Sunday July 23, 2023 VOLUME 7 ISSUE 28
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 with Sunny!
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. I'll be at Larry Williams' Live Trading session. And available for lunch. I already have a taker. Are there any more? I look forward to meeting you in person. (My treat!)
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.
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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'.
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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.
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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
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The VantagePoint prediction for tomorrow is for a sideways move from Friday's close. The predicted high is 35,376 and the low is 35,145. That's a range of over 230 points on the day.
The moving averages all 3 above the zero-line but are now 2 against 1. The two longer-term averages are above the zero-line while the short-term is headed down toward the zero-line and could cross over.
Further, the medium-term average has turned downward through the long-term average which is potentially signalling a move farther down.
On the SunnyBands of the Dow price was well above the DMA all week in an extended move upward. On Friday we had the first Red Candle all week, which might mean it's thinking about turning down, but we've had two of those over the last several days yet price continued to move on upward.
Glenn Neely's S&P 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 BTC is a weekly view so you can see longer term predictions. Click on the link to visit his website.
Notice that he is calling for a correction with higher moves to come.
Here is the Weekly NEoWave projection of BitCoin. 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 was up +718.66 on the week. The SunnyBands are moving upward, with the Dow above the UOB and the UIB. Price is well above the UOB though it turned down slightly on Friday.
Take a look at the Attractor (orange horizontal line below the top of the chart) that I had drawn months ago. Price hit the Attractor and moved up from there last week. At this point it looks technically like price could move farther down to the LIB at the least. However, last time I said: "...it also speaks to "irrational exhuberance" and higher prices in the near future." And it looks like a bit of that happened this week.
The DMA lies far below current price, at 34,476. Yes, price could easily go there, and that's where it would turn if that happens, but the Weekly chart shows that we are still in a sideways market with this week's price breaking through the weekly Attractor and could go either way.
On the Weekly chart, price this past month was just a series of almost Inside Bars, with the highs and lows of each day all about the same. But this week it stated its direction by breaking out from the Attractor and moving nicely up.
Price sits now at 35,227. If it breaks up 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.
If price moves on upward, then it could easily make it on up to the Attractor at 36,825, last time I said: "...but first it needs to get above 34,719", and now it has.
There was a SunnyBands Buy signal on 07/10/23 which has yielded a potential 966 points profit.
Price is above all 3 MAVs and Gold is on top and sloping upward at a steep 88 degrees. That in itself is calling for higher prices.
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 not yet (on the Weekly chart) above the sideways channel. On the Daily chart we have moved sharply above its channel and putting in new local highs. The all-time high was on 01/14/22 at 36,513 and we look to be heading there.
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
The ES was up +28.00 points on the week pushing through overhead Resistance and bringing the long-term correction from the high in the beginning of 2022 up to only -7.38% down. That's a recovery in the making.
Starting Monday, price hung tightly to the UOB and moved strongly upward. On Friday price slid back a bit to close the week, but is still above the UIB. The Buy signal from 03/16/23 is still in effect.
On the Daily chart price is above all 3 MAVs which speaks to more Bullishness.
On the Weekly chart we had a SunnyBands Buy signal on 03/17/23 and it is still going.
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.
Last week I said: "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." And it looks like it is on its way there.
If price falls back and doesn't best Friday's high, then we are looking at a failure back to the DMA at 4,444. Gold is on top and moving up strongly from last week's Flat DMA. It could easily drop back to the DMA at 4,509 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 net return.
In the DMA column you can see that most of the symbols are angled upward with the DiffAngle negative (meaning they are close to turning). For the most part they are either Bullish or Bullish Turning Up.
Stock Scan for those Above all 3 MAVs & >1 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 144 stocks that meet the conditions, an increase over last week. 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 : 07/22/2023 04:24pm Symbol "META", Bar Type = Daily Last Close = +294.26 : the close Friday was at +294.26. Change from last Sunday (+/-) (+308.87) = -14.61 Purple or Gold on top? Gold UOB = +318.74 UIB = +311.30 MidLine = +299.85 MidAngle = -1.58 LIB = +288.40 LOB = +280.96 Above/Below 21-day MAV = 295.97 - Below Above/Below 50-day MAV = 274.85 - Above Above/Below 200-day MAV = 186.70 - Above Color of DMA_H = Red All Time High = +384.33 Percent = -23.44% on 05/06/2022 302 bars ago.
META gave a SunnyBands BUY signal on 11/08/22 at 112.05 (vertical line on the chart) and the only week before this was up to 309.25 for a potential profit of over 197 points per share. Now price is back down to 294 but the potential profit is still nicely up. META was down -14.61 on the week. Last time I said: "Next stop 302!" Not only did it go there, it went farther.
And once that price has been exceeded and tested it looks like we are going on up to 338.
Price is now below the 21-day MAV but above the other two. Price is also now below the Flat DMA. It could easily drop to the LOB at 281 before moving back upward. But again, a Flat DMA means "danger" so it could pop right back up. Stay nimble.
This week price bested the 76.4% Fib line at 314.90 and fell back. 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 it did. But now it is taking a bit of a break. This is common and has dropped to the DMA many times over its long trek upward.
KDP: Keuring Dr. Pepper
This week, on the Daily chart, the price of HUM moved sideways until Thursday, when it popped up almost to the UOB and on Friday made it above the UOB only to close slightly below it.
KDP closed the week up +0.92 points.
KDP on the Weekly made a rounded bottom and then on the week it moved up to the Flat DMA. Also on the Weekly we have a new SunnyBands Buy signal.
Last week I said: "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 DMA again." And that's exactly what it did.
On the Daily chart price moved along the Flat DMA for a few weeks and this week has moved up to the UOB and the DMA is now Gold.
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 surpassed it after faltering last week.
Furthermore, the DMA_Histogram turned Purple last week but is now turning upward and likely to turn Gold.
The Daily formation looks like a Head & Shoulders pattern, which is often broken to the downside.
Nevertheless, there is an Attractor overhead at 104 that is likely the next target. Price is right now at 102.70 so that's not much of a move to make it there.
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. But, it could easily turn up this week as the Histogram moves above the zero-line.
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 Free Installation and Orientation.
HUM
HUM was up +21.96 this week in a bounce off the LOB. There was a SunnyBands Buy signal on 07/18/23 at 438.50 and now price is at 456.90 for a potential profit of over 8 points per share.
Purple is still on top, but likely not for long. The DMA_Histogram is slowly making its way to the zero-line and could easily cross over this week, speaking to more upward movement.
Price is well below the 200- and 55-day MAVs but now above the 21-day MAV. This bodes well for HUM as it tries to close the gap formed on 06/09/23.
The stats for HUM are:
Created : 07/22/2023 04:26pm Symbol "HUM", Bar Type = Daily Last Close = +456.89 : the close Friday was at +456.89. Change from last Sunday (+/-) (+434.93) = +21.96 Purple or Gold on top? Purple UOB = +465.92 UIB = +457.52 MidLine = +444.59 MidAngle = 22.42 LIB = +431.66 LOB = +423.26 Above/Below 21-day MAV = 441.71 - Above Above/Below 50-day MAV = 477.20 - Below Above/Below 200-day MAV = 503.09 - Below Color of DMA_H = Green All Time High = +571.30 Percent = -20.03% on 11/03/2022 177 bars ago.
AMZN
The stats for AMZN are:
Created : 07/22/2023 04:31pm Symbol "AMZN", Bar Type = Daily Last Close = +130.00 : the close Friday was at +130.00. Change from last Sunday (+/-) (+134.68) = -4.68 Purple or Gold on top? Gold UOB = +135.53 UIB = +132.96 MidLine = +128.96 MidAngle = 0.86 LIB = +124.96 LOB = +122.39 Above/Below 21-day MAV = 130.45 - Below Above/Below 50-day MAV = 124.43 - Above Above/Below 200-day MAV = 105.07 - Above Color of DMA_H = Gold All Time High = +188.11 Percent = -30.89% on 05/06/2022 302 bars ago.
Price was down on the week, by -4.68, with price very near the Flat DMA, with Gold on top.
Last time I said: "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."
Now price has broken that and moved to the upside, surpassing the UOB only to retreat this week. Price dropped back to 129.94 this week.
There is a potential SunnyBands Sell signal, but with Gold on top it is not confirmed unless price breaks below the DMA. Otherwise the Buy signal from 03/17/23 remains in effect.
On the Weekly chart AMZN is above the DMA and Gold is still on top. There is a serious Attractor at 145.56 which is likely to be met soon.
Last time I said: "When it has achieved that area it might stumble a bit and form a Cup with Handle pattern. If it does that IBD will issue a buy and price will then move on up farther." And stumble it did this week. Now we have to see if the rest of the analysis holds true.
TSLA
The stats for TSLA are:
Created : 07/22/2023 04:31pm Symbol "TSLA", Bar Type = Daily Last Close = +260.02 : the close Friday was at +260.02. Change from last Sunday (+/-) (+281.38) = -21.36 Purple or Gold on top? N/A UOB = +296.65 UIB = +287.65 MidLine = +273.27 MidAngle = -23.51 LIB = +259.77 LOB = +250.77 Above/Below 21-day MAV = 269.99 - Below Above/Below 50-day MAV = 235.25 - Above Above/Below 200-day MAV = 193.91 - Above Color of DMA_H = N/A All Time High = +414.50 Percent = -37.27% on 05/06/2022 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 aseveral months ago. Several other pundits I keep track of are suggesting a much higher price also.
TSLA was down -21.36 on the week and is sitting on the UIB on the Weekly chart, but on the LIB on the Daily chart. With price right now at 258.70 TSLA has been doing nicely since the SunnyBands Buy signal on 04/28/23 at 161.82 but is now taking a breather.
Cathie Wood sold $21-million of her TSLA stock right before the earnings dip. Even though the earnings report exceeded expectations. Probably lots of folks had the same idea: take profits when you see them.
Price is above the 200- and 55-day MAVs but now it's below the 21-day MAV. That's not good news, but it's not so bad either.
Price is sitting right on the 23.6% Fib retracement. It could easily drop to the Attractor at 251 before bouncing, or it could attract buyers at the new "lower" price.
Another alternative would be for price to meander around sideways for a bit, stabilizing and winding tighter for the next move upward.
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 at the UIB and will surely move to the Attractor overhead near 312. When? That's the $64 question!
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 a few 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 : 07/22/2023 04:40pm Symbol "ARKK", Bar Type = Daily Last Close = +47.93 : the close Friday was at +47.93. Change from last Sunday (+/-) (+48.57) = -0.64 Purple or Gold on top? Gold UOB = +50.60 UIB = +49.18 MidLine = +46.84 MidAngle = 2.00 LIB = +44.50 LOB = +43.08 Above/Below 21-day MAV = 45.87 - Above Above/Below 50-day MAV = 43.02 - Above Above/Below 200-day MAV = 38.58 - Above Color of DMA_H = Red All Time High = +126.32 Percent = -62.06% on 05/06/2022 302 bars ago.
ARKK is now (on the Daily) at 47.93 having moved down -0.64 this week. It is above the Flat Gold DMA though it has not been doing much but moving sideways since the beginning of 2023 on the Weekly chart.
BUT, the Daily chart is now making progress. The Weekly still looks sideways, but the SunnyBands Buy signal on 05/05/23 at 37.39 is now profitable. Price could easily test the Attractor at 45.48 before moving on upward.
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.
Who's On Top at the bottom of the chart is still Gold and the Histogram (DMA_H) is again Red, denoting the potential for more of a move down.
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 : 07/22/2023 04:31pm Symbol "MSFT", Bar Type = Daily Last Close = +343.77 : the close Friday was at +343.77. Change from last Sunday (+/-) (+345.24) = -1.47 Purple or Gold on top? Gold UOB = +360.71 UIB = +352.46 MidLine = +339.34 MidAngle = 7.97 LIB = +326.22 LOB = +317.97 Above/Below 21-day MAV = 340.21 - Above Above/Below 50-day MAV = 331.90 - Above Above/Below 200-day MAV = 274.60 - Above Color of DMA_H = Red All Time High = +366.78 Percent = -6.27% on 07/18/2023 3 bars ago.
MSFT (closing at +344.75 Friday, down -1.47 on the week) is Above all 3 MAVs and continuing to recover quite nicely. Just over 2 weeks ago MSFT made a new all-time high but dropped right back down from that level...to the DMA, which is still Flat.
The DMA moved slightly upward this week, only to flatten out again as price moved down to it. Gold is still on top, BUT Red is showing on the DMA_Histogram, signalling the potential for additional down movement.
On the Weekly chart the same resistance is evident holding down price. When it breaks above 352 will probably gap up.
Last Time 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 344.75 and is retreating from an overhead Attractor and the UOB at 357.98.
VantagePoint shows a Down Day for tomorrow, with the low at 337.32.
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 Carolyn Boroden, Fibonacci Queen.
Oil
The stats for CL are:
Crude Light (CL) has reversed its direction and moved up to the UOB (on the Daily chart) this week by +1.72 points.
On the Weekly chart price is drifting down slowly, right under the Purple DMA.
Interestingly, the Difference between the two DMA lines (displayed in the Histogram) is not moving up or down. It's just going sideways.
On the Weekly it looks like price has farther down to go, but it is moving slowly.
On the Daily chart price has moved up above the DMA and now Gold is on top. Price is above the 21- and 55-day MAVs and is very close to the 200-day MAV. Breaking above the 200 will likely set more upward moves in action.
Often in this configuration price bounces around the DMA for a few bars before deciding a direction. On the Daily chart a SunnyBands Buy signal was given at 69.86 on 06/29/23. Price is now at 74.93 for a potential profit of just over 5 points per contract.
Price had been weak and only been moving back and forth between the LOB and the DMA. But now price has moved out of the channel up to the UOB and Gold is now on top.
VantagePoint predicts tomorrow's movement to be da wild ride with the predicted high at 78.59 and the low at 74.48. That should be interesting.
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
BitCoin on the Monthly chart is moving up toward the 61.8% retracement at 32,398. Friday's close was at +29,885, having moved down on the week by -350 points.
Still on the Monthly, price is right below a Flat, Purple DMA with a Strong Attractor at 32,256 holding price down.
We are a long way from the all-time highs of 70,000 during the irrational exhuberance phase.
I'm thinking price will rise to the DMA at 35,409 to test the DMA.
In the after-hours session BTC is up 75 points to 30,310.
The stats for BTC are:
Created : 07/22/2023 04:32pm Symbol "@BTC", Bar Type = Daily Last Close = +29,885 : the close Friday was at +29,885. Change from last Sunday (+/-) (+30,235) = -350 Purple or Gold on top? Gold UOB = +31,996 UIB = +31,220 MidLine = +29,942 MidAngle = -71.61 LIB = +28,664 LOB = +27,888 Above/Below 21-day MAV = 30635.24 - Below Above/Below 50-day MAV = 28730.40 - Above Above/Below 200-day MAV = 24412.25 - Above Color of DMA_H = Red All Time High = +70,655 Percent = -57.70% on 05/05/2022 304 bars ago.
Bitcoin has been very choppy on the Daily chart, with LOTS of Pennant formations, which shows lots of congestion.
Right now price is sitting in yet another Pennant formation, and right on the Flat DMA. With Gold still on top.
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 and it has not been broken yet.
There is a Strong Attractor just above the current level, at 32,256 from the recent high on 04/13/23. And price is nearing that level. The DMA is now sideways (Flat) with Gold on top and price is above the longer-term MAVs but below the 21-day MAV. That's potentially Bearish on the short-term.
The Fib 23.6 extension is at 35,252 and that's a likely long-term target.
In our Podcast interview with Ted Hearne, 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 : 07/22/2023 04:44pm Symbol "ETHUSD", Bar Type = Daily Last Close = +1,895.01 : the close Friday was at +1,895.01. Change from last Sunday (+/-) (+1,916.57) = -21.56 Purple or Gold on top? Gold UOB = +1,991.44 UIB = +1,940.95 MidLine = +1,862.08 MidAngle = 9.65 LIB = +1,783.20 LOB = +1,732.71 Above/Below 21-day MAV = 1896.35 - Below Above/Below 50-day MAV = 1849.53 - Above Above/Below 200-day MAV = 1619.73 - Above Color of DMA_H = Red All Time High = +4,867.81 Percent = -61.07% on 04/27/2022 322 bars ago.
In the after-hours market ETHUSD is up 13 points to 1,928.
The Daily chart shows that ETHUSD has been in a sideways channel since March and is now again only half 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 moved above the zero-line into positive territory and now it is Gold. That speaks to the possibility of price moving up near the upper portion of the channel, at least to the UOB at +1,991.44.
Gold
The stats for Gold are:
Created : 07/22/2023 04:33pm Symbol "@GC", Bar Type = Daily Last Close = +1,966.6 : the close Friday was at +1,966.6. Change from last Sunday (+/-) (+1,964.4) = +2.2 Purple or Gold on top? Gold UOB = +1,994.4 UIB = +1,979.7 MidLine = +1,957.0 MidAngle = 26.45 LIB = +1,934.3 LOB = +1,919.6 Above/Below 21-day MAV = 1942.78 - Above Above/Below 50-day MAV = 1967.80 - Below Above/Below 200-day MAV = 1914.89 - Above Color of DMA_H = Gold All Time High = +2,174.9 Percent = -9.58% on 05/05/2022 303 bars ago.
Gold. In the face of bank failures and buy outs Gold passed above the magical 2,000 level over 12 weeks ago. The UOB is now at +1,994.4 and price is once again heading in that direction, after giving a SunnyBands Buy signal on 06/30/23 at 1,929. Now price is at 1,963.9 for a 34 point potential profit.
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 potentially made 95 points on the short side. There was a Buy signal last week that was confirmed by price action. And now that is potentially 34 points up.
On the Monthly chart we are just in a sideways channel with price above the Long Term Attractor at 1,887. And we are in the middle of a Pennant formation. 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 : 07/22/2023 04:33pm Symbol "@US", Bar Type = Daily Last Close = +126.37500 : the close Friday was at +126.37500. Change from last Sunday (+/-) (+126.43750) = -0.06250 Purple or Gold on top? Purple UOB = +129.23806 UIB = +128.29083 MidLine = +126.66500 MidAngle = -0.14 LIB = +125.03917 LOB = +124.09194 Above/Below 21-day MAV = 126.32 - Above Above/Below 50-day MAV = 127.31 - Below Above/Below 200-day MAV = 128.46 - Below Color of DMA_H = Green All Time High = +165.90625 Percent = -23.83% on 05/05/2022 304 bars ago.
Bonds are down -0.062500 on the week.
On the Daily chart we spent the week moving solidly up to the Flat DMA with Purple on top. Likely the response to the Fed's current action.
With Purple on top and the DMA Flat we can expect price to stumble around this level, possibly moving back down as Banks report earnings this week.
On the Monthly chart the US is being held up by a Strong Attractor that lies at 121^14. It is also in a double Pennant formation that will need to be broken to get up to the downsloping Purple DMA.
Price is currently stuck in two interlocking Pennant formations, giving it pause, neither moving up nor down.
There is another Attractor on the Monthly chart at 108^31 which could be the next level down if interest rates are again raised.
Back to the Daily chart: Price is right beneath a Flat DMA with Purple on top. Price moved up to that level this week and in the after-hours market has move slightly off that level.
This week there are LOTS of inflation/interest rate reports coming out of import. Keep your eyes open and watch the charts!
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 sloping downward. There are two interlocking Pennant formations holding price in check. Nevertheless, we rebounded from the supporting Attractor at 121^14. The DMA_H is showing Green and is getting shorter, possibly portending more upward movement, to the DMA.
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