The Long Investor

$COPX - SAFE HAVEN -

$COPX is testing its breakout level once again after cooling down for the week.

Again we see Gold and Silver pushing higher today too.

$47.20 remains the breakout level to flip to support.

A hold here and we can expect a move up to our first target this year.

Someone is buying a lot of precious metals and I suspect it’s China

$SKX

Earnings were also released today and revenue beat by 24% and the price is up 16% right now.

We can see perfectly on the chart that there was a retest of the yellow support line and the 200 Day MA going into earnings day and with a positive report, everything aligned and this bounced.

No changes to this chart from the last one we uploaded, moving up Wave 3 now comfortably.

$MSFT TOP 20

$MSFT has released its earnings report and it was good as expected with no surprises.

Price is having a modest bounce today as the market I suspect was expecting things to be normal from their report.

Most importantly the price has not tested the 50 Day MA yesterday from below, in spite of the positive earnings.

The day is still young but we want to see a test, along with the ...

$JD - RC -

$JD is up 5% in the PM now too following the majority of Chinese ADRs and the market now.

The price is now above the 50 Day Ma, having used this MA as a support during the week and now above the 200 Day MA at $28.60 in the PM now.

We want $JD to hold above this MA because the channel breakout level is still significantly above that needs to be broken out of at $35.

The good ne...

$AMZN TOP 20

$AMZN are due to report earnings on Tuesday and they have the benefit of seeing how beneficial a dividend and share buyback can do to their share price from $GOOG.

I have no doubt that this will be discussed, if it has not been already in todays end of week meeting and the sign off on the earnings report.

$AMZN have also never paid a dividend before and unlike $GOOG they do not reg...

$YINN

For a leveraged position, this has been incredibly smooth and moving very well.

Clean breakout of its channel we have been watching all week now and moving to its 200 Day MA now too.

A flip here along with the HSI and other Chinese names should proper this higher to the blue line at $30 next.

It is rare that any move happens in one jump so be prepared for the ups and downs as ...

$SPY TOP 20

In spite of the bounce in the PM, the price is only slightly higher than where yesterdays trading day started, as there was a large flush at the opening following $METAs difficult earnings….so very little has changed here.

But the plan remains the same, a test of the 50 Day MA is needed to tell us a lot of information.

I have circled in white when it happened in August ‘23 and w...

$DAL

I took 50% of my position off the table yesterday after making 24% profit on this since Feb and it was my second largest position.

I felt the market was on a knife edge and if $MSFT and $GOOG got the same reaction as $META, the entire market was coming down, as the weight of both of these companies combined would have have confirmed the Wave A correction for me.

$DAL recovered early...

$GOOG TOP 20

Hands up, I got $GOOG wrong on their earnings, I am not sure why I didn’t anticipate the possibility of them paying a dividend, it was mentioned twice to me yesterday too by someone in our group and from someone online but on reflection I should have put an alternative count on the chart too and not just the ABC correction.

It was a big call to say that Wave B had made a higher high bef...

$BABA TOP 20

We said yesterday that a lot of the Chinese ADRs and stocks were testing their respective breakout levels and that’s what we are seeing today, early breakouts in the PM.

$BABA is also above its wedge line and moving close to our red line at $77 which has been a resistance level since Dec ‘23.

Bulls need to break above this level and I feel that breaking above the 200 Day MA will...

$NIO

We have a breakout folks in the PM.

Up 6% carried by the HSI and the bullish sentiment around $TSLA now too.

Also the positive news about their mass selling low priced EV is enjoying the same positive reaction as $TSLA is experiencing.

Levels to watch to day are:

Staying above the wedge breakout level at $4.20

And testing the 50 Day MA at $5, which would be a remar...

HSI

Another 2% gain day today and the price action has burst through the 200 Day MA and the 17300 level as if the resistance level was not there.

I have added in the impulse waves now as the pull back for Wave 2 was standard and we have broken above important levels.

What I would like to see is a retest of the 200 Day Ma from above to confirm that this level is now a support level and t...

$AFRM - RC -

$AFRM, $SQ and $PYPL continue to impress me with their resilience, in spite of the pressure from the 10 Yr, the 10 Yr won’t allow them to turn bullish but likewise it’s not forcing them to collapse.

Holders continue to stick it out and wait for the Fed to make a decision.

PCE figures tomorrow may have some influence, Powell maintains this is his preferred metric of inflation. 2024-04-25 17:50:55 +0000 UTC View Post

$INDA - SAFE HAVEN -

$INDA has been behaving like a safe haven lately against the US market

Jamie Dimon reiterated his admiration for India this week by saying that over 400 million have been taken out of poverty under the ruling leaders reign.

The spread of the middle class continues to grow and catch up with China too.

On the chart the price is still consolidating above the 50 Day MA too and we ...

$COIN

$COIN is also looking like it is losing its 50 Day Ma too.

I suspect if $BTC continues to move down, this will follow in sync.

Long term I like $COIN and believe there is a strong future and the same with Bitcoin but they are both correlated with top the market now.

Wait for Wave C to build a position.

$BTC TOP 20

Clearly this is a concern for $BTC as this is what we’ve been waiting for with the $SPY and $QQQ chart

A clear retest of the 50 Day Ma from below and rejecting convincingly so far.

It remains to be seen whether $BTC will make another attempt at the 50 Day Ma before going lower.

This is exactly what we want to see from the markets to give us confirmation of Wave A…..is $BTC...

$LUV

$LUV fell at the opening today with a weak market but also due to posting a double miss from their earnings report.

Took a big hit at the opening but managing to hold on the 0.618 Fib in intraday trading.

I would expect this to struggle on this support.

Oil prices and Boeing delayed issues are to blame for the decline it seems.

0.78 Fib at $24 could offer support and com...

$BIDU

$BIDU has lagged some of the other Chinese ADRs we have been watching lately after it lost its previous low last week.

We have expanded the wedge to consider this weakness and made it more conservative by taking the highest wick points now

So when $BIDU does decide to breakout, there is no ambiguity.

$102 is the breakout level to watch, which gets the price above the 50 Day Ma...

$TLT

I have added a lesson on the relationship between the $TLT and US 10 Yr so it is worth reviewing on Collections.

The US 10 YR keeps pushing higher and this directly impacts bonds

It is struggling to find support and keeps moving down to the lower fibs

Anything below the 0.618 Fib for a Wave 2 pull back shows weakness as this is the standard pull back level.

So bonds mov...

$AMZN TOP 20

Beautiful here from $AMZN on the 1HR chart.

The initial drop on Friday sunk this with the market and mon - weds we saw a drift back up to the 50 and 200 MA on the 1HR which were intersecting each other at the exact moment the price tested the level

Clear rejection here then and $AMZN is down -3.5% in the PM now with anticipation it will follow the other Mega Caps down….but we were...

$IBM - RC -

Wave 3 looks to have topped out at $200 below the blue line and Wave 3 target at the 1.618 Fib, so if we add the 0.38 Fib from the $200 top, this comes down to $166 and the PM price now is at $168.

$IBM so far has been pulling back in accordance with Wave 4.

I have added in the 0.5 Fib if the 0.38 Fib is not held but Wave 5 target is still active here.

$TSLA TOP 20

$TSLA finished the day up 12% but there is 3 points of interest now

1. Rejected at the $165 level at the 0.618 Fib I spoke about yesterday

2. Rejected highs of the day at the descending wedge trend line

3. Still has not made it up to the 50 Day Ma

Like I said yesterday, there is still a lot of work to do here for the bulls, and getting above these ...

$LULU

Found support on the trend line and just above the 0.5 Fib at $323, I expect a move up to complete Wave B at the 200 Day MA, where I expect the price action to reject and move down to complete Wave C.

A rejection at the 200 Day MA should be a signal for those to exit their positions if they are not happy to hold through Wave C down.

$GOOG TOP 20

$GOOG is the big one I’ll be watching today when they report their earnings.

We have Wave A complete already as it declined perfectly down to the 200 Day MA and is now struggling at a Double Top.

I believe a hard decline post earnings today brings this down for Wave C and could be the first Mega Cap through its correction.

Remember in $GOOG’s last report they had a great e...

HSI

Another strong day today and it appears that US weakness is almost fueling this run.

HSI managed to peak its head above the 200 Day MA today , for the first time since July ‘23….a far cry from where this was in Jan ‘24 when I called the bottom.

We won’t be doing any lap of honours until the 200 DAY MA is flipped to support, only then is the trend confirmed to have reversed.<...

$SQQQ

Everything is moving according to the plan here.

$SQQQ has pulled back this week to the 0.5 Fib and held yesterday, $METAs earnings have caused a bounce in the PM but remember, pull backs moves in 3 waves, so this bounce could just be a relief bounce before more earnings come through and we get a retest of the 50 Day Ma again, which is sitting nicely on the 0.618 Fib at $11.10 now.

...

$META

$META broke history again after its earnings and dropped more than $250 Billion in value and was down -17% at one stage.

The good news about this drop means that this correction completing has moved further significantly, which is a good sign because I think it can be complete by the election date in November.

Gap is filling to $410 and the 200 Day Ma is also just below at $375 whic...

$CP

Has retested the breakout level and has initially held the $82 level but so far today it has just lost it.

I have added in the white fibs levels to show where support can come, paying particular attention to where the 200 Day Ma is moving to, up to the 0.5 Fib, potentially a strong support level here.

This is a fan of many large investors, so for some reason they have decided to bui...

$NVDA

$NVDA has come very close to testing its 50 Day MA at $847 but is already showing signs now of a potential rejection.

$NVDA does not report its earnings for a number of weeks so this may be a good or bad omen. A strong showing from their report could help this higher but for me, I am favouring the ABC correction now.

$YINN

$YINN got the breakout today that we spoke about yesterday, after the HSI had another strong day.

We still want to get a clear hold above this yellow line and that is not achieved just yet.

The 200 Day Ma is still lurking above, exactly as it is with the HSI, so we know this moving average is an important level to break above.

It may take some time to do but as long as both ch...