Madrid

Madrid Wizard

There's a support level around the 70's. The trend has been going down since the tightening of the economy, the increase of the interes rates and the fight against inflation. At this point the momentum has been steadily increasing and for a bit it breached the postive side. The waves habe been decreasing, which means there is less participation on the bear side...

Madrid Wizard

The prices have been bouncing within the 360-420 range, there is accumulation at the 360 level and recently at the 380 level. The distribution level was recorded close to the ATH at the 480 level. There is an increasing momentum and my estimates are that it will take a retest at the 20-50 ma ribbon. At this point it has already tried three waves to the...

Madrid Wizard

For the last few weeks, after making an inverse Head and Shoulders, the trend just faded away around the support lines of the main two ribbons. The momentum has consolidated around the Zero Line, which means there's indecision in the market, and the Trend strength is at the bottom with no indication so far of a reignition. Since the market hasn't fallen, this...

Madrid Wizard

We have seen an impressive relief rally from TSLA, this was a bullish leg, inside a bearish trend. Still juicy and very profitable. It made a recent low in the 100's level, where we saw an important volume, which can be characterized as a capitulation on the segment that went from its ATH to the 100's This volume was composed of liquidated long and covered short...

Madrid Wizard

The bitter memory from 2008 still persists in our minds, or at least in the minds of those who witnessed first hand what a Great Recession is. In 2008 many variables were set and many gears were in motion. Long story short, even though the media has attempted to call a recession, or to spread the fear of the bear among the people, which technically yes, it is a...

Madrid Wizard

SPX recently made a bottom at 3500, this was accompanied by a positive momentum divergence and a second rally. This one has been very cautious, since this didn't go all straight up, it was short from its previous high, it tested support at 3800 and continued until 4200, to fade again. The question here is, since this has already made a RBO at 4200, and it found...

Madrid Wizard

Ethereum is consolidating around the 1,200 level. This is a good sign since it tested support at the 1,100 level. It hasn't entered in a rally, except a quick 50% after it bottomed, but still under the 20 and 50 ma's. If this holds then the increasing volume can signal an accumulation that could try to break out the consolidating triangle.

Madrid Wizard

"Musk 'MAY CLOSE' the deal on Friday". I love the wording they use, MAY CLOSE. Of course he wants to close the deal so he avoids going to Court. BUT, the article has a misleading wording, just like the "letter" he filed with the SEC when he reignited the TWTR acquisition controversy, to buy but not to commit to buy TWTR. He didn't commit to anything, and here he...

Madrid Wizard

$SPY A new relief rally forming. Double bottom with positive momentum divergence and retest of the 200ma in the weekly. The close on Friday above the 200ma is a good sign. This is a bearish leg, but it could turn into another relief rally to test the resistance of the 50ma. It’s interesting to point out that the size of the bear leg was the same as that in 2020,...

Madrid Wizard

SPY is reaching a technical level where it is starting to form a positive momentum divergence. Let's remember the relief rally which took the price back to the support levels under the Moving Averages, this is usually known as a "back to normal" on an ongoing Bear Market. I don't expect this to actually go to the reach the previous high levels, I expect more of...

Madrid Wizard

Today a letter was released from the Musk parties stating basically they want to go back to Square One. As per my understanding it doesn't say Musk will unconditionally buy Twitter, it basically says they are standing their ground and they're abiding by the original acquisition terms, which back then stated there should be transparency with the "bots" and other...

Madrid Wizard

Bitcoin held its support level at 35K, which allowed this market to try to break the trading range between 35K and 45K to reach levels above 47K. It pierced the 200ma momentarily to go back to its 43K support level where there is a narrow ribbon supporting the price. This is a good signal since this means it is concentrating energy and it could ignite a rally to...

Madrid Wizard

Sound familiar? We have a raising #OIL that has reached levels not seen in over 14 years. Let's remember what happened back then, The oil was booming, the economy was booming, the housing bubble was at its peak. It looked like a grand finale when Oil reached its peak. Just before it went that high the #SPX started to decline, the economy had reached an...

Madrid Wizard

The markets are weighing mainly two events, the geopolitical environment and the interest rates. Sadly the world has witnessed the conflict in Ukraine, a a war that nobody will win, and everybody will lose. The markets always react negatively to bad news, and uncertainty. On December 2021 the SP500 reached an All Time Highs (ATH) as well as the Dow Jones, but...

Madrid Wizard

I'm long in this position until my indicators tell me otherwise. In the Weekly timeframe the price still holds above the 30k - 35k support level. At the time of this publication it is in the 40K, which still holds the support. It has failed to breach the resistance from the Madrid Ribbons in the Weekly, and in the shorter timeframe it simply pierced down the...

Madrid Wizard

Bitcoin has tried to breach the 45K resistance level again, at the time of this publication the closing price was heading down to the 43K level. Still inside the Madrid Ribbons resistance area. Good news is that the 200 MA in the weekly, as well as the 90 MA in the same timeframe are intact. It has tested the 35K-38K support level with success, which are above...

Madrid Wizard

If support at 35K holds we may have another rally. Technicals Weekly Time Frame The weekly tells a story of a correcting downtrend leg that meets the support with the main trend. The downtrend leg is not over yet, it has developed a negative momentum and a sale off. This is the point where the Whales step in and stop it from going below the 35K level. If there...

Madrid Wizard

The outcome after the Earning Call was that it barely made it back to the closing price at the time this article was published. This is a sign of weakness and lack of conviction. The Price structure displays a critical support level at 851, if this is broken to the downside this will follow the rest of the stocks that have done this same pattern lately and a...