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S&P 500 SPY IWM QQQ VIX Metals Oil NatGas Technical Evaluation Chart 12/4/2019 by ChartGuys.com

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19

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12 COMMENTS

  1. Thanks for the vids! Your philosophy of equilibrium and expecting lower highs helped me top fish SPY puts at 312 today! Only 10% return but nobody went broke locking in profits. Could have held a bit longer but thanks for your knowledge. Love the end of vid clips too!!!!

  2. Hey Dan, love your content but I have a question for you: Why not use the futures ticker for your S&P500 analysis as opposed to using SPY?

    I always see you switching between extended hours and regular hours trying to get a smoother picture, but futures offer the smoothest/most continues price action.

  3. XLF went up to the gap and then traded away from it selling off the end of day, that's bearish behavior. All sectors broke key daily support areas yesterday with decreasing bull volume today. SPY closed below the break down candle and has a gap left to fill below. XLF has quite a few gaps within range below. SPY I see is in a weekly rising wedge with weekly bearish divergence rejecting from the top of the wedge. Monthly chart has bearish divergence as well. Could this be the big short opportunity?

    Here's just something I was thinking…we ran up off that low from last December for nearly 12 months with everyone expecting some big Christmas rally. At this point, I believe it could be priced into the charts, which is why I am seeing a lot of corrective signals on longer term time frames. Also with Trumps resent remarks yesterday about not needing a deal until after the election. The market must now price in that a deal could take a whole extra year especially since his time will now be more limited with him campaigning for re-election.

    I went and checked up on the individual tech stocks and noticed some of the bigger names are in very rough shape…

    — FB has a daily rising wedge, which it had a failed break out to the upside then saved the bottom of it yesterday to then have a full bear day today that looks like it wants to head back in the southern direction.

    — Amazon looking very weak on that daily chart closing at the low and not oversold on any time frame.

    — Apple rejected from its daily uptrend line that it broke and the 20day moving average today touching it briefly then proceeding to trade away from it. Keep in mind that Apple is overbought still at 73.61 on the weekly still and could pull back to cool that off and potentially confirm monthly bearish divergence for its long corrective move.

    — Microsoft is in a weekly rising wedge with multiple touches and has is overbought with bearish divergence. After reviewing these charts, my view is more bearish on market direction than before. Tech makes up about 25% of the S&P500 so not really a point in trying to squeeze water from a rock to the upside now. Tomorrow should be a very telling day come the close

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