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 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. -
Aussie View
Jul 3, 2024 17:14 | by Ashraf LaidiThe Australian dollar is the 3rd highest performing currency in the G10 so far this yearm behind USD and GBP. -
Aussie View
Jul 3, 2024 17:14 | by Ashraf LaidiThe Australian dollar is the 3rd highest performing currency in the G10 so far this yearm behind USD and GBP.
