The Balance of Power lies with buyers...in fact, it also hit a record high today.
With no overhead resistance, buyers are free to continue this bull run.
Tuesday, November 24, 2020
'Trumpenomics' Shatters Glass Ceiling: Dow 30 Hits 30,000
Friday, November 13, 2020
From This Week's "Smile File"...Nancy Pelosi's Friday the 13th
😏 I wonder how the rest of her day will go?
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| Link to tweet & video |
Whoops...😮
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| Link to tweet & video |
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| Link to tweet |
S&P 500 Index At A Major Inflection Point
The S&P 500 Index (SPX) has breached, once again, the outermost deviation band of the Regression Channel (+5 standard deviation), which has its beginnings at the March 2009 low, as shown on the following monthly chart. So far, it hasn't been able to sustain a move higher.
It's either going to enter a new hyper-bullish phase to, potentially, spike sharply to parabolic heights, or pull back to somewhere around, either a confluence of the 20 MA with the +2 deviation level around 3100ish, or to a confluence of the 50 MA with the Regression Channel median around 2800ish.
Either way, the move could be swift.
In my post of November 8, I mentioned that buyers were in control of the MSCI World Market Index, based on a monthly timeframe. Its price was 2470.05 (Friday November 6).
The upside target I identified was around 2600. The next day it hit a high of 2546.16 before pulling back to close at 2502.06, as shown on the following daily chart. It's been trying to retest that high for the past three days, without success. The Balance of Power has flipped from buyers to sellers on this short-term timeframe.
This may be a warning of weakening interest and a possible pullback in the SPX, as well as other global indices. Keep an eye on the MSCI World Market Index for clues in the short term.
Monday, November 09, 2020
"ZOOM" In..."ZOOM" Out!
* See UPDATE below...
Good news was announced today by Pfizer for a possible COVID-19 vaccine...more data will be assembled, then submitted to the FDA for approval in December.
The research, development, and distribution of vaccines by Pfizer and other companies was established by the Trump administration's COVID-19 Task Force and fast-tracked under their 'Operation Warp Speed' program.
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| Link to tweet/article |
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| Link to tweet/article |
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| Link to tweet/article |
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| Link to both of Frank's tweets & threads |
Bad news for Zoom (ZM).
I'm not surprised it's plunged after its 735% parabolic rise in just 10 months this year! Remember what happened to Bitcoin?
We'll see what happens by the end of the year.
Bitcoin refresher...
* UPDATE December 30...
This is not good news for ZOOM...
After three failed attempts by buyers to push and hold ZOOM above 300, it looks like they've fled the scene. ZOOM has lost nearly 50% of its value from its October highs.
A drop and hold below 300 could seal its fate...while a push and hold above 500 could attract serious buyers, once a for all.
We'll see what 2021 brings.
Sunday, November 08, 2020
Buyers in Control of the MSCI World Market Index
I last wrote about the MSCI World Market Index in my post of December 24, 2019.
Since then, it surpassed its resistance level of 2340 and is sitting at 2470.05, as shown on the following monthly chart.
The Balance of Power lies in the hands of buyers on this timeframe, as price is set to break out above its high of 2500.32 to new all-time highs...provided that Momentum (MOM) continues to rise.
Its next major resistance level lies at the top edge of the Andrew's Pitchfork channel around 2600.
For clues on global market direction and strength, keep an eye on the RSI on the following basket of global market indices. As long as it keeps rising over the coming days and weeks, we may see the 2600 target achieved in the medium-to-longer term, or even by the end of 2020.
As well, the tug-of-war situation that I described in my post of October 26 between China's Shanghai Index (SSEC) and the S&P 500 Index (SPX) is worth monitoring, in this respect. The SPX is now sitting just above its former resistance level of 3500, while the SSEC remains around 100 points below its resistance price of 3400. Keep an eye on how this develops for the remainder of the year (and beyond) for additional hints as to the viability of further buying in the MSCI World Market Index.
Saturday, November 07, 2020
US PRESIDENTIAL ELECTION: It's Not Over Yet
Contrary to what the media has just announced, Joe Biden has NOT yet been officially declared the President-elect, as he has not yet been certified as the winner of any state. There are still ballots to be counted, numerous recounts to be done, and pending court cases to be litigated and settled before that can happen.
As former President Obama said post-2016 election, "There is only one President at a time."
At the moment, President Trump will remain President until noon on January 20, 2021...and beyond, if re-elected.
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| Link to tweet |
Important details revealed below...
Friday, November 06, 2020
Karma Bites: Nancy Pelosi
"House Speaker Nancy Pelosi is struggling to keep her members happy after the party's meager performance during Tuesday's election."
She attracted this mess to her party following their 2020 Presidential campaign rhetoric and policies...KARMA!
Important details revealed below...
Thursday, November 05, 2020
SUPREME COURT & IMPEACHMENT SHENANIGANS: Prescient Article?
Based on what transpired with the recent (contentious) confirmation of Amy Coney Barrett to the Supreme Court, it looks like the assumptions that I made in my post of October 1, 2019 (and the others referenced therein) may have, in fact, been accurate.
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| Link to my full article |
"There's nothing in the Constitution
that says the President stops
being President in his last year."
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| If true for Obama, then it must be so for Trump. |
