JTI96

JTI96

DIS looking good. Broke out of its Bull Flag, and came back down to test the break today. As long as it holds, all should be good!

JTI96 Updated 

We mentioned in our previous post that we'd be riding the greed train long as long as the SPY continued to close above its 9 DMA. Yesterday it finally closed below it and with substantial volume. Looks like a retest of the megaphone pattern is in the near future. A fade to around 306 and then I would guess we get a nice trade optimism tweet saying how great...

JTI96 Updated 

As always, do what you will with this information. For me, the most reliable indicator over the years when determining interim/long term market direction is the Advanced/Decline line. When the A/D makes new highs, yet the market is double topping or in a minor correction, it is a bullish sign. Much like we seen this past August: On the contrary, every time that...

JTI96 Updated 

Pretty clean chart on GOOGL. Short entry at the $1290 gap fill. Typically these rising triangles see 3 tests of support before the breakout. Support around $1110. Stop/loss being a close above $1300. If and when the breakout occurs, a nice 20% jolt to the upside looks likely.

JTI96 Updated 

It's often looked at as a bearish signal when pre market highs cannot be broken during regular trading hours. Above we have marked off every time the SPY has gapped higher (from the previous days close) TWO consecutive days in a row in pre-market, but then failed to break those highs during regular trading hours. It's a rare occurrence that is set to occur...

JTI96 Updated 

With the SPY breaking through huge resistance on Friday, the question now becomes, was it a fake out? Is it a short term impulsive move higher before a bear market begins? Or is it the beginning of a longer term bull market? With 5 stocks making up roughly 15% of the index (MSFT, AMZN, AAPL, FB, GOOGL) it's safe to say the markets will need compliance from the...

JTI96

FB is setting up for a potential megaphone here. The bigger battleground is the green trendline that has acted as support/resistance virtually since FB IPO'd. Closed above it on Friday, which is a bullish sign. Any sort of breakdown below it will be a shorting opportunity to the bottom side of the megaphone, with support zones marked on the way down. If FB can...

JTI96 Updated 

One of the more bearish charts of the big 5, with sentiment the same direction. First profit decline in 2 years, another decline during the holiday season expected. Lower highs while the market is making new highs is not a good sign. Death cross a few weeks ago. This appears to be a consolidation faze that is set to resolve lower. Could see some whip sawing...

JTI96 Updated 

No emotions...no bias. If you choose a side to ride or die at a time like this, you're likely to get burned. The upper side of this mega phone pattern (red line) has been tested 5 times now, with the last 3 touches being after higher lows. 3 Rate cuts and stop. Last time that happened...the 90's, boom went the market. Its set to do that again if the upper side of...

JTI96

Expecting AMZN to sell off just a bit more, either today or over the next week or two after some consolidation. Looking at an entry around 1560-1570 on the teal macro trendline. If AMZN loses that, a hard tumble is likely to follow..... Note: It's far to early to tell, but it's possible this is the early stages of rising triangle forming here.... *ALWAYS do...

JTI96

Looking for a break either direction here. NVDA has failed to break and hold the upper trendline over the last three attempts. A potential rising wedge is forming here as well. Leaning bearish here, targeting support at 179 and 184.5.

JTI96 Updated 

Just laying out some ideas here. Personally, I like the white path the best. One last rejection of the larger megaphone pattern and then one last test of the bottom side of the short term pink wedge created. Then go from there. The most bearish option being the red pattern can't be ruled out because some of the bigger market leaders in AAPL and CMG both sold off...

JTI96 Updated 

Got a lot going on here in this chart. So bear with me me. I've decided to keep all the trendlines and support lines drawn here because they all have continued to be respected in some form of support/resistance which can tell us a lot. Nothing is more important than the green and pink trendline. Green being the megaphone pattern created over the past year and a...

JTI96 Updated 

Perfect bull trap formation setting up here. Broke this consolidation box the market has been stuck in. People think its safe to enter now, but miss the bigger picture. End result: bull trap. The white trendline is longterm support that has been support/resistance for the entire year. Broke below it, retested it, failed to break above it and then seen a failure....

JTI96 Updated 

Declining wedges typically resolve bullish. I really do not like this stock, but the tape doesn't lie and NFLX makes a lot of big moves up and down. Not to mention its retesting this macro trendline we talked about months ago on NFLX. As long as thats not broken, no reason to believe NFLX wont push higher. Can look for a retest of the upper trend on the break...

JTI96

Broke the triangle retested and failed as expected. Retracements happen, and then the media will grasp at any headline possible for it being the reason the market went up that day (Yesterday: Questionable China Calls). Looking for the retrace to complete around the red trendline in the 2894 area. It gets interesting from there. The white trendline has been a...

JTI96 Updated 

Typically a rising triangle is looked at as a bullish breakout pattern. Typically you don't cut rates in a "booming" economy either though so...Could see this triangle break to the upside to try and retest the red trendline that was previous support. Hence the reason for the false break as its not a far reach, and rejection should then occur. Bearish divergence on...

JTI96

One last retest of the bottom side of that rising wedge we formed in the first half of the year? With the 20MA and 50MA sitting right there all together, and the June highs aswell. A failure to hold those MA's, a failure to regain that trendline and a failure to get above the June highs setting up a head and shoulders. That's a lot to look past if you are thinking...