Technology – kaboom

watch this ratio as a key to provide support and resistance for technology names …

yes, technology and specifically the NASDAQ have been ROLLING. that being said, do see some resistance ahead and especially at the level indicated by the XLK / XLP ratio analysis. (technology/ staples) the level shown below has 6 mathematical derived levels all really really close to each other.

“should” provide resistance to this amazing run … that being said, appears like NOTHING can stop this run and this time it’s different and just buy buy buy as it’s all good …

OBTW, glad the REPO and sovereign debt crisis magically just went away …

one last, anyone else find it interesting that, w/ the NASDAQ soaring to new highs the ratio of the XLK/XLP is “barely” at the 50% level. if we had broad participation across the board wouldn’t this (the ratio) be making new highs?

Bart

Pay Attention to Palladium and the target that it hit …

Palladium and the NASDAQ have tracked nicely .. watch the upcoming target closely

09/28/2019 – we blogged about this long term target back in March. It was hit on Friday. When we have two 1.618 projections and extensions coming together – it should be a big deal. The other to note is the fact that we have what’s called a “butterfly sell” pattern that hit on the daily and smacked right into the long term targets from 1996. If we get a weekly close below the 1604 ish level, then advise to become defensive. Updated charts below:

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would watch the target above, very closely, along w/ the NASDAQ weakness in the coming days/weeks.

NASDAQ – heads up, big target hit UPDATE – Island Reversal Present on Daily

03/20/2018 – heads up, sure looks like an island reversal present on the NASDAQ monthly.

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not only do we have the 1.618 extension from 2000-2002 being hit but we also have a 1.27 AB=CD from the all time low and a 3.618 WX=YZ all being hit today. this ‘should’ be pretty significant resistance.

a word to the wise is sufficient …

Bart