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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Gold and USDJPY
Jun 12, 2024 13:43 | by Ashraf LaidiWeaker than expected CPI is expected to help gold and drag on USDJPY until this evening's Fed decision/press conference.. -
NVIDIA Target Exhaustion
May 30, 2024 23:17 | by Ashraf LaidiNVIDIA reaches its inverted H&S target with precision and two giant gaps. .. -
Adults Only للكبار فقط
May 29, 2024 18:46 | by Ashraf LaidiSymmetry in price but not in time التماثل في السعر لكن ليس في الوقت ..
