Markets: Some key charts / forecasts from Sep, Oct and Nov 2018

The markets have certainly turned medium term bearish, and the bearishness has accelerated since the mid-terms as the US-China trade deal remains elusive (no surprises here though). I am still betting on SPY 255 and QQQ 152 to be reached before Dec 15. Following are some of the key charts / forecasts that I had posted on StockTwits / Twitter over the last 2 months:

Though I have been bearish since mid-September, this XLF chart was the most important one (Banking & Financials which probably remains the Lead indicator for the markets) that helped me conclude with conviction that the markets were really in for a deep correction over the medium term, despite the booming US economy. The technical positioning of QQQ along with AMZN and AAPL further helped confirm my bearish theory for Oct – Dec.

XLF – Critical Bearish Alert (posted on Oct 12):XLF Oct 12 2018.PNG

QQQ – Bearish Chart (Oct 10)  with a forecast update on Oct 20QQQ Oct 10, 2018

NDX – chart from Oct 20. A target of 6400 was set “if the 50 WEEK MA broke”ndx Oct 20 2018

AAPL – Sept forecast for a drop to the 50 DMA and possibly to the 200 DMAAAPL Sep 10

AMZN – I had forecast the possibility of a parabola break in July 2018 (click here for the forecast). On Oct 10, the break was confirmed and targets were set as below. So far, we have met only the first target (1448) but I do expect target 2 to be met by the end of the year. AMZN Oct 10 2018

AMD – a parabola break was in the offing . Here is the chart dated Sep 18 with forecast targets. The targets were exceeded in this case as AMD dropped to a low of 17.AMD Sep 18 2018

SQ – Another parabola break was in and targets were set (Oct 16)SQ Oct 16 2018

XBI – Oct 24 chart (XBI tested the target zone of 74-75 in Nov)XBI Oct 24 2018

SPY – Forecast dated Nov 7. From the Nov 7 level of 281, the target of 265 was met on Nov 19 – in just 10 trading sessions!SPY Nov 7 2018

QQQ – expecting the 155 level to be taken out soon. The low so far: 157QQQ Nov 7 2018.PNG

QQQ – Phase 1, 2 and 3. Should lead all the way to 155 and possibly 152QQQ mid Nov 2018.PNG

NFLX – updated chart dt Nov 18. The last target (213) from 400 level is still pending. Expecting it to be hit before Jan 31, 2019NFLX Nov 19, 2018

NVDA – chart dated Nov 19. Another parabola that broke. Expecting 128 to be met in Dec/JanNVDA Nov 19 2018.PNG

And finally, looking for FB to meet its fate (115) very soon.FB Nov 19 2018.PNG

 

About Venkat Pulakkad

Entrepreneur, management consultant, blogger & forecaster. Founder of Flourish Research Media that provides insights on markets, trading strategies & risk management. Currently an active trader with 20+ years of experience trading Forex, Stocks & Options. Areas of interest: Trend / Swing trading, Macro-tech analysis, building trading strategies, deploying Risk Management techniques, and helping / coaching traders to become successful traders. Twitter link: https://twitter.com/Flourish_Venkat      
This entry was posted in charts, Economy, stocks, Uncategorized and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s