Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Magnatizer who wrote (74782)	8/3/2024 12:37:22 PM
From: Magnatizer	1 Recommendation Recommended By Doug R Read Replies (1) \| Respond to of 79469

Multi timeframe: SOX Daily tradingview.com Gapped down over key uptrend which the SOX has found magnetic since formation (Feb to June 23 anchors). Was able to recover to touch the trendlines before closing below. CCI is sub -200. We will have a signal bar coming soon. I like a starter position on the long side in the 4100-4320 area. Weekly: tradingview.com Thick blue trendlines (week of Oct, 3 2016 to Nov 27, 2017 anchors) SOX finds them magnetic. A retest makes sense. Upper 4100s/lower 4200s is the value of the top uptrend. Mid 3000s the lower trendline value Green highlighted red: This is the lowest uptrend from the most recent set of signal bars. Bulls tried defending it the week prior but they were out of ammo this week Cross horizontal: Sniffed the bottom (5261) for the high (5240) but couldn't actually touch it this week. Easy defense for the bears. Retest of it will be significant. CCI: neg divergence Monthly: tradingview.com Signal bar in July. The bottom of the uptrends from the most recent signal: 4434 this month Bottom of the horizontal zone: 4288 Overall: quite a bit of signs pointing to 4200s for a test across multiple timeframes. Of note, even when the SOX has been superman strong, the SOX bulls tend to make one final sweep of the lows within a week following the signal bar off the -200 zone. If the SOX fails to respond bullishly to the sweep, I will get very cautious and maybe even short SOX.