Make sure you watch semis (SMH) this week. I posted the chart in Part 1 yesterday. We are at/near important levels all over the map (SPY, DIA, IWM, QQQ). If we break support, price will be seeking even lower levels. Good news/bad news. The good news is that if we get lower that should help propel the broader market higher. Think of the market like a rubber band. When it gets stretched too far it will snap back. We have been snapping for a year and a half. Enough already! We want to go back to normal behavior. If we don’t bottom and reverse around current levels we may have to wait until summer/fall before reversing.
Ideal price/price projection shows reversal in the July/August time period. This makes sense as summer is seasonally suppressed. Remember, there are two axis on a chart, time and price. When they intersect we pay attention…very closely.
One more thing…no entries in Part 1 or 2. Just research this week.
On to the charts…click on chart for notes and annotations…
JB Hunt Transport Services (JBHT) weekly
Watchlist
ChromaDex Corporation (CDXC) weekly
Watchlist
Square (SQ) daily
Alright…everyday I’m sticking my card into a SQ thingy.
Editas Medicine Inc (EDIT) daily
iShares MSCI Emerging Markets Index Fund ETF (EEM) weekly
Watchlist
Guggenheim China Technology ETF (CQQQ) daily
OK, that’s enough for today.
Enjoy your day and I’ll be back to you soon enough with more chart works.
FYI, next Sunday’s post might be delayed a day as I will be traveling to San Diego on Friday for my grandsons high school graduation and a weekend filled with family fun and then traveling home on Sunday.
Have a happy week,
Later,
Don