Engulfing & Unconfirmed ابتلاع وغير مؤكد
The left-hand side chart below shows bearish engulfing candles on the Daily Nasdaq100 and SPX500. Yesterday's case followed a down-candle, which usually has more bearish implications than in cases where the prior candle is an up candle, as seen in prior two cases (circled in blue). It may take as many as 2 or 3 days before the next drop emerges.
The right-hand side chart below shows how none of the Magnificent 7 stocks has managed to hit a new high despite the SPX hitting a new record 8 days ago. NVIDIA emerged as the exception, being the sole Mag7 member hitting a new high on Thursday (after Wednesday's earnings). Such lack of confirmation may raise questions, thus close monitoring about the follow-up is required next week.
All of these points will be explained in close detail to the WhatsApp Broadcast Group. Monday will be Bank Holiday in the US and UK so tune in for Tuesday's action and Friday's Core PCE.
More Hot-Charts
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Nasdaq100 Update
Sep 12, 2024 18:11 | by Ashraf LaidiSince entering Nasdaq100 Longs on Monday at 18550, we kept accumulating and locking gains until 19230 yesterday and 19380 today. -
Pre CPI Charts
Sep 11, 2024 13:05 | by Ashraf LaidiWill Nasdaq extend gains towards 18980s this week before retracing lower on the week of the Fed. -
Nasdaq100 Daily & Weekly
Jul 17, 2024 17:53 | by Ashraf LaidiThe triple top in weekly RSI suggests the following price and time implications: . PRICE: 18700. TIME: Duration of downside may last for another 3 to 4 weeks.
