Founder & CEO of AscalonVI Capital. 17-year NYSE veteran, Chartered Market Technician (CMT). Frequent contributor on Fox Business, Newsmax, and CNN. Co-host of Policy & Profits podcast.
Daily Notes
XHB (SPDR S&P Homebuilder Equity ETF) - 8.17.23 *The XHB is forming a massive 18 month double top (R1, R2). The ETF is failing at resistance (ref $85) with confirming negative momentum (M1). I think the current set up is very bearish with additional downside likely.
Daily Notes
ES1 (SP500 Generic Front Month) - 8.17.23 *The overnight low for the index currently stands at 4409. I would consider this to be the test of the previously identified downside target of 4400. As I have stated over the past few weeks, 4400 stood out as a legitimate
Daily Notes
ES1 (SP500 Generic Front Month) - 8.16.23 *In mid-July I identified 4631 as an upside target/resistance level to focus on. At that time the index was trading ~4500. On July 27 the index hit that target (high 4634) and has subsequently sold off ~4%. Yesterday's
Daily Notes
ES1 (SP500 Generic Front Month) - 8.15.23 *I stated yesterday that I "continue to feel risk is to the downside" and that I would focus on a short term support/resistance range of 4460/4515(10dma). The high/low range for yesterday's full session
Daily Notes
ES1 (SP500 Generic Front Month) - 8.14.23 *The index successfully tested identified support at the 50dma (ref 4477) on Aug 10. This level was then violated on Aug 11 with as low of 4459. The overnight low so far heading into today's cash session is 4465.
Daily Notes
ES1 (SP500 Generic Front Month) - 8.10.23 *The index continued to trade as expected during yesterday's session by testing resistance at the 10dma (ref 4543) with a high of 4536 and also testing support at the 50dma (ref 4467) with a low of 4478. I have
Daily Notes
ES1 (SP500 Generic Front Month) - 8.3.23 *In the last report on 8.1.23 (was off desk yesterday) I noted that the index was churning within a support/resistance range of 4550/4630. The index was churning in this range with "fading volume and flat to
Daily Notes
ES1 (SP500 Generic Front Month) - 8.1.23 *As mentioned in yesterday's note the Index seems to be stuck in a short term support/resistance range of 4550/4630. Since hitting a recent high of 4634 on Jul 27, the index has churned with fading volume and
Daily Notes
ES1 (SP500 Generic Front Month) - 7.31.23 The lows for 5 of the last 7 sessions ranged from 4550 to 4560 creating solid short term trading support. Additionally, we remain unable to breakout above our 4631 resistance level with negative momentum (M1, M2). All said, I would focus
Daily Notes
ES1 (SP500 Generic Front Month) - 7.28.23 In the last report on Jul 20 (took some time off for vacation), with the Index at ~4600, I stated that "I think the Index could easily take a breather here and test the 10dma (ref 4526) which is ~1.
Daily Notes
ES1 (SP500 Generic Front Month) - 7.20.23 *The Index hit a high during yesterday's session of 4609 just shy of the next upside target of 4631. Momentum (M1, M2), although somewhat extended, continues to improve and confirm that overall the move higher remains in place. That
Daily Notes
What you need to know ES1 (SP500 Generic Front Month) - 7.19.23 *As I stated yesterday morning, "as price remains above this previous resistance level (4500) and as momentum (M1, M2) holds/expands, additional upside is expected". We did indeed see more upside during yesterday'