Sunday July 09, 2023 VOLUME 7 ISSUE 26
AMZN | ARKK | BTC | DOW | CL | ES | ETHUSD | GC | HUM | KDP | META | MSFT | SBUX | TSLA | US
ALL NEW! Announcing a NinjaTrader version of my Flagship indicators, SunnyBands AND NOW DMA_HISTOGRAM! Order Here. OR, request a Free 7-day Trial with FREE Personal Orientation & Instruction!
I'll be going to the MoneyShow in Las Vegas August 8-10 if anyone wants to join me for lunch there let me know.
Want to see a Quick Slide Set pdf of the SunnyBands Rules I use? Click Here and become a Free Member of MoneyMentor, or if you're already a Member, just Login.
NEW Podcasts Dropped: Carolyn Boroden, Markus Heitkoetter, Dan Passarelli, Ted Hearne, Larry Pesavento and Norm Winski. Great interviews with Sunny & Sam. Give 'em a listen! Coming Next: Steve Primo.
More Sunny Harris interviews: Podcasts with The Matt Kohrs Show, Moon Dev, AlphaCast, Macro Jabber, Alternative Investments, Casey Stubbs of How to Trade It, Chat with Traders, Michael Filighera's Eye of the Storm, The Daily Traders and Etienne Crete's Desire to Trade. Interview in Business Insider.
HAPPY HALF HOUR! On Friday August 4th at 1:15pm PT. I will be hosting the Next Free Networking Event for all Traders new and old to join in the discussion and "get to know each other" event. Sign Up Here. This Free meeting of like minds will be held once a month, on the 4th of each month. We all had a great time and shared liberally on the 5th of July. Don't miss it next time. Click HERE to join us. You must be registered to get the invitation and link.
>>FREE Live Demo REPLAY Posted. Learn how I use SunnyBands to trade.
>>FREE Replay of Live Trading Room (Trade Along with Sunny)
>>FREE Trial of Sunny's Most Powerful Indicators. Click Here. I can only take 20 trials per month.
If you are new to Sunny Side of the Street you might be unfamiliar with the rules I use to interpret my Indicators.
If that's the case, you can download the Indicator Manual Here. Or you can see the 9 slides for a quick presentation of SunnyBands rules.
If you haven't already, Watch the Oct 18 Live Demo Replay Here. The LIVE DEMO was Tuesday Oct 18 at 10amPT. Learn how Sunny interprets her indicators. No sales pitches, only Education and Support. Whether you do have or do not yet have SunnyBands, PHW, or DynamicMAV, you will not want to miss this expose'.
And there is one of the Live Trading Room sessions available Here if you'd like to see how I trade.
Want to try them out? Click Here for a FREE Trial of Sunny's Indicators. I will personally walk you through Installation (Zoom) and explain to you EXACTLY how I use them in my day-to-day trading. I've been trading for 42 years and this is what I use Every Day. I don't hold anything back. The week of your Trial I will have another Zoom call with you during the Trial to walk you through trading them in the Live Markets.
"You can use SunnyBands for Options on QQQ. When it goes purple I go! It's a sure bet. Price crosses above LOB sometimes, wait for a couple bars within LOB. Catch it on Friday on options expiration sell puts and it's a sure thing! I did it on TSLA too." - Aaron R.
If you Didn't Attend the "EasyLanguage Forum", but would like Access to the Videos and Slides, here's where to get them. Sam Tennis and I covered EasyLanguage from Beginners to Intermediate. And even some OOEL. It was intense and lots of fun. If you couldn't come and want the materials you may purchase them for a modest cost here: Order Form. You won't learn EasyLanguage anywhere else faster.
EasyLanguage Forum
If you Registered for the EasyLanguage Forum and would like to view the Slides and Video, use your email and password to Login. If you forgot your password, just shoot me an email.
If you didn't Register and didn't attend the classes, you may want to access the Slides and Videos. For a modest fee, they are HERE. This is the best place to learn TradeStation's EasyLanguage.
Samuel K. Tennis is world-renowned as "Mr. EasyLanguage" as he was the lead programmer, designer and programmer of EasyLanguage when he was working for Omega Research, which changed its name to TradeStation in 2001.
Sam Tennis is considering offering EasyLanguage Mentoring Sessions. If you are interested, please fill out this little form.
WARNING: Read this to get an idea of what can become of our future.
Sunny J. Harris has been a professional trader since 1981 (through all the Bear and Bull markets) and author of "TradeStation Made Easy!" and "Trading 101", "Trading 102", "Electronic Day Trading 101", "Getting Started in Trading". She began using TradeStation & EasyLanguage (at the time "System Writer") in 1987 and has been a TradeStation Beta Tester ever since.
Sunny and Sam have been friends for more than 30 years and are partners in writing our upcoming "The Definitive Guide to TradeStation's EasyLanguage & OOEL Programming" It looks like, at this point, it will be about another month before it goes to press. If you want an autographed copy, click here. (Only in US mainland)
Podcast: The Sunny Harris Show! with Sam Tennis
And in another vein, if you'd like to visit the Podcast interviews of Sunny they are available Here.
The most recent Episode is with Carolyn Boroden. Markus Heitkoetter. Dan Passarelli, Ted Hearne. Larry Pesavento and Norm Winski before that and the world famous Linda Bradford Raschke, Robert Colby, and a historical visit with Larry Williams who is the master of commodity and futures trading as well as the prolific author of 11 books. Get to know him personally! The podcast is not to miss. Before that were legends Wally Olopade, Price Headley, Jody Samuels, Harry Boxer and Peter Eliades and then Michael Filighera illustrious Elliottician. Past episodes include: Glenn Neely (Elliott Wave Expert: neowave.com), Perry Kaufman (prolific author and master trader: kaufmansignals.com), and technical Rock Star Tim Slater. Upcoming episodes include Norman Hallett, Robert Colby , Larry Pesavento, Linda Bradford Raschke, Ted Hearne and Carolyn Boroden. I listen to Podcasts while I trade! You don't have to just sit there and listen and do nothing else.
Don't miss these Podcasts! These have been delightful and enlightening interviews into the lives of legendary traders and their take on the markets.
Link to Sam Tennis' Products below. Link to Sunny's Products. NEW: Scan for bullish stocks.
Please take a look at my YouTube channel, (search for Sunny Harris on YouTube) subscribe, and give me ideas of what else you would like me to include. I'm ready to record more videos.
QUICKLINKS: VantagePoint | Last Week I said | Dow | ES | SunnyBands Implications | Trading Room | Automated Strategy | Multiple Timeframes | Stocks | Oil | BitCoin & Etherium | Gold | Bonds | Diatribe | DEFINITIONS| Quips & Quotes
VantagePoint ai Prediction for Tomorrow
Click Here to attend a Free informative class.
The VantagePoint prediction for tomorrow is for another down move from Friday's close. The predicted high is 33,798 and the low is 33.498. That's a range of 300 points on the day.
The moving averages are solidly down. All 3 MAVs are moving down and are below the zero-line.
On the SunnyBands of the Dow price was below the DMA, even though Gold was on top. The DMA is Flat and the DMA Histogram shows Red moving down.
Glenn Neely's Gold Prediction
Glenn Neely has graciously granted us continued access to his weekly predictions! Take a look at how accurate Glenn's chart patterns have been with his NEoWave River Theory and NEoWave technology. See where he thinks it will go next. The chart in today's GC is a 6-month view so you can see longer term predictions. Click on the link to visit his website.
Notice that he is calling for long-term much lower GC moves. This chart suggests GC could move down to 1,680.
Here is the Weekly NEoWave projection of Gold. He posts it on Monday afternoons, so it will be updated then. Come back and re-load to see it.
http://www.neowave.com
SunnyBands Implications
Dow Jones
The stats for the Dow are:
The Dow is down -672.72 on the week which was a down move that portends further motion to the downside.
Notice the Attractor (orange horizontal line at the top of the chart) that I had drawn weeks ago. Price hit the Attractor and moved down from there. At this point it looks like price could move farther down to the LIB at the least. It sits now at 33,483. If it breaks througn that price, and if the DMA turns Purple, we are in for more downside action. Probably to the LOB at 33,260 Watch your SunnyBands on a lower timeframe to keep up.
There was a Sell signal on 06/16/23 but with the DMA Flat, it dropped right to the DMA (as expected) yielding a 326 point potential profit.
Price is above all 3 MAVs and Gold is on top and sloping upward at a steep 88 degrees.
Last time I said: "Monday could bring more action to the upside, but with the long-term Attractor right on top of price, it could also drop back down to the UIB (Upper Inner Band). On the weekly chart we are just in a sideways channel, above Gold but definitely congested.
Thanks to the mind of Sam Tennis I have a set of beautiful indicators that draw trendlines from the pivot High (all time high, HH) to current price and one that goes from the pivot low (LL) to current price. You can see these on this chart.
Keep in mind that markets never go straight up or straight down. They always move in fits and starts. And this one is definitely moving sideways.
The Podcasts of Carolyn Boroden, Markus Heitkoetter, Dan Passarelli, Ted Hearne, Larry Pesavento, Norm Winski, Greg Morris, Larry Williams, Linda Bradford Raschke, Anka Metcalf and Robert Colby are now posted. Enjoy these great interviews. Steve Primo coming Next!
S&P 500
ES Daily
ES Weekly
The ES was down -54.25 points on the week even though it was up on Monday and Tuesday.
Starting Wednesday, after hitting the Attractor I had drawn at 4,470.85, price moved back down to the DMA, which is still Gold -- and is Flat.
Generally, when price action has been upward a Flat DMA will mean congestion to follow, with price bouncing around the Flat DMA.
On the Daily chart price is above all 3 MAVs which speaks to Bullishness.
On the Weekly chart it looks like we have 5 waves up in a 3 wave, which would say we have a 4th wave correction in store, possibly down to the DMA at 4,273 before another wave up continues.
Last week I said: "The DMA is Flat and suggests congestion, but we will at least make another attempt to break through the Flat DMA, probably intra-day." And that's exactly what it did.
The Fibonacci 61.8% retracement lies below at 4333 right above the previously flat DMA. And price dropped intra-day right to that line and bounded.
The overhead Attractor (Fib line 76.4% from the high of 01/04/22) on the ES lies at 4,629. I'm expecting price to move to that level, but not immediately. As Larry Williams says: "It takes TIME to make money." Markets don't usually go straight up, though sometimes they do go straight down.
If price falls back and doesn't best Friday's high, then we are looking at a Double Top. And usually that is Bullish. Gold is on top and moving up strongly from last week's Flat DMA. It could easily drop back to the DMA at 4415 and then bounce right back upward. Barring any bad news the ES should move on up in the near future.
Earnings Reports continue this week with some important stocks reporting.
REPORTS THIS WEEK:
Quips & Quotes
Here are a few quotes from my users these past few weeks:
"My consulting sessions with Sunny started from a cringeworthy point. I was a rank novice. I was impressed with her patience and calm responses as we began working on terminology, process and setting up my trading platform. She was great at directing me to areas I needed to supplement my learning, as well as guiding me away from subjects distracting to a beginner. With her decades of expertise, she was able to break down complexities into bite-sized chunks so that sessions were productive. I found over a short period of time I was asking smarter questions, and eager to learn more. Sunny is a talented mathematician and programmer who develops her own tools, but her style of coaching is cheerful and encouraging, not intimidating. You become a student of the craft of trading -- setting up your own strategies, and testing them until you know they're likely to work. The SunnyBands system she created and sells is also what she trades with herself. If you are a beginner, she can start at an appropriate point for you and raise you up to the level you're ready for her SunnyBands system. I'm still a work-in-progress, but with Sunny I chose a solid business partner, and as it turned out, I also made a good friend. Thoroughly recommend Sunny!" -Jill T.
"I made $5,772 on the first day of my free trial of SunnyBands. It told me exactly where the turns were, even with the high volatility today. You are one of the very few people that allows test drives. It's nothing short of amazing!" -Aaron R.
"I want you to know that you’re truly an amazing person and how grateful we are to have you as a mentor/teacher. We Love You." - TJ N.
"Nice Bands! This morning I did a couple of quick MES buys and sells. Then I bought into an upward moving ES [signaled by the DMA_H]. Followed it to the top [SunnyBand]. Closed. Sold short at the top [SunnyBand.] Followed it to the bottom [SunnyBand]. A $4,000 account (what I had moved to the Futures account) returned about $2,000. Doesn’t get any better than that!". - Don M.
DMA_Histogram in Various TimeFrames
Here we have several different time frames on the ES Continuous Contract. This is a view of the RadarScreen with the DMA_Histogram showing the Direction of the DMA and what color it is.
Note that there is a new column in this figure: Bars Ago. A client of mine asked for this extension, and here it is. This tells how many bars it has been since the Direction reversed.
When the DMA_Histogram turns Gold it means that the Gold DMA is on top. When it turns Purple it means that the Purple DMA is on top.
While Purple is on top and the DMA_H is below the zero-line it turns Green to highlight change of trend and the possibility of a Bullish movement.
While Gold is on top and the DMA_H is above the zero-line it turns Red to highlight change of trend and the possibility of a Bearish movement.
Note, I always wait for Price Action to confirm the move before taking a position.
Notice the new column, in black. At a client's request I added "Bars Ago" to show how many bars ago the Direction flipped.
RadarScreen of Stocks
Here again, back by popular demand, is my RadarScreen of S&P 500 Stocks:
The RadarScreen shown here is sorted by PHW (Potential Hourly Wage) total and presents the "most tradable" stocks on the top. i.e., those with the most swings and trading opportunities--for the most money. Note that NVR and BKNG are on the top still. Searching through this list could prove valuable for those hunting for the right symbols to trade. And, of course, those at the highest prices produce more return.
In the DMA column you can see that most of the symbols are very mixed. Lots of all colors. This is indicative of a sideways market that still has to reveal its direction.
Stock Scan for those Above all 3 MAVs & >million shares traded
This Scan includes a condition that symbols must have >= 1,000,000 volume as well as being above all 3 MAVs, as well as Price being between 20 and 200. That narrows the search down quite a bit. And now there are only 63 stocks that meet the conditions. Lots of opportunity still here. You could now check out these symbols against the RadarScreen figure above to see which of these has the highest PHW for trading.
Stocks
Created : 07/08/2023 04:39pm Symbol "META", Bar Type = Daily Last Close = +290.53 : the close Friday was at +290.53. Change from last Sunday (+/-) (+286.98) = +3.55 Purple or Gold on top? Purple UOB = +298.58 UIB = +292.10 MidLine = +282.30 MidAngle = 35.28 LIB = +272.50 LOB = +266.02 Above/Below 21-day MAV = 280.64 - Above Above/Below 50-day MAV = 260.47 - Above Above/Below 200-day MAV = 178.37 - Above Color of DMA_H = Purple All Time High = +384.33 Percent = -24.41% on 04/22/2022 302 bars ago.
META gave a SunnyBands BUY signal on 11/08/22 at 112.05 (vertical line on the chart) and only this past week was up to 298.12 for a potential profit of over 186 points per share. META was up +3.55 on the week. Next stop 302!
And once that price has been exceeded and tested it looks like we are going on up to 347.
Price is still above all 3 MAVs which is still Bullish as it continues on upward. Last time I said: "Price may stumble this next week as it attempts to best this Attractor, but I think it's moving on upward." And that's what it did.
Price is currently above the 61.8% Fib line at 286.90 and rising. Last time I said: "It looks to me like we are going on up to the 76.4% Fib line" which is now at 314.90. And I still think so.
KDP: Keuring Dr. Pepper
This week, on the Daily chart, the price of HUM moved up every day except Friday (nearly up to the UOB, when it dropped back down and almost touched the Flat DMA.
KDP closed the week up +31.76 points.
KDP on the Weekly has fallen to the LOB and bounced slightly upward.
This week I am expecting price to falter at the Flat DMA into a bit of congestion and then move on up to try to pierce the UOB again.
Now let's consider this coffee company: SBUX (Starbucks).
The stats for SBUX are:
I drew an Attractor (which you can see on the chart) on SBUX in January 2022 which was again being tested, at the 99 level. And this week it fell below that line in the sand, down to 95.55.
Furthermore, the DMA_Histogram turned Purple again and is moving downward.
Purple has been on top since 05/11/23, which you can clearly see on the Who's On Top indicator at the bottom of the chart.
Purple on the DMA was flat this past week until Wednesday, when it started pointing down again and price dropped accordingly.
Paying attention to these SunnyBands signals keeps me consistent. If you haven't already, maybe you'd like to get a FREE 7-day Trial for yourself. It's FREE and it comes with 2 Zoom sessions where I Personally give you Installation and Orientation.
HUM
HUM was down -16.99 this week.
Price is well below all 3 MAVs now, which is Bearish.
Last time I said: "However, last time this happened on 01/08/22 it recovered to new highs right afterwards. I'm going to check the news to see if any announcement was made and then buy at what is probably a local bottom."
SunnyBands got a Buy signal that was confirmed week before last and then promptly closed out for a small loss. Now it's on a Short signal again
A SunnyBands Buy signal came on 06/21/23 and was confirmed. Yet price went up the next day followed by a down day. If it drops below the body of the signal candle I'll exit taking a small loss. The ensuing Sell signal moved from 446 down to 430 for 16 points potential profit. We are still on a Sell signal at this point.
Price is below the LOB which lies at 440.21.
There is a Strong Attractor below at 411.94. Price could easily move 20 or so more points down to that level.
The stats for HUM are:
Created : 07/09/2023 01:48pm Symbol "HUM", Bar Type = Daily Last Close = +430.14 : the close Friday was at +430.14. Change from last Sunday (+/-) (+447.13) = -16.99 Purple or Gold on top? Purple UOB = +468.11 UIB = +463.19 MidLine = +454.16 MidAngle = -71.44 LIB = +445.13 LOB = +440.21 Above/Below 21-day MAV = 462.41 - Below Above/Below 50-day MAV = 495.32 - Below Above/Below 200-day MAV = 505.75 - Below Color of DMA_H = Purple All Time High = +571.30 Percent = -24.71% on 11/03/2022 167 bars ago.
AMZN
The stats for AMZN are:
Created : 07/08/2023 04:44pm Symbol "AMZN", Bar Type = Daily Last Close = +129.78 : the close Friday was at +129.78. Change from last Sunday (+/-) (+130.36) = -0.58 Purple or Gold on top? Gold UOB = +131.35 UIB = +129.13 MidLine = +125.80 MidAngle = 7.97 LIB = +122.47 LOB = +120.25 Above/Below 21-day MAV = 127.32 - Above Above/Below 50-day MAV = 119.11 - Above Above/Below 200-day MAV = 104.30 - Above Color of DMA_H = Red All Time High = +188.65 Percent = -31.21% on 04/22/2022 302 bars ago.
Price was down on the week, by -0.58, with price well above the UOB. It has been "up, up and away". However, this week we have seen the DMA_H move down to the Zero-Line, though not penetrate it.
Last time I said "I'm guessing it will bounce back and test the UOB again this week." Which it did and then dropped back down to the UIB.
And now we are in another Pennant Formation as price struggles to move up farther. In order to move up farther we will need to break the top of the pennant which is at 131.40. Breaking that line in the sand will mean more on the upside, probably to 135.62.
During the week price stumbled by going sideways inside the Pennant Formation and didn't make much upward progress. Nevertheless, we have a serious Attractor overhead at 135.62 which is calling to price and could easily be our next (several days/weeks) target.
On the Weekly chart AMZN is above the DMA and Gold is on top. Price is very near the 50% retracement Fib line at 127.50 where it is likely going next.
Price is currently 130.10 and I'm seeing projections to 135.62 and then to 147ish. Nothing wrong with 5 points or 17 points either.
TSLA
The stats for TSLA are:
Created : 07/08/2023 04:45pm Symbol "TSLA", Bar Type = Daily Last Close = +274.43 : the close Friday was at +274.43. Change from last Sunday (+/-) (+261.77) = +12.66 Purple or Gold on top? Gold UOB = +284.46 UIB = +275.79 MidLine = +262.18 MidAngle = 50.60 LIB = +248.57 LOB = +239.90 Above/Below 21-day MAV = 258.13 - Above Above/Below 50-day MAV = 212.54 - Above Above/Below 200-day MAV = 194.04 - Above Color of DMA_H = Red All Time High = +414.50 Percent = -33.79% on 04/22/2022 302 bars ago.
Cathie Wood's 5-year projection for TSLA (chart below) is still at 4,600 which would translate to 1,500 post split; she lowered her projection a few months ago. Several other pundits I keep track of are suggesting a much higher price also.
TSLA was up another +12.66 on the week and is sitting on the UIB. TSLA has been doing nicely since the SunnyBands Buy signal on 04/28/23 at 161.82 for a potential current profit of 113 points. Not bad!
Time before last I said: "Now I think it will break the 200-day MAV at 200 and move on up to the overhead Attractor at 216." It did that and MORE. Now it's at 274.95!
This is still my favorite stock. But, at this point I'm a trader, not an investor yet until it gets out above the Attractor at 294. The stock is still down 33% from its all-time high, so there is a lot of room on the upside.
On the Weekly chart price is above the UIB and will surely move to the Attractor overhead near 300.
Seems to me people should be flocking to TSLA with gas prices high still. It is now back down to $4.60/gal in my neighborhood. When I drove up to Santa Monica 2 weeks ago for a conference (a 1.75hr drive that took 4 hours) I counted 73 Teslas on the road.
I still believe we will continue to turn to carbon-neutral technologies and electric vehicles. I have not yet purchased their vehicle because I'm waiting for better batteries. I would want to get to LA and back on one charge before it is viable technology in my mind. When the batteries are better I expect this stock to really take off. I just found out that Mercedes is projecting a 2024 electric Maybach. That's my next car.
Notice that I think TSLA is still a good long-term buy for lots of fundamental reasons (not the least of which is lower prices and a huge run-up potential).
ARKK
The stats for ARKK are:
Created : 07/08/2023 04:48pm Symbol "ARKK", Bar Type = Daily Last Close = +43.73 : the close Friday was at +43.73. Change from last Sunday (+/-) (+44.14) = -0.41 Purple or Gold on top? Gold UOB = +45.75 UIB = +44.74 MidLine = +43.05 MidAngle = 0.29 LIB = +41.36 LOB = +40.35 Above/Below 21-day MAV = 43.53 - Above Above/Below 50-day MAV = 40.57 - Above Above/Below 200-day MAV = 38.09 - Above Color of DMA_H = Red All Time High = +127.40 Percent = -65.68% on 04/22/2022 302 bars ago.
ARKK is now (on the Daily) at 43.73 having moved down -0.41 this week. It is above the Gold DMA though it has not been doing much but moving sideways since the beginning of 2023.
There is an Attractor at 45.48 which was tested last week and the week before as well, but has not yet been broken. In fact, the Attractor even goes back to 02/02/23. And all this time she hasn't been able to get above it.
I have twice offered Cathie Wood FREE use of SunnyBands for stock selection and timing. No answer. I really want to see this powerful woman succeed. IF any of you have a connection, please let me know. Comments.
On the Daily, a SunnyBands Sell signal occurred on 02/16/23 at 41.74 and was closed at the Flat DMA at 39.82 for a potential profit of nearly 2 points per share. This ETF is neither an investment nor a tradable at this point. The moves are too narrow and unpredictable.
Who's On Top at the bottom of the chart is still Gold and the Histogram (DMA_H) is Red, denoting the potential for more of a move down.
This week she added 33567 shares of VERV to her collection.
When you think about your own trading successes (or lack thereof), take a look at what one of the most notable traders (Cathie Wood) has done. Don't feel bad. It happens to the best of us. And so can recovery.
I do think, still, that she over-trades. And bottom fishing is a risky business!
MSFT
Created : 07/08/2023 04:49pm Symbol "MSFT", Bar Type = Daily Last Close = +337.22 : the close Friday was at +337.22. Change from last Sunday (+/-) (+340.54) = -3.32 Purple or Gold on top? Gold UOB = +344.31 UIB = +339.51 MidLine = +332.19 MidAngle = 15.11 LIB = +324.87 LOB = +320.07 Above/Below 21-day MAV = 335.47 - Above Above/Below 50-day MAV = 324.18 - Above Above/Below 200-day MAV = 269.33 - Above Color of DMA_H = Red All Time High = +351.47 Percent = -4.05% on 06/16/2023 13 bars ago.
MSFT (closing at +337.36 Friday, down -3.32 on the week) is Above all 3 MAVs now and continuing to recover quite nicely. Just over a week ago MSFT made a new all-time high but dropped right back down from that level...to the DMA, which was Flat.
Now the DMA is moving upward, slightly, and price is above it and all 3 MAVs. Gold is on top, where it has been since 01/26/23 at a price of 248 for a potential profit of 89 points.
Price is now above the UOB and the DMA Histogram (DMA_H) is showing solid Gold, showing me that there is still more room on the upside.
Last Week I Said: "On the Weekly chart we are right below the 123.6% extension at 340.38 from the low of 11/04/22. This could cause a bit of stumbling this next week or so, but I'm still thinking that MSFT has more room on the upside. In fact, the next stop above is at 385." And that's just what happened. We stumbled at the all-time high and are now in congestion as the market decides what to do next.
On the Monthly chart one can see that we have now definitely passed the Attractors at 292.64 and touched the one at 352, which is a very strong sign, and yet after making a new all-time high it dropped back down, almost to the 21-day MAV.
Price is now at 337.36 (at the 123.64% Fib line on the Daily) and is heading for an overhead Attractor and the UOB at 357.98.
On the Weekly chart price is now above the UOB and at the same Fib line. This could cause some stumbling for the next few days, but I still think it will have more movement to the upside. But, I wouldn't be surprised to see price drop to the 23.8% line at 320ish before moving up again.
VantagePoint shows an Outside Day for tomorrow, moving both higher and lower that Friday's close.
Don't you think you should purchase the SunnyBands and DMA_H for your own? Sure helps Profits! Are you serious about making money trading? You're leaving money on the table if you aren't trading with SunnyBands.
If you want a Free 7-day Trial, CLICK HERE and we'll set it up.
"This is INSANE! I'm up over $11,000 in four days. Even 1/10th of these results & I'm speechless!" [Using SunnyBands during a Free Trial]. - Brian K. EDITOR'S NOTE: Brian is now up over $100,000! Five months later.
Buy the DMA_H and SunnyBands for yourself. They are life savers. I totally rely on them for my own trading. And I want you to have the success you deserve! You can have these indicators for yourself. They are a great trading tool! And now I have a new indicator that plots a series of colored dots letting you see at a glance Who's On Top, Purple or Gold. Here's what it looks like. It is the series of Purple and Gold dots at the bottom of the chart.
Please join my Podcast (The Sunny Harris Show! with Sam Tennis). It's a lot of fun getting to know the Gurus from a personal standpoint and hear their predictions for the coming market. I listen to podcasts while I trade. The most recent Podcast is with Greg Morris of MurphyMorris.
Oil
The stats for CL are:
Crude Light (CL) continues to move downward.
Price is now at 73.61, up +3.22 on the week. Still, it's a low not considered possible only months ago when price was at 118.93 and years ago at 200.0.
On the Monthly chart price is holding steady at a solid Attractor I drew months ago.
On the same Monthly chart price is below the 200- and 21-period MAVs, but above the 55-period.
A move down to the 55-period MAV would not surprise me at this point, which would take it down to 56.00. I know that seems unreasonable, but that's what the chart says.
Back to the Daily chart, price is above the 21 & 55 MAVs but is now below the 200-day MAV. Often in this configuration price bounces around the DMA for a few bars before deciding a direction. This too suggests the possibility of more downside action. The SunnyBands Sell signal from 04/14/23 is still in effect and doing well.
Price has been weak and only been moving back and forth between the LOB and the DMA. Last week I said: "The bottom of the Pennant formation is at 74.12. I'm expecting price to fall below that level." And It Did!
Now, it has moved above the DMA (with Purple on top yet) and is heading toward the UIB, which lies at 74.68. If price breaks through that resistance then we are looking to the Attractor at 78.78 for the next direction.
VantagePoint predicts tomorrow's movement to be as high as 75.22 intraday but not lower than Friday's low.
Putin will decide where price is going next. If, and it looks likely, Russia begins to support Kaliningrad to the West of Lithuania and North of Poland we will get into a war with Putin, with NATO defending Lithuania and Poland, members of the EU. If that happens, crude will be needed to support the war and prices will respond.
BitCoin, Etherium, Gold, Bonds
BitCoin
The stats for BTC are:
Created : 07/08/2023 04:51pm Symbol "@BTC", Bar Type = Daily Last Close = +30,370 : the close Friday was at +30,370. Change from last Sunday (+/-) (+30,680) = -310 Purple or Gold on top? Gold UOB = +32,266 UIB = +31,289 MidLine = +29,685 MidAngle = 87.52 LIB = +28,082 LOB = +27,104 Above/Below 21-day MAV = 29093.10 - Above Above/Below 50-day MAV = 28492.80 - Above Above/Below 200-day MAV = 23893.00 - Above Color of DMA_H = Red All Time High = +70,655 Percent = -57.02% on 04/21/2022 304 bars ago.
BitCoin on the Monthly chart is moving up toward the 61.8% retracement at 32,398. Current price is at +30,370, having moved down on the week.
In the after-hours session BTC is down 40 points.
On the Daily chart, we got a Buy signal on 06/18/23 at 26,445 and exited on 06/28/23 at 30,480 for just about 4,000 points potential profit. I would not take the Sell signal since the DMA is flat with Gold on top. To go Short I want to see the DMA broken.
There is a Strong Attractor just above the current level, at 31,382 from the recent high on 04/13/23. And price is near that level. The DMA is sloping upward with Gold on top and price is above all 3 MAVs.
The Fib 23.6 retracement is at 35,252 and that's a likely target.
In our Podcast interview with Ted Hearne last time, he pointed out that the stock market is going down and Bitcoin is going sideways. He believes that shows strength in BitCoin. Markus Heitkoeter's podcast will be posted next week.
Ethereum
The stats for Ethereum are:
Created : 07/08/2023 04:53pm Symbol "ETHUSD", Bar Type = Daily Last Close = +1,865.35 : the close Friday was at +1,865.35. Change from last Sunday (+/-) (+1,926.59) = -61.24 Purple or Gold on top? Gold UOB = +1,988.48 UIB = +1,933.53 MidLine = +1,848.94 MidAngle = 13.22 LIB = +1,764.35 LOB = +1,709.40 Above/Below 21-day MAV = 1830.28 - Above Above/Below 50-day MAV = 1840.48 - Above Above/Below 200-day MAV = 1590.77 - Above Color of DMA_H = Red All Time High = +4,867.81 Percent = -61.68% on 04/13/2022 322 bars ago.
In the after-hours market ETHUSD is up 1.50 points to 1,867.
The Daily chart shows that ETHUSD has been in a sideways channel since March and is only 1/2 the way up. Breaking 2,085 will show a new up move is in progress. As long as we don't better this price we are still in a sideways channel.
Nevertheless, the DMA_H just moved above the zero-line into positive territory and now it is Gold.
Gold
The stats for Gold are:
Created : 07/08/2023 04:54pm Symbol "@GC", Bar Type = Daily Last Close = +1,932.5 : the close Friday was at +1,932.5. Change from last Sunday (+/-) (+1,929.4) = +3.1 Purple or Gold on top? Purple UOB = +1,992.2 UIB = +1,975.6 MidLine = +1,947.4 MidAngle = -60.95 LIB = +1,919.2 LOB = +1,902.5 Above/Below 21-day MAV = 1944.51 - Below Above/Below 50-day MAV = 1981.14 - Below Above/Below 200-day MAV = 1905.72 - Above Color of DMA_H = Green All Time High = +2,174.9 Percent = -11.15% on 04/21/2022 305 bars ago.
Gold. In the face of bank failures and buy outs Gold passed above the magical 2,000 level over ten weeks ago. The UOB is now at 1,992.2 and price has been retreating from that level and is now solidly below the DMA. In fact, price is at the LOB and heading for the 200-day MAV at 1,899, which isn't very far away.
Take a look at the prediction from Glenn Neely (last week) which portends significant further down moves in Gold.
We got a SunnyBands Sell signal on 05/05/23 at 2,024 which has potentially made 95 points on the short side. There was a possible Buy signal last week but it was not confirmed by price action.
On the Monthly chart we are just in a sideways channel with price above the Long Term Attractor at 1,887. I'm guessing that price will move down to test that Attractor (which is right at the DMA) and then bounce back upward. This is contrary to Neely's predictions; I'm seeing Gold moving back up to bounce off the Flat DMA.
As I said earlier, it has been reported that the Central Banks are now buying gold and that should elevate price in the coming weeks.
Bonds
The stats for @US are:
Created : 07/08/2023 04:55pm Symbol "@US", Bar Type = Daily Last Close = +123.75000 : the close Friday was at +123.75000. Change from last Sunday (+/-) (+126.90625) = -3.15625 Purple or Gold on top? Purple UOB = +130.25917 UIB = +129.06750 MidLine = +127.01500 MidAngle = -19.80 LIB = +124.96250 LOB = +123.77083 Above/Below 21-day MAV = 126.90 - Below Above/Below 50-day MAV = 128.34 - Below Above/Below 200-day MAV = 128.61 - Below Color of DMA_H = Purple All Time High = +165.90625 Percent = -25.41% on 04/21/2022 304 bars ago.
Bonds are down (-3.15625) on the week.
On the Daily chart we spent the week moving solidly down, below the DMA and on down below the LIB to the LOB and now hugging the LOB. Bonds are currently at 123^16 in the after-hours market. That speaks to further down motion, probably down to the Strong Attractor at 121^14.
O the Monthly chart the US is ver near a very strong Attractor at 121^14. Price for the last 6 months has just moved sideways on the Attractor and is below the Purple DMA and going nowhere.
Price is currently stuck in two interlocking Pennant formations, giving it pause, neither moving up nor down.
There is another Attractor at 108^31 which could be the next level down.
Back to the Daily chart: Price is well below the Purple DMA. Chances are price will continue to head lower.
On Monday the Fed will speak again at 10:00am. Let's see what that does!
Is there any reason to doubt what the Fed has been telling us all along? Their policy is to lower inflation until it is lower than the interest rate. The market keeps hoping for lower rates and then tanks when it doesn't come. I believe they will stick to their policy until inflation subsides and we have lower employment. Yes, they forwent the rate increase this month, but I would not be surprised if the Fed raises rates again.
On the Monthly chart price is well below the DMA with Purple on top, and it is moving somewhat sideways, right at the Attractor. The congestion above current price leads me to believe that we are still in for lower prices.
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