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Thursday,May 9th.

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  • Thursday,May 9th.

    Futures are down more than 1%,gold is UP 15,OIL IS DOWN o.70%.

    ES down big and breaking down key 2866 threshold level... if canít support here, likely drop another 40 pts to 2814....


  • #2
    I think support at 2862 will soon fail. Next downside target will then be 2825 and then 2862 will morph into resistance. A drop as low as 2825 would mean that the ES is headed for the 2630-2710 zone.Carl Futia.

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    • #3
      Futia:

      http://carlfutia.blogspot.com/

      Comment


      • #4
        $TSLA Weekly: #TSLA Weekly trap door opening... this could flush hard here if it re-chases Lower BB back down. 13MA crossing 200MA bearish. Green target circle added indicating just how quickly it could get there. #Tesla #electric #car #elonmusk #SEC

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        • #5
          #GOLD Daily: $GOLD had major red inverted hammer rejection of 50MA. With Upper BB now falling so sharply due to loss of upward momentum, looks like Gold may need to flush once more to Orange TL to establish a stronger base. DXY just not dropping fast enough #GDX $GC #GC #GLD $GLD

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          • #6
            $SPX Daily: #SPX no change from yesterdayís close. Inverted red hammer right at orange TL indicating more weakness ahead. Any sort of bad outcome from Thursdayís grade meeting will be viewed as bearish catalyst. Trade paralysis for now until outcome $ES #SP500 #Stocks #Economy

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            • #7
              $WTIC Daily: #WTI bounced off 50MA yet again and regains light blue horz TL on closing basis. Choppy plateau will continue. Could even retouch upper green TL once more before it eventually rolls over $CL $OIL $WTI #WTIC #OPEC

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              • #8
                Fear & greed:

                https://money.cnn.com/data/fear-and-greed/

                Comment


                • #9
                  Adam Mancini‏ @AdamMancini4
                  FollowingFollowing @AdamMancini4

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                  Adam Mancini Retweeted Adam Mancini

                  The $VIX has yet to calm down after breaking out of the 4 month long falling wedge in my chart and for the first time this year price is above both the 50 and 200dmas, and the 50dma is now curling up. It suggests more upside likely to 29-30 but would like to see a pullback first

                  Adam Mancini added,
                  Adam Mancini @AdamMancini4
                  We got the $VIX spike that exceeded my $16 target in my chart, not unlike some of the others this year. More follow through looks likely on this one after some flagging-we broke out of a 4 month long falling wedge, and price is holding above the 50dma for the first time this year https://twitter.com/AdamMancini4/sta...94322782523394 Ö
                  6:44 AM - 9 May 2019

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                  • #10
                    Adam Mancini‏ @AdamMancini4
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                    While the rally in $OIL likely isn't done yet, the energy stock $XLE to oil ratio is warning that a good correction is approaching. Every recent rally in this ratio has seen oil selloff and after 4 months of steady downside the ratio is forming a wedge that looks set to break up

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                    • #11
                      Adam Mancini‏ @AdamMancini4
                      FollowingFollowing @AdamMancini4

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                      1 key difference between profitable & unprofitable traders is profitable traders are generally doing the same things, at the same points, over and over. Unprofitable traders jump between setups, entry triggers, time frames, and exit strategies often switching after losing trades

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                      • #12
                        GCC large gap down this morning. Commodities getting absolutely murdered. I would like to say it is setting up for the final low, and certainly it is so extremely oversold there will be a large bounce within 1-8 weeks. But I can't say with any certainty whatsoever that it is setting up for a major low and won't continue to make lower lows in time. I don't care who you are, you can't make that call, because as of now, there is nothing but air underneath the sector.

                        I also didn't realize that the Ag sector (see DBA) is probably the weakest subsector. It has been in a relentless bear market for 8, and arguably 11, years! WTF? lol. This with the Dow a few percent from all time highs.

                        One thing I can guarantee, the Central Banksters love this. *All* that money printing has gone directly into financial instruments and food and other input costs have plummeted, so the common man hasn't had a reason to string them up from lamp posts yet.

                        Until interest rate differentials and currency flows favor non-US countries, I see absolutely no reason for any of the above trends to reverse. They can print as much money as they want, and as long as everyone else prints more than the US, the US will benefit due to the carry trade and input costs will continue to plummet in nominal and real terms.

                        Wow.


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                        • #13
                          Actually, the huge H&S in DBA projects down to basically $14.

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                          • #14
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                            https://twitter.com/BobLoukas/status...95918885416960

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                            • #15
                              This makes more sense than your call of a bottom in August. I am still sticking to my call that gold bottomed last week.

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                              • #16
                                Holy smokes, USDJPY is under 110 now. It's possible that when it pulls back, the miners could get a real hammering, a la January 2016.

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                                • #17
                                  Gold had perfect opportunity to explode higher (weak dollar, falling stock market, cycle timing). If gold goes down next two months silver and miners are in really big trouble.

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                                  • #18
                                    Originally posted by rutku10 View Post
                                    Gold had perfect opportunity to explode higher (weak dollar, falling stock market, cycle timing). If gold goes down next two months silver and miners are in really big trouble.
                                    Yes, of course, if gold drops through the line in the sand that everyone and their mother sees, the miners and silver could very well get smashed. They could get smashed even if gold goes up, a la January 2016 too.

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                                    • #19
                                      JPY and gold has had big correlation in the past. This should have been gold

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                                      • #20
                                        Silj

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                                        • #21
                                          GCC is producing the most extreme 5 day RSI reading in the last 3 years. The two other times it had a similar reading, it produced a V-bottom at the RSI low, or on a RSI divergence a few days later.

                                          You would have to go back to the "bear market" of 2011-2016 to see examples of such extreme readings that just kept making lower lows after weak consolidations.

                                          And that is the $100 trillion question. Are we on the cusp of another major bear leg? Or are we on the cusp of a historic low?

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                                          • #22
                                            Originally posted by rutku10 View Post
                                            JPY and gold has had big correlation in the past. This should have been gold

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                                            I agree. There is no reason for commodities to be getting killed here with yen taking off. The last few weeks makes ZERO sense, UNLESS you think that the weakness is related to the China trade wars.

                                            After Powell killed QT and rate hikes in December 2018, the USD should have TANKED and gold should have been up $100 or more that day. But it did just the opposite. Not to mention record US budget and trade deficits with no end in sight.

                                            Up is down, down is up---nothing makes sense, at least it hasn't in the short run, one bit. The only thing I can think of is that this is a 100% bankster manufactured shakeout before they finally take their foot off of commodities, after 8 freaking years in the face of RAMPANT money printing and skyrocketing stocks.

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                                            • #23
                                              That's the problem. GDXJ looked like end of the world was coming in january 2016


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                                              Last edited by rutku10; 05-09-2019, 11:41 AM.

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                                              • #24
                                                Surf's Mid-Week update:

                                                https://surfcity.co/2019/05/08/surfs...ek-updates-22/
                                                "Bull-markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria." Sir John Templeton

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                                                • #25
                                                  Originally posted by rutku10 View Post
                                                  That's the problem. Miners looked like end of the world was coming in january 2016


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                                                  I will also give you this. When $gold goes sideways on the weekly chart for more than a few weeks after a large down trend, it almost always means new lows are coming. We've done exactly that for the last 3 weeks. And it is very very rare that IC lows form in such a manner. They are typically marked by large reversals and V-shaped bottoms. We haven't seen that at all.
                                                  I'll concede that if a trade deal is announced, it could cause gold to finally break down, since it is apparently benefiting from stock market weakness.

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                                                  • #26
                                                    Gary Savage still thinks it's cup and handle pattern
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                                                    • #27
                                                      Whoa. HL. I NEVER thought it would actually do this. I said it would be worth a gamble if it got to this trendline. Wow.

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                                                      • #28
                                                        DBA trying to put in a reversal candle today. FWIW.

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                                                        • #29
                                                          Got to love it !

                                                          http://wallstreetexaminer.com/2019/0...e-sell-signal/

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                                                          • #30
                                                            Markets:

                                                            https://twitter.com/AdamMancini4/sta...48911706001410

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                                                            • #31
                                                              Originally posted by rutku10 View Post
                                                              Gary Savage still thinks it's cup and handle pattern
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                                                              He's made a lot of guesses. I'm sure he will get one right.

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                                                              • #32
                                                                $VIX Weekly: #VIX Upper BB touched perfectly. Any time BB falling sharply, needs to take a breather to reverse. Will take some time to digest. VIX lull in between the 2 shocks is most likely here. Keep eye out for shooting stars early-mid next week #volatility $TVIX #TVIX

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                                                                • #33
                                                                  Daily $CAT : New Chart! Textbook rising narrowing wedge failed & now in full flush mode. This drop will finish at Orange TL eventually circa ~110. As a substantial #Dow component, this could drag on the index significantly. #Construction #Mining #Industrials #Caterpillar #CAT

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                                                                  • #34
                                                                    #Boeing Daily: $BA waterfall has begun. I warned on Monday if Magenta TL failed the entire market would fall with it. Sure enough thatís exactly what happened this week; next major supports 330, then 310. #BA #Dow #737MAX $boeing

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                                                                    • #35
                                                                      #Biotech Weekly: $IBB just 2 days later... at this rate should hit 200MA ~101.56 by next week. Only bullish saving grace is sharply rising Lower BB meaning some kind of a DCB (Dead Cat Bounce) will happen. Once Lower BB sharply reverses, Magenta is inevitable #IBB $XBI

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                                                                      • #36


                                                                        $SPX MACRO: Monthly #SPX literally just a few days later formed bearish engulfing candle... 13MA WILL cross BC on this downturn. MACD failure to recross bullish. The signs were there, just had to keep your emotions at bay #SP500 #SPX $ES #economy

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                                                                        • #37
                                                                          #Dowjones $Tran Weekly: #Transports said it a million times, $Trans one of best forward looking indicators. Magenta resistance held & now back below 13MA, H&S Forming. This channel has ominous implications... Just getting started ... #DOW $DJT $Dow $INDU

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                                                                          • #38
                                                                            $SPX Daily: #SPX slicing through the 50MA like a hot knife through butter . Lower BB breach of this magnitude usually results in hard flush for up to a week. Looks like this could flush straight to 200MA before a DCB happens $ES #SP500 #Stocks #Economy

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                                                                            • #39
                                                                              $AMZN Weekly: New Chart! #AMZN on the verge of breaking key weekly support. IF green TL fails, pretty safe to say this market is officially done. #Amazon is one of the last strong performers left. MACD rolling, Stochs about to cross #retail $FANGS $FANG #ecommerce #shopping

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                                                                              • #40
                                                                                $INTC Weekly: I lied, one more intel post #INTC flushed straight to yellow TL. Chip sector is done. This bull is looking like itís Roast Beef This will be the last #Intel post (discontinued) #chips #Semiconductors

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                                                                                • #41


                                                                                  Very interesting spot to attempt a reversal on the $Nasdaq

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                                                                                  • #42
                                                                                    $TEAM .... didn't get the "Markets in Turmoil" memo.

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                                                                                    • #43
                                                                                      Silver miners by in large have been decimated these last couple of weeks. It's anyone's guess where it stops. Quite a few are making new multiyear lows or are on the cusp.

                                                                                      I don't think I have seen a more miserable chart than HL's weekly chart. I actually bought a little today, because I said if it got down to the multiyear trendline, it might be worth a stab. Talk about getting killed slowly. For all I know they are going bankrupt.

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                                                                                      • #44
                                                                                        HUI closed at the lows, as did SIL. I could see them gapping down at tomorrow's open.

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                                                                                        • #45
                                                                                          Oil:

                                                                                          https://twitter.com/MysteryTrader99/...93628527366145https://twitter.com/MysteryTrader99/...93628527366145

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                                                                                          • #46
                                                                                            NYMO:

                                                                                            https://stockcharts.com/freecharts/gallery.html?%24NYMO

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                                                                                            • #47
                                                                                              NAMO:

                                                                                              https://stockcharts.com/freecharts/gallery.html?%24NAMO

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                                                                                              • #48
                                                                                                Bitcoin:

                                                                                                https://stockcharts.com/freecharts/g....html?%24NYXBT

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                                                                                                • #49
                                                                                                  Stocks:

                                                                                                  https://likesmoneycycletrading.wordpress.com/

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                                                                                                  • #50
                                                                                                    Weekly $GOLD: #GOLD building a base here however, 13MA still posing resistance. Seeing lot of similar signs as last years cyan circle. If my DXY consolidation thesis plays out we should get a repeat again this year. #GC $GC $GLD #GLD

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                                                                                                    • #51
                                                                                                      #GOLD Daily: $GOLD upper BB still falling like a knife, however, DXY starting to show more signs of weakness. MACD/Stochs are curling up aggressively now so Gold does have hope for upside, however itís going to have challenge that Upper BB first few times #GDX $GC #GC #GLD $GLD

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                                                                                                      • #52
                                                                                                        Adam Mancini‏ @AdamMancini4
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                                                                                                        Tech Stocks $QQQ Big Picture View: QQQ broke down from a textbook rising wedge last week and sold off right to the 50dma which has held. A bounce is likely here, but given the the size of the wedge that broke down, its likely an interim top is in and we get another leg down after

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                                                                                                        • #53
                                                                                                          SPX:

                                                                                                          https://twitter.com/MindMakesMatter/...71428167180295

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