Weekly Preview - SPX, Gold, Bonds, BTC

٢٠ أغسطس ٢٠٢٣

If the bounce area does not hold, 4300 is the 50 ma on the daily chart and horizontal support, so that should be the next level for an objective long. However, any bounce will likely be shallow.

Gold and Silver are potentially is bottoming in this area, but the monthly close will be very important for both. Bonds may be making a double bottom. BTC could rally a bit from here to test it's broke trendline but right now it looks like the high for this year is in on BTC.

Good luck!

٢١ أغسطس ٢٠٢٣

ملاحظة

breakout overnight, it's possible we retest the lows before going higher, or breakdown from here, hard to tell.

٢١ أغسطس ٢٠٢٣

ملاحظة

if they don't breakdown completely, it could be this, no promises.

٢١ أغسطس ٢٠٢٣

ملاحظة

this general area was support before, let's see if they can hold it.

٢١ أغسطس ٢٠٢٣

ملاحظة

there's a resistance shelf at 4435 - if it gets that high watch that level.

٢٢ أغسطس ٢٠٢٣

ملاحظة

Good morning, the bounce has continued overnight, but with the small and mid time frames reset, another leg down is likely for a few days. Test of the previous "wind up" channel is directly ahead at 4425-4440

٢٢ أغسطس ٢٠٢٣

ملاحظة

one more move up after open would not surprise me but it doesn't have to happen.

٢٣ أغسطس ٢٠٢٣

ملاحظة

good morning, if we are going to have the final wave down we should start breaking down harder today. If they consolidate here, A final push up is likely.

٢٣ أغسطس ٢٠٢٣

ملاحظة

right now it looks like more upside is likely into Friday

٢٣ أغسطس ٢٠٢٣

ملاحظة

will update if anything changes.

٢٣ أغسطس ٢٠٢٣

ملاحظة

if they sell it here, it's likely just a B wave. It would trap bears if this is correct. Either way it will be choppy I think for a few more days.

٢٣ أغسطس ٢٠٢٣

ملاحظة

should just keep going to 4470, I'm somewhat surprised, but 4460-4470 is the 18 day ma, so it's a short if it gets there.

٢٣ أغسطس ٢٠٢٣

ملاحظة

50 ma also there next to the 18day ma. It should be a magnet. Maybe with NVDA they get there by morning, not sure.

٢٣ أغسطس ٢٠٢٣

ملاحظة

target area already reached on futures. Could go a little higher but in general, this area should be a heavy resistance zone. We'll see tomorrow!

٢٤ أغسطس ٢٠٢٣

ملاحظة

target area (top of previous channel) reached. A little higher, but this area should be tough resistance tomorrow.

٢٤ أغسطس ٢٠٢٣

ملاحظة

if we pullback it may just be a B leg before a C up to complete the correction. Or we just go straight up a little more (blue path). Either way I think any rally (sooner or later) is still an opportunity to short but they will probably do it in the trickiest way possible before the weekend.

٢٤ أغسطس ٢٠٢٣

ملاحظة

smaller time frames already oversold, but if it keeps selling and gets under 4400, this is the likely scenario. I think shorting here is risky with the RSI this low

٢٤ أغسطس ٢٠٢٣

ملاحظة

Bottom of channel. I've made a new video about this trade, updates will go there.