WELCOME

Welcome and thank you for visiting!

The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

Paris Cafe

Paris Cafe

Events

UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Fri. Oct. 2 @ 8:30 am ET ~ Employment Data
* Wed. Oct. 7 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Tues. Oct. 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Oct. 14 @ 2:00 pm ET ~ Beige Book Report
* Fri. Oct. 16 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Thurs. Nov. 5 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Wed. Dec. 16 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference

*** Click here for link to Economic Calendars for all upcoming events

Sunday, December 08, 2019

Tech Xmas Rally In Store?

I last wrote about the FAANG stocks in my post of November 4.

It looks like FNGU did bite back and reached its next Fibonacci Retracement resistance level at 47.34. In fact it hit a high of 48.90 last week before closing at 47.72, as shown on the following weekly chart.

The Balance of Power has shifted from buyers to sellers last week from the prior week. It will be important for price to rally and hold above 48.90 to reverse this shift in sentiment.


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

I had identified a few stocks to monitor in my post. AMZN and TWTR haven't done much of anything since then, while NFLX and BABA have had a decent rally, and BIDU had a brief spurt.

Keep an eye on all of these stocks and their price action around their 20-day moving average for signs of weakness or strength this coming week and leading up to Christmas, as well as their Rate of Change (ROC) (note that the ROC on AMZN and TSLA is below zero...hinting of further weakness unless it bounces and holds above zero). Furthermore, watch the Balance of Power level of 48.90 on FNGU to confirm weakness or strength in the underlying stocks.