, US2Y and US10Y are expected to cool down in the next few weeks from their current trading ranges that could go up to 1.4% and 2.1% respectively. If invalidated and they go higher into the coming week, expect more volatility and suffering for the stock market. US2Y US10Y

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Ever since Q4 2021, and most notably over the last several weeks, a gap has been exponentially growing between some of NAS100's pandemic high-flyers. The below chart reflects the current big 6 (Apple+Microsoft+Amazon+Google+Tesla+NVIDIA) who weigh over 45% of the entire index. They currently trade 14.3% below their ATH's which is an improvement from the 23+...

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Are you buying, or are you selling?

bbourji Updated 

The market will be split between these 2 directions over the coming days and I can make a good argument for both though the bearish scenario looks a lot more obvious given the recent price action, technical breakdowns and hot inflation reports. Just remember, there's always a thin line between what the market makers make you feel will happen vs. what ultimately...

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Microsoft looks technically interesting. On one hand a double or even triple top argument could be made that flushed the stock down lower after it rallied to break a multi-year resistance TL but failed to hold it, and on the other hand it has not made any multi-month lower lows since September 2020. Stock holders are hoping that 294 will find buyers at the 200 day...

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If you followed my last idea and the TL holding NQ for the last 12 months, you would've caught a good 600pts bounce by now. Cheers!

bbourji Updated 

Warned in August that 'September is coming' and mentioned that the 2020 summer playbook is in motion yet again. The difference? 2021 wasn't as abruptly brutal for bulls when the downtrend kicked in. Watch these TL's and prepare for the next move. 14,400-14,450 if we get there within the next 2-3 days is a key level to watch, followed by 14,030.

bbourji Updated 

Maybe not before big tech earnings, but this is a September 2020 playbook in the making. Expecting a blow-off top anywhere between 15,000 to 15,500 but will not trade against this monster unless clear signs of reversal are forming on hourly timeframes. Current price action, RSI's and volume indicators certainly warn of overheating territories yet we can and we...

bbourji Updated 

Impressive and incredible bull-run from the lows but it's time to be cautious & patient at these levels. - Hovering near the top of a 6 month resistance TL. - The run seems to be overextended with RSI's overbought at nearly all longer timeframes. - Trading way over the 10 & 20 day EMA's, unlikely to sustain at this pace for much longer. - The SPX gap between...

bbourji Updated 

I don't usually rely on RSI data alone but found this interesting. Bitcoin tops over the last 8 years have been consistently formed around monthly RSI's near the 96 mark and this happened on 3 different occasions. - April 2013 - November 2013 - December 2017 In August 2017 we had a mini-correction around 94 RSI before a full-blown reversal in December. With a...