10/24/2020 Weekend Update

[Cobra]

Down 1 week, the next week has 61% chances to close up.

[Al_Dente]

“Help! My Parents Have Become Day Traders”
… By some estimates, small-scale speculators now account for as much as a quarter of general buying and selling.
“Dad, please don’t buy Tesla,” I mentioned. “Why not?” he insisted. “You don’t know anything about the company,” I exclaimed.
“It’s too high now,” my mother mentioned. “Maybe when it comes down a bit more,” my dad agreed.  
Institutions are alarmed, fearing that a sudden flip in sentiment might send the market spiraling.
[WSJ]

[Al_Dente]

The WEEKLY Reltive Strength/Rotation table

[te_fern]

8 day Financials....

[te_fern]

As Pasta Boss' table showed the Financials did better than Tech over the last week!

[Al_Dente]

WEEKLY CHART:
I really wanted to see more strength in the momentum histogram. Bulls need improvement there.
You can see the same momo weakness in Dec/Jan.
The green-dashed up channel on SPX is actually a WEDGE, as I think y’all know.

[Cobra]

$AAII Bull - AAII Bear keeps rising. I read it as a little bit negative sign for bulls.

[Cobra]

$IWM looks like a breakout is more likely.

[Al_Dente]

QQQ daily
5 of the last 6 days show lower selling volume on the QQQ (that’s bullish)
Sellers haven’t been able to do much damage in 4 days of dojis (that’s indecision).
A bounce should be coming soon ?

It’s a big week for tech earnings reports, and their results should have a big impact on the market.
MSFT reports Tuesday, October 27 amc, after market close
GOOG, AMZN, FB and AAPL report Thursday Oct 29, all amc
[But note that finviz says GOOG reports on Monday October 26 amc, so pls double check]

[Al_Dente]

Attention stockcharts.com members
they are up to their hijinks again
if you click on the link and don't see a VOTE button
you need to refresh the page once to get to VOTE
https://stockcharts.com/public/1684859

[BullBear52x]

From "It is what it is department" Weak market the past two weeks until last Friday the painter put the doji candle there. indecision, we are in a no man's land short term. key focus 5 DMA

Price gap support and resistance is clear, market is trapped in between.

from Fib measurement a trade above 61.8% is bullish,

Daily LH and the selling is still good but it does need LL to confirm trend is down in bigger picture, this will be few more weeks yet for it to play out, over all it's not bullish.

Short term trend is down, in an early stage, and now the market managed to closed above 5 DMA, this indicated that bulls are down but not out. I will give bull the benefit of a doubt, seller beware, going into next week I will be a buyer if the market maintain price above 5 DMA, it is so close we should see as early as tomorrow morning which way market is heading. trade well, Peace!

[JFR]

SPY daily. Wide base. Narrow bars, many inside. Dojis. Sitting on the EMA 20. Down from the peak. No man's land. Waiting. Waiting. For what? Oh yeah, that. Ha ha.