Saturday, September 24, 2016

Biotechnology (IBB) update

Biotechnology (IBB) is currently in an uptrend(Biotechnology(IBB) update ahead of FED decision).

Zooming in we can clearly see that IBB(60 min)  is at horizontal and trendline(pitchfork) support.RSI is now in a neutral zone after reaching overbought levels leading IBB to a healthy correction.If it breaks down there is support at 296.5 and 293 (fib+pitchfork)

Have fun!

Thursday, September 22, 2016

Gold miners:out of the woods? Not quite yet

Despite the fact that Gold miners (GDX) moved fast upward after FED's decision to keep rates unchanged, they are still not out of the woods...

GDX needs to move decisively above 28.5 and even better above 30.35
Currently RSI is moving away from overbought levels while GDX is approaching support at 27.5 and then 27.2.
A bounce at these levels is expected.

Tuesday, September 20, 2016

Biotechnology(IBB) update ahead of FED decision

The current upmove looks strong.
Be cautious ahead of FED decision.
Support at 276.5 and then 269.5
Lots of resistance between 315-320.

Let us see what will be the verdict tomorrow...

Wednesday, September 14, 2016

Gold:decision pending...

Gold has recently formed a (?)bull flag.Current price action shows that the flag will soon break.Below 1335 we favor a breakdown of the flag towards around 1265 (or even 1220).
Above 1335 and specifically above 1345 the next reasonable target will be 1376.5
We remain bullish on gold.However we believe that until the end of the year gold will move sideways...

Happy trading!

Tuesday, September 13, 2016

SPX: Is the current upmove dead?

About a month ago we suggested caution regarding the equities market (Market (SPX) is dangerously approaching stall speed).We noted that "unless market moves higher with full speed, soon it will succumb to gravity"  and that is what's happening now. Is the current upmove dead? We don't think so.
There is still plenty of room for equities to correct before proclaiming the death of the current bull.
Current support levels for SPX: around 2100, 2040, 1990

Keep calm and trade on!

Saturday, September 10, 2016

Long Term Treasuries (TLT) : Just a correction?

Yesterday TLT broke below 137 support(now acts as resistance).Next support is at 134.5 and then 132. For short term bulls it is important for TLT to hold above 134.5(lower boundary of the pitchfork and 0.382 retrace of the current up-trend).

Saturday, September 3, 2016

Biotechnology (IBB) Update

Biotechnology (IBB):
Significant resistance: around 314
Support levels 277.5 and then 270 
Below 253 things can turn really nasty  for bulls