Funny how things can change over the course of a week. Just last week was looking at this chart thinking it was starting to look really nice. But after the last few days it has really gotten soggy. If we lose Thursday’s lows, I think it’s in real trouble. Same chart as NIO and same idea basically.
Retail looks nasty across the board, and this one is particularly gross. Looking for a pop into mid 114s to get short. Lower volume name, so make sure you understand how to size appropriately since the spread may be wide.
NIO is really struggling with the 20d. I feel like if this loses Thursday’s lows, I want to be shorting all pops afterwards. I would also look to possibly fade an opening push into the 38.60 area. You can see that was a pretty big level on Friday and you’ll have the 20d just above you as well.
Strong day even in the bloodbath of a market we had on Friday. Would like to see a retrace back to 115 area where we have that quarterly pivot as well an area of consolidation from Friday. With an ATR of $8 that puts us right in the range of a full ATR if we were to open up around where we closed on Friday.
What a change in this from last week. Red across the board. When you look at all the sector ETFs, you also see a LOT of the charts look like they are hanging on by a thread and may take a tumble. One of the few that I thought still looks pretty decent is the Communication Services. The $XLC chart is pulling back into a real nice area and may have some strength...
Saw a bit of a panic flush on Bitcoin last week that took us south of the 200d. We are still just below it as of the time of me writing this, but it doesn’t concern me too much. I actually think this pullback is still very needed and healthy. If we can push back over 47400, I think we can resume the uptrend and continue higher.
Pretty much what we were expecting..
… lose last week’s lows and we see the 20d. Well, we almost got there. Let’s see if that is what we need to do this week in order to see the price find some buyers.
Under the 20d the support level I’ll look for is the 15k level where you have the quarterly and 50d.