Sunday May 07, 2023 VOLUME 7 ISSUE 18
ALL NEW! Announcing a NinjaTrader version of my Flagship indicator, SunnyBands!
>> Just for your information, the CME has changed the Roll-Over date to the Monday of same week as the Friday expiration. Check it out HERE.
ALL NEW Live Demo on Tuesday May 09 at 10amPT / 1pmET. Click Here to Register by Monday. No new registrations will be accepted after Monday. See the short presentation on how it works, followed by Live Trading.
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: Dan Passarelli, Ted Hearne, Larry Pesavento and Norm Winski. Great interviews with Sunny & Sam. Give 'em a listen! Coming Next: Markus Heitkoetter.
More Sunny Harris interviews: Podcasts with 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 this weekend.
HAPPY HALF HOUR! On Sunday June 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 4th of January. 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 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.
Want to Learn EasyLanguage? Get YOUR copy of Murray Ruggiero's Using EasyLanguage 9.x HERE at half price before they are all gone. I only have 13 copies.
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 2 more Zoom calls 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
The defective PayPal button has been fixed. Just click above on Order Form and it will take you there.
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.
I'm thinking about conducting a LIVE IN-PERSON 3-day Seminar in Los Angeles (near the airport for the convenience of all) with Sam Tennis where you can learn Technical Analysis, Running your Trading Business, Compounding Your Profits, Trading Techniques that Work, AND EasyLanguage in this Intensive 3-day long-Weekend. Please let me know whether you might be interested HERE.
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.
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" It looks like, at this point, it will be about another month or two 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 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.
All three moving averages are now moving Upward but are all below the Zero-line. The overall slope of the moving averages is downward since 4/4/23.
The prediction for Monday calls for a high of 33,869 and a low of 33,383. That's a 486 point spread on the day with the day being nicely UP.
Last week I said I thought "we will make tomorrow's prediction, but at that point we are hitting up against a Strong Attractor that might hold price down for a bit." And that's exactly what happened.
Glenn Neely's S&P Prediction
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 SSS 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 higher ES moves.
Here is the Weekly NEoWave projection of the S&P. 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 -423.78 on the week which was down and then back up somewhat, with Friday making a good showing (+546.64). Price broke below the Pennant formation and kept on going. There is a Strong Attractor at 34,633, which is where I think we are going next. It has to be tested. Right now we are at 33,674 so that gives us a bit of room on the upside. IF the test doesn't happen or if it fails, we're going back down.
There is also a weaker though important Attractor at 34,101, which emanates from the highs on 4/14/23 to 4/18/23.
Gold is still on top and though the DMA is Flat I think there is more room on the upside. It may retrace in a corrective wave, but I think ultimately we are going up.
Counter to that analysis, the Weekly SunnyBands' DMA is Flat with Gold on top.
On the Weekly chart, we have done nothing but move sideways since last July. Something needs to happen. We can't move sideways forever. There is an Attractor above at 34,633 and one below at 30,000. Who knows?
Looking at the Weekly and Daily SunnyBands overlay I see that price is now back down to the Weekly SunnyBands and right at the Daily DMA, which is Flat. It looks to me like
In the after-hours market the YM is up 62 points, to 34,098. Price has stalled at the UOB and has given a Sell signal which was confirmed by tonight's bar. If that holds it looks like price could fall back to the DMA, at 33,504.
The Weekly Dow chart shows we will remain in this sideways channel until we break out of 34,180.
Keep in mind that markets never go straight up or straight down. They always move in fits and starts.
The Podcasts of Dan Passarelli, Ted Hearne, Larry Pesavento, Norm Winski, Greg Morris, Linda Bradford Raschke, Anka Metcalf and Robert Colby are now posted, Enjoy these great interviews. Markus Heitkoetter coming Next!
S&P 500
The ES is XXXX down slightly in the after-hours market, -2.00 points.
On the week the ES was down -38.25 points. It and the DOW are both on sideways progressions but not quite in tandem.
Price on the Daily Chart is above the DMA and Gold is on top. It is sitting astraddle the DMA. Gold is also on top on the DMA_Histogram. Price is also above all 3 MAVs, which is a positive sign.
Earnings Reports continue this week with some important stocks reporting.
REPORTS THIS WEEK: UBER, PFE, BP, STNG, LNG, MPC... and more.
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.
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.
This configuration tells me that every timeframe is bullish of some flavor except the 1-min & 5-min which are Bearish.
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 total and presents the "most tradable" stocks on the top. i.e., those with the most swings and trading opportunities.
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 with no one willing to stick their neck out and choose a 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. That narrows the search down quite a bit. And now there are 144 stocks that meet the conditions same as last week's 130. Lots of opportunity here.
Stocks
I'm adding a new one this week: META:
Created : 05/06/2023 04:16pm Symbol "META", Bar Type = Daily Last Close = +232.78 : the close Friday was at +232.78. Change from last Sunday (+/-) (+240.32) = -7.54 Purple or Gold on top? Gold UOB = +244.62 UIB = +237.35 MidLine = +225.95 MidAngle = 25.99 LIB = +214.56 LOB = +207.29 Above/Below 21-day MAV = 222.54 - Above Above/Below 50-day MAV = 205.76 - Above Above/Below 200-day MAV = 157.31 - Above Color of DMA_H = Red All Time High = +384.33 Percent = -39.43% on 09/01/2021 421 bars ago.
META gave a SunnyBands BUY signal on 11/08/22 and only this past week quit. It was up 143.85 points from the Entry Price of 96.47 to its pre-signal price of 240.32. Pretty dramatic!
The previous move was on a gap of over 20 points and then I said:
Last time I said: "The last time we had a gap of that size on META it corrected back down to the DMA and then progressed on upward. I wouldn't be surprised to see that happen again with profit taking." AND THAT'S EXACTLY WHAT HAPPENED.
A SunnyBands SELL Signal was flashed on 05/02/23 at 237.03. Current price is 232.12 for nearly 5 points profit on a Short.
Gold has been on top for months and is likely to continue, but Red is showing in the DMA_Histogram alerting me to the downturn.
The DMA is Flat and I'm expecting price to drop back to the DMA, which lies at 225.95 giving a potential of 11 or so points.
KDP: Keuring Dr. Pepper
Last time I said: "KDP, on the Monthly chart, has given a clear Sell signal in a faltering market. We are sitting right on the Flat DMA, which is always scary. It could easily turn on downward for more of a correction" and not only did it correct but it dropped to 31.78 after a gap down.
We did well on the Short, with a potential of almost 2 points of profit. Now we are on a SunnyBands Buy signal from Wednesday at 32.50 with current price at 33.26.
The DMA has flattened out and I at least expect price to move up to it at 33.64.
Now let's consider this coffee company: SBUX (Starbucks).
The stats for SBUX are:
SBUX, as I said last time, easily broke throught the Flat DMA and went on up to the UOB. From there it continued to move upward. The upward motion was broken decisively on Wednesday with a sizable gap down. A SunnyBands Sell signal happened the day prior, with profits potentially captured from the move down.
We now have a SunnyBands Buy signal in place which has been Confirmed by Price Action. The Flat DMA lies overhead at 110.0. That's where I expect we are going next.
Paying attention to these SunnyBands signals keeps me profitable. If you haven't already, maybe you'd like to get a FREE 7-day Trial for yourself.
HUM
HUM is Up by +4.53 this week. It is still languishing but nevertheless recovering. The progress on the Weekly chart is just Sideways. We still must break out of the Pennant formation it is now in before recovering above the all time high in November of 2022.
Breaking above the Attractor overhead at 536.37 could easily portend further upward motion. Watch closely. The Attractor overhead is at 548.06 which could draw price up to it in a test or even a piercing.
The stats for HUM are:
Created : 05/06/2023 12:51pm Symbol "HUM", Bar Type = Daily Last Close = +535.02 : the close Friday was at +535.02. Change from last Sunday (+/-) (+530.49) = +4.53 Purple or Gold on top? Gold UOB = +540.81 UIB = +531.74 MidLine = +516.74 MidAngle = 47.92 LIB = +501.74 LOB = +492.67 Above/Below 21-day MAV = 519.12 - Above Above/Below 50-day MAV = 505.17 - Above Above/Below 200-day MAV = 505.33 - Above Color of DMA_H = Gold All Time High = +571.30 Percent = -6.35% on 11/03/2022 125 bars ago.
AMZN
The stats for AMZN are:
Created : 05/06/2023 12:50pm Symbol "AMZN", Bar Type = Daily Last Close = +105.66 : the close Friday was at +105.66. Change from last Sunday (+/-) (+105.45) = +0.21 Purple or Gold on top? Gold UOB = +109.77 UIB = +106.88 MidLine = +102.25 MidAngle = 3.43 LIB = +97.61 LOB = +94.72 Above/Below 21-day MAV = 103.57 - Above Above/Below 50-day MAV = 99.69 - Above Above/Below 200-day MAV = 106.53 - Below Color of DMA_H = Red All Time High = +188.65 Percent = -43.99% on 07/13/2021 457 bars ago.
Last time I said "I'm guessing it will bounce back and test the UOB again this week." Which it did. On Friday, however, price dropped back below the UIB. Gold is still on top though the DMA_H is fairly flat, and while above the Zero-Line is not really exciting.
There is a serious Attractor overhead at 114.42 which is calling to price, which is still above the Flat DMA.
On the Weekly chart AMZN is above the DMA but Purple is on top. The DMA is seriously Flat, telling me there is more sideways action potential.
TSLA
The stats for TSLA are:
Created : 05/06/2023 03:25pm Symbol "TSLA", Bar Type = Daily Last Close = +170.06 : the close Friday was at +170.06. Change from last Sunday (+/-) (+164.31) = +5.75 Purple or Gold on top? Purple UOB = +186.08 UIB = +180.92 MidLine = +171.51 MidAngle = -18.52 LIB = +162.11 LOB = +156.95 Above/Below 21-day MAV = 171.59 - Below Above/Below 50-day MAV = 182.45 - Below Above/Below 200-day MAV = 208.45 - Below Color of DMA_H = Green All Time High = +414.50 Percent = -58.97% on 11/04/2021 376 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 is up on the week by +5.75 points and yet is sitting under the Flat DMA. Price has just moved above the LOB and is above the LIB, touching the DMA. Last time I said: "With the DMA Flat I'm expecting TSLA to move up to it at 174.71" and it did.
Now we are looking at a Buy signal from 04/28/23 at 164.31. Price is now at 170.00 for a potential profit of just nearly 6 points per share. Not Bad!
I'm thinking price will move above the DMA (which is currently flat) before it finds further direction.
This is still my favorite stock. But, at this point I'm a trader, not an investor yet.
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.
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 : 05/06/2023 12:50pm Symbol "ARKK", Bar Type = Daily Last Close = +37.39 : the close Friday was at +37.39. Change from last Sunday (+/-) (+35.92) = +1.47 Purple or Gold on top? Purple UOB = +39.59 UIB = +38.68 MidLine = +37.08 MidAngle = -1.29 LIB = +35.48 LOB = +34.57 Above/Below 21-day MAV = 37.22 - Above Above/Below 50-day MAV = 38.00 - Below Above/Below 200-day MAV = 38.97 - Below Color of DMA_H = Green All Time High = +159.70 Percent = -76.59% on 02/16/2021 559 bars ago.
ARKK follows TSLA, her main holding. TSLA was up this week and so is ARKK.
ARKK is now up to the Flat DMA and will move according to TSLA's moves.
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.
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 now Dark Purple and is below the zero-line.
This week she added 421625 shares of SQ and 76100 shares of TWST 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!
Tonight's chart is on a Daily timeframe. It looks like she's in a slow downtrend that is never-ending.
MSFT
Created : 05/06/2023 12:53pm Symbol "MSFT", Bar Type = Daily Last Close = +310.65 : the close Friday was at +310.65. Change from last Sunday (+/-) (+307.26) = +3.39 Purple or Gold on top? Gold UOB = +310.87 UIB = +304.52 MidLine = +294.09 MidAngle = 58.82 LIB = +283.66 LOB = +277.31 Above/Below 21-day MAV = 293.18 - Above Above/Below 50-day MAV = 277.99 - Above Above/Below 200-day MAV = 257.33 - Above Color of DMA_H = Gold All Time High = +349.67 Percent = -11.16% on 11/22/2021 364 bars ago.
MSFT (closing at +310.65 Friday, up +3.39 on the week) is Above all 3 MAVs now and recovering quite nicely. Price moved decisively above the Flat DMA and kept going.
In fact, price is now strongly above the UOB and a gap last week. Now it is down "only" 11% from its all time high in a nice show of recovery.
Now the DMA is moving strongly upward and Price is nicely above the UOB.
On the DMA_Histogram we have Gold on top and moving upward. Nevertheless, the Gold histogram is not as high as it was a few weeks ago.
While Gold is on top on the DMA and price is well above it, I'm watching carefully for a Sell signal, though as of this writing it is not yet there.
Nevertheless, on the Weekly chart we still have a ways yet to recover to the all time high of 349.67. With price right now at 310.65 that's 39 points yet to go before we enter a new Bull market. I'm watching MSFT to lead the market upward.
On the Monthly chart one can see that we have now passed the Attractor at 292.64, which is a strong sign, and are heading past the DMA (which has been Flat) to the UIB at 325.46.
On the Weekly chart price is now above the DMA and right at the UOB with the promise of more moves to the upside.
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) on the Weekly chart is Flat to down, slowly. Price is down -1.09 on the week. It is below the Flat DMA and on the DMA_H Green is showing, signifying further downward movement is possible.
Price is now at 76.21.
On the Monthly chart price is right at the Flat DMA and stuck in a Pennant formation restricting price movement. Gold is now on top, but the histogram bars are Red, suggesting more downward movement is possible.
Back to the Daily chart, price is below all 3 MAVs and beneath the Flat DMA. This too suggests the possibility of more downside action. And yet, a SunnyBands Buy signal is in place from Friday, confirmed at 71.26.
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, even though it is slightly up, price is at 71.41.
On the Weekly chart price is continuing to move downward below the Purple DMA. We have touched the LOB several times and even tried to penetrate the DMA and failed.
I think price will stabilize around 70.24.
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 : 05/06/2023 12:49pm Symbol "@BTC", Bar Type = Daily Last Close = +29,765 : the close Friday was at +29,765. Change from last Sunday (+/-) (+29,475) = +290 Purple or Gold on top? Gold UOB = +31,278 UIB = +30,162 MidLine = +28,461 MidAngle = 88.03 LIB = +26,760 LOB = +25,643 Above/Below 21-day MAV = 29162.38 - Above Above/Below 50-day MAV = 27301.20 - Above Above/Below 200-day MAV = 22087.10 - Above Color of DMA_H = Gold All Time High = +70,115 Percent = -57.55% on 11/10/2021 373 bars ago.
BitCoin is still moving upward, up +290 this past week, likely in response to bank failures and anticipated failures.
Yesterday California announced that yet another bank has failed and the Fed announced it will take over.
Price is now, in the after-hours market, at 28,750 down 1,015 points.
We got a Buy signal on 03/13/23 at 24,625 followed by a Sell signal on 04/19/23 at 29,470 for a potential profit of nearly 5,000 points.
The Sell signal at 29,470 is now potentially profitable as price is almost 750 beneath that.
The DMA is Flat with Gold on top which tells me price is likely to languish sideways for a bit. There is a Pennant formation congesting price which further tells me price will move sideways for a few bars.
There is a Very Strong Attractor right above current price, at 31,209. I'm expecting price to attempt that level and possibly fail. If it breaks through, it's off to the races.
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 : 05/06/2023 12:50pm Symbol "ETHUSD", Bar Type = Daily Last Close = +1,992.07 : the close Friday was at +1,992.07. Change from last Sunday (+/-) (+1,896.10) = +95.97 Purple or Gold on top? Gold UOB = +2,075.19 UIB = +2,005.51 MidLine = +1,892.87 MidAngle = 72.12 LIB = +1,780.23 LOB = +1,710.55 Above/Below 21-day MAV = 1923.37 - Above Above/Below 50-day MAV = 1793.22 - Above Above/Below 200-day MAV = 1537.41 - Above Color of DMA_H = Gold All Time High = +4,867.81 Percent = -59.08% on 11/10/2021 387 bars ago.
In the after-hours market ETHUSD is down -109.85 points to 1,883.89.
The Daily chart shows that we had been nicely moving upward but are now retracing back down below the DMA. The DMA is Flat indicating Congestion and sideways action. Price is below the 21-day MAV but still above the other two. That's potentially Bullish.
The Fibonacci retracements show price above the 23.6% line and right at the 38.2% line. If price moves above that this week we can expect more movement to the upside, but I'm thinking we will move on down to the DMA at 1,889.
Gold
The stats for Gold are:
Created : 05/06/2023 12:49pm Symbol "@GC", Bar Type = Daily Last Close = +2,024.8 : the close Friday was at +2,024.8. Change from last Sunday (+/-) (+1,999.1) = +25.7 Purple or Gold on top? Gold UOB = +2,071.4 UIB = +2,043.4 MidLine = +1,998.8 MidAngle = 71.68 LIB = +1,954.2 LOB = +1,926.2 Above/Below 21-day MAV = 2015.25 - Above Above/Below 50-day MAV = 1968.03 - Above Above/Below 200-day MAV = 1852.90 - Above Color of DMA_H = Gold All Time High = +2,219.8 Percent = -8.78% on 09/06/2011 2939 bars ago.
Gold. In the face of bank failures and buy outs Gold passed above the magical 2,000 level over three weeks ago. The UOB is now at 2,066 and price has been pushing up against that level.
On the Monthly chart we are just in a sideways channel with price right at the UIB and the next Attractor is at 2,139.
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.
The UOB lies at 2,040 which is my next estimate.
A SunnyBands Buy signal occurred on 02/27/23 at 1,824.9 and moved up to 2,015 before a Sell signal appeared. From that point the SunnyBands Sell signal has now taken us to the current price of 1,991. It's a potential profit sof far of 24 points.
The next Attractor on the downside is at 1,767.
Bonds
The stats for @US are:
Created : 05/06/2023 12:49pm Symbol "@US", Bar Type = Daily Last Close = +130.96875 : the close Friday was at +130.96875. Change from last Sunday (+/-) (+131.65625) = -0.68750 Purple or Gold on top? Gold UOB = +134.45194 UIB = +132.99917 MidLine = +130.67500 MidAngle = 1.29 LIB = +128.35083 LOB = +126.89806 Above/Below 21-day MAV = 131.21 - Below Above/Below 50-day MAV = 130.12 - Above Above/Below 200-day MAV = 130.67 - Above Color of DMA_H = Gold All Time High = +184.62500 Percent = -29.06% on 03/09/2020 797 bars ago.
Bonds are down somewhat (-0.68750) on the week.
O the Monthly chart the US is right at a very strong Attractor at 134^07 and stuck below it. Until and unless it moves beyond this level we are still looking a lower prices.
Price is slightly up (+4/32) in the after-hours market with Bonds moving above the Flat DMA but only slightly.
Price on the Daily chart has just been moving sideways. The DMA is Flat and price is just playing with it. On the DMA_Histogram the bars are Gold but just piddling around doing nothing.
The announcements this week are likely to make Bonds move -- one way or the other. And the stock market will move as well.
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.
On the Monthly chart price is well below the DMA with Purple on top, but it is moving sideways. A SunnyBands Buy signal came on 11/30/22 but was not confirmed. It is likely that price will move up to the DMA and then turn back down. (Think higher interest rates.)
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