AXP is looking weak across multiple time frames with a couple of different signals saying this could potentially move lower. In this video I walk through the different time frames, what to watch for, and several different trade ideas to consider.
We knew this week was likely a wild one with CPI, FOMC, ECB, BOE, OPEX, etc… The week did not disappoint. Let’s review how we got to where we are now and what that has us thinking about the next leg.
Some major technical changes to the market that we need to review before next week.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
Major indices have turned down, breaking below the most important of the nearby Voodoo Lines levels. Breaks of symmetry can help confirm that the trend is changing in the moves below those levels.
After the huge red candlesticks early in the week, markets just kept getting sold into every bounce. Because of no wash-out candles yet, markets could go lower, but the /ES has good support at 3760.
In this video, I discuss what to look out for as we head into the next week. This week’s movement gives me notes of more selling. Let’s be sure to look out for a false flag bullish trap on Monday.
As AAPL and AMZN continue to slide it may start feeling like prices are “just too cheap” and can be acquired at a discount. I’d caution against that way of thinking, and instead focus on patterns that very much appear ready to break.
