MAGIC @MagicPoopCannon

Legendary Analyst • Master of Charts • Economist • Crypto, Stock, and Options Trader Earth Joined February 2018

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MAGIC @MagicPoopCannon

2 months ago

On the weekly S&P you can see that price has broken above the Great Depression channel (in blue) and has logged a few weekly closes above it. While that looks like a successful breakout, I'm still skeptical, particularly because of the divergences and other bearish indicators.

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MAGIC @MagicPoopCannon

2 months ago

Equity markets may be topping here. On this monthly S&P chart, you can see a multi-year bearish divergence, which has worsened in recent months (dotted red line on RSI). This is occurring as price contends with the top of the Great Depression channel.

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MAGIC @MagicPoopCannon

2 months ago

m.youtube.com/watch?v=rmVWId…

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MAGIC @MagicPoopCannon

2 months ago

m.youtube.com/watch?v=rmVWId…

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MAGIC @MagicPoopCannon

2 months ago

The US10Y looks poised for a massive breakout. Perhaps the "bond vigilantes" will finally step in. Clearly the Fed and congress cannot maintain price stability or any level of austerity. @yardeni was right. We are probably very close to bond market chaos.

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MAGIC @MagicPoopCannon

2 months ago

The S&P looks like a short, though it conflicts with the full blown risk-on look in crypto. Crypto is overbought though, and may see a short-term pullback on broad market weakness and renewed economic fear.

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MAGIC @MagicPoopCannon

2 months ago

The top chart is from my analysis on #BTC in May, the bottom is today. We are perfectly on track, but nothing is guaranteed. My target of 171K remains, with an even higher target of 342K, which I've also shared in the past. Nothing more to add here.

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MAGIC @MagicPoopCannon

2 months ago

The S&P may be topping again, as it runs into the top of The Great Depression channel (in orange). The weekly, monthly, and quarterly RSIs are all diverging bearish. Thus far, the S&P has struggled at this monumental resistance.

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MAGIC @MagicPoopCannon

2 months ago

The S&P has broken above the blue downtrend channel, and it spent many sessions confirming it as support, before breaking out higher. That is a clear confirmed breakout. A test of the ATH and then the Great Depression channel in orange now appears imminent.

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MAGIC @MagicPoopCannon

3 months ago

Building on my last #BTC analysis, the arrows remain unchanged. Price rallied up to my target and turned back. Look for support around the 38.2% retrace. I do expect the inverted H&S to complete. We will monitor it for a potential failure. Good luck, everyone.

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MAGIC @MagicPoopCannon

3 months ago

The S&P gap on the daily chart is 4.3% lower. If we get rejected here at the falling blue channel, that gap fill is the initial target. There is a daily bearish divergence forming as price tests the blue channel.

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MAGIC @MagicPoopCannon

3 months ago

The S&P is testing the top of what may be a downtrend channel (in blue.) If it's going to fail to reach the ATH, now is the time. If this is surpassed, the ATH will be tested and likely surpassed, where price would then test the Great Depression channel again (in orange.)

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MAGIC @MagicPoopCannon

4 months ago

The S&P has a weekly gap fill at 5720, about 2% lower. Unfilled weekly gaps don't exist on the S&P chart. So, I expect this gap to be filled at a minimum.

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MAGIC @MagicPoopCannon

4 months ago

You may be wondering why I haven't taken down the bear yet. The reason is because yields look like they're about to skyrocket. The market may go on to make new highs, but the bond market is not happy with the level of debt & deficit spending. If rates rip, so too will interest.

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MAGIC @MagicPoopCannon

4 months ago

#BTC is at a new all time high, and it has almost reached my initial target of about $112K. Once we hit that level, we may see a pullback, but I'm not that confident on it. BTC may just continue to rally, as it has in the past, especially if the bond market sparks solvency fears.

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MAGIC @MagicPoopCannon

4 months ago

cnbc.com/2025/05/16/moo…

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MAGIC @MagicPoopCannon

4 months ago

#BTC is well on its way to my initial target of around $112K. I think it is likely to reach new all time highs within weeks, before ultimately rallying toward $150K, and then possibly $171K. My high target is around $342K, which I've mentioned before.