From gamma optimizer: The momentum chart looks very good for those of us waiting for a rocket launch, also the p-value for today’s action is excellent at 0.021 using the returns since Dec 20 as reference. There is a good chance of upside momentum continuing for the next couple of sessions at least.
Looking at net dollar changes, we observe a very curious action:
From yesterday:
If we look at the net dollar spread sheet constructed by Joel we will find that the values obtained for the correction started on November 28th (row 32) are very similar to the values obtained for December 31st (row 55). D/U ratios are very similar 2.439 versus 2.321. This leads to consider that while we can see one more low toward our 96-95 range on TNA we must stay cautiously bullish about this market, at the same time we consider that if a higher high is seen on TNA, this might be sold extremely fast.
The correction ended on Friday December 2nd, before the Italian Referendum, D/U for the bottom was 0.929 at that time, current ratio for today was 0.267 with extreme buying pressure, in addition to this; the levels signaled by Japhy on December 31st were not broken, so double bottom is still holding on IWM.
MOC was $2.1 billion on the buy side, meaning a gap up tomorrow should be sustainable.
Cyclical analysis is not clear, so we won’t look much into it.
Moores’ 2C-P has had a healthy correction from 96.10, current value is 67.60, this was previous resistance, now support area.. It is interesting that the indicator has corrected in a decent manner while market is technically flat.
Based on Elliott Wave, we have a squalid but valid five up at HOD on TNA chart here (link), so for as long as TNA holds above 100.05 we can project 105.55 at at minimum and breaking solidly above this 105.55 we can project 108.82-109.60, but if the market fails to hold 100.05 and breaks 99.95, target still should be 94.76 area.
$NVDA
Failed to hold stop that should have been set at 110.20. Currently we could project target for 96.38 on the downside, chart here (link) this should be followed by a corrective bounce to 111-112 range. It is interesting that despite a count exists for 96.38, price managed to close above 102.05, meaning macro fibonaccis are still holding.
