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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Monday, November 04, 2019

Will FAANGs Bite Back?

The following daily chart of FNGU shows that price has broken above and retested a downtrend line.

FNGU is an exchange traded note that tracks 3x the daily price movements of an index of US-listed technology and consumer discretionary companies...the index is highly concentrated and equally weighted.

The next major resistance level is around 47.34 (61.8% Fibonacci Retracement level).

FNGU is comprised of the tech stocks shown on the following daily charts.

Keep an eye on AMZN, NFLX, BABA, BIDU, and TWTR to see if they can claw their way back to an uptrend...especially TWTR, which can't afford to turn down advertising dollars from political ads pertaining to the 2020 election, as was recently decided by its CEO.

Sunday, November 03, 2019

S&P Emini Futures Index Intraday Targets

To keep this simple and brief, Monday's (November 4) intraday Pivot Point targets for the S&P Emini Futures Index (ES) are (as shown on the following 60 min chart):

R3 = 3117.67
R2 = 3085.67
R1 = 3074.33
PP = 3053.67
S1 = 3042.33
S2 = 3021.76
S3 = 2989.67

Weekly VWAP = 3068.22
Monthly VWAP = 3056.45
50 MA = 3046.43
200 MA = 3025.14

All of these levels represent short-term support and resistance levels.

The following monthly chart of the S&P 500 Index (SPX) contains a Fibonacci channel which begins at the March 2009 lows.

Its next Fib target sits around the 3125 level (1.618% external Fib level), which happens to coincide with Monday's R3 Pivot Point level.

Inasmuch as the Balance of Power lies currently with the bulls on this timeframe, we may see this level hit, if not on Monday, then perhaps sometime this week...particularly if 3050 (or, at least, 3040) holds as near-term support.

Finally, the following daily ratio chart of the SPX:VIX ratio shows that a bullish moving average Golden Cross has just reformed on rising RSI, MACD and PMO indicators...hinting of lower volatility and higher SPX prices.

If these hold, I expect that the SPX may just reach 3125ish in short order.