MAGIC @MagicPoopCannon
Legendary Analyst • Master of Charts • Economist • Crypto, Stock, and Options Trader Earth Joined February 2018-
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The S&P has fallen below the black uptrend channel, as it struggles to surpass the top of the blue uptrend channel, all while a strong bearish divergence forms on the daily RSI. Upside momentum appears to be weakening. However, at the moment, the bulls are still in control.
The 5150 S&P target was reached, and it happened within the projected timeframe. 👏 Now, I am expecting a correction, as markets are at resistance, we are overbought, and there are bearish divergences galore. S&P could retrace 7% if resistance holds.
Same story on the #S&P. It's currently about 1% away from testing the all time high, but we have a bearish divergence forming with the prior high, and given the past eight consecutive up weeks, I could see the market taking a breather soon.
Stocks will likely test major resistance this week. Here, you can see the #DOW just below the Great Depression channel (in red.) We also have weakening strength on the weekly RSI, with a bearish divergence forming. After 8 consecutive up weeks, we may finally take a breather here
The core PCE deflator rose just 0.1% in November and was up 3.2% from a year ago — another bullish sign for markets, showing that Fed rate hikes continue to suppress inflation. cnbc.com/2023/12/22/pce…
Tomorrow's PCE will probably be bullish, showing declining inflation, validating the Fed's pivot, and the market will probably rejoice. We're in the 9th consecutive up week, but history shows that the market can continue higher. Also, markets are rallying into the close.
The one thing that has me concerned right now, is the fact that the #DOW is struggling to surpass the top of the channel that it has been in since the 1800s, while simultaneously printing a monthly bearish divergence on the RSI. It may be time to take precautionary profits.
Way to go, @SECGov! Drive the crypto innovation out of the US! 👏🤨 cnbc.com/2023/12/21/coi…
The Fed has engineered a soft landing, and, IMO, they've pivoted at the perfect moment. Inflation isn't at their 2% target yet (we currently sit around 3%) but it will reach 2% due to the monetary policy lag effect. This is a huge boon for risk assets. #AllHailJerome!
Small caps are way undervalued right now. The Russell 2000 has about 20% upside just to challenge the previous high, as the other averages are currently doing. Small caps are very cheap right now, and they should outperform in 2024.
In my view, #BTC is in the third wave of its second major impulse ever, which should take it well above 100k. You can see the first five wave impulse clearly on this chart, then there was an ABC correction, and now we appear to be in the middle of the second impulse.
#TSLA looks very bullish to me, as it holds the monthly gaussian channel, and sets up for an inverted head and shoulders. I could see a breakout here sending the stock towards 850-900.
On this 100+ year old #DOW chart, you can see the DOW is challenging the top of a truly enormous channel, which has acted as resistance since before the great depression. I expect a breakout, which would align with my theory that the secular bull market could last into the 2030s.
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@libsoftiktok @FBI Why does it look like someone just shoved his head in a tacklebox…
@MagicPoopCannon Some analysts around here are saying blowoff top, i.e. reject at the top of the channel and crash to either the midpoint or the bottom. What are your thoughts?
@MagicPoopCannon @MagicPoopCannon is the greatest TA of our time giving pure, neutral and unbiased TA.
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