Sunday June 18, 2023 VOLUME 7 ISSUE 23
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!
NOTICE! Due to the July 4th Holiday, the July Happy Half Hour will be held on Wednesday July 5th at the usual time (1:15pm PT). Be sure to Register to get the link.
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: Markus Heitkoetter, Dan Passarelli, Ted Hearne, Larry Pesavento and Norm Winski. Great interviews with Sunny & Sam. Give 'em a listen! Coming Next: Carolyn Boroden.
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 Wednesday July 5th (because of the holiday) 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 June. 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 trials 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.
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
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.
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 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.
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.
The VantagePoint prediction for tomorrow is for both up and down from Friday's close. The predicted high is 34,491 and the low is 34,201. That's a range of only 290 points on the day.
The moving averages are above the Zero-Line and moving sideways. There is a strong Attractor right below current price and meeting the upsloping trendline under prices. Chances are we will dip below the predicted value in a test of the Attractor this next couple of days.
SunnyBands Implications
Dow Jones
The stats for the Dow are:
The Dow is up +422.34 on the week which was up every day except Friday. Thursday contributed largely to the up move by going up over 428 points. Then on Friday we retraced a bit, but are still above the UOB (Upper Outer Band).
Price on Friday broke the Attractor at 34,248 and now we need to break the one at 35,248 above current price.
Now, Gold is on top and has been all week, since 06/07/23. I'm expecting more movement to the upside this next week. The Fed gave us good news on Wednesday by not raising interest rates and the market responded. But the next day it started out very choppy and continued to the downside.
On the Weekly chart, we have done nothing but move sideways since last July, and we have not yet moved out of that channel. There is a Strong Attractor at 35,248 that is both attracting and repelling price. We have not yet broken the UOB and need to do that before more upward progress begins. There are pundits declaring that a new Bull Market is in place, but I don't yet believe it. First we must break 35,248.
The Weekly Dow chart shows an Attractor overhead at 36,911 which is calling for price to break it.
Keep in mind that markets never go straight up or straight down. They always move in fits and starts.
The Podcasts of Markus Heitkoetter, 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. Carolyn Boroden coming Next!
S&P 500
The ES was up +105.00 points on the week. Most of it on Thursday's reaction to the Fed's announcement of no rate hike.
The ES is heading upward faster than the Dow now. AND, the NQ is heading up faster and higher than the ES. In fact, the NQ has broken above the Attractor at 14,020, and is now aat the Attractor at 15,368 and waiting to break it. It has not yet broken its all time high. But it will. Another 2,000 points to go.
The overhead Attractor on the ES lies at 4,612 which is proportionally higher than the Attractor on the Dow. Price is once again "right below" that level, with price at 4,459.
Price on the Daily Chart is well above the DMA and above the UOB! Chances are we will continue on up with the SunnyBands and move toward the upper Attractors near 4,612.
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 for the most part we are Bullish and tackling the formation of a new Bull run. Only the Daily setting shows any downward movement.
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. 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.
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 that still has to reveal its 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, as well as Price being between 20 and 200. That narrows the search down quite a bit. And now there are 171 stocks that meet the conditions. Lots of opportunity 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 : 06/17/2023 04:12pm Symbol "META", Bar Type = Daily Last Close = +281.00 : the close Friday was at +281.00. Change from last Sunday (+/-) (+264.95) = +16.05 Purple or Gold on top? Gold UOB = +286.82 UIB = +280.26 MidLine = +269.88 MidAngle = 65.70 LIB = +259.50 LOB = +252.94 Above/Below 21-day MAV = 263.72 - Above Above/Below 50-day MAV = 242.02 - Above Above/Below 200-day MAV = 170.04 - Above Color of DMA_H = Gold All Time High = +384.33 Percent = -26.89% on 04/01/2022 303 bars ago.
META gave a SunnyBands BUY signal on 11/08/22 at 112.05 and only this past week was up to 281.13 for a potential profit of over 169 points per share.
We were on a SunnyBands SELL signal for 7 trading days, but it went nowhere. The Sell Signal was negated by continued up action and we are now back in Buy mode. Price is at 281.13 and continues to move upward. It has yet to best the all time high, but it looks like it will do it in time.
Price (up +16.05 this week) is above all 3 MAVs which is still Bullish as it continues on upward. Price may stumble this next week as it attempts to best this Attractor, but I think it's moving on upward.
The Weekly chart is more revealing, with the weekly price having broken above the 200-period MAV. The next Attractor overhead is at 316.62.
Price is currently at the 61.8% Fib line at 273.23 and rising. It looks to me like we are going on up to the 76.4% Fib line at 316.62.
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 is now down below the DMA and right at the LIB.
KDP on the Weekly has rolled over and is heading for the Attractor at 22.65. It will take it a bit to get there, but that's probably where it is going.
On the Daily chart it just looks like straight down with price below the LOB and Purple is clearly on top with price continuing to move down. Price is well below all 3 MAVs.
This week KDP is down to 31.17 having ticked up ever so slightly and fallen back down.
Price on KDP just looks like it will continue on down to 30.99 (which is the LIB on the Monthly Chart) or on down to the LOB at 28.81.
Now let's consider this coffee company: SBUX (Starbucks).
The stats for SBUX are:
SBUX, up nicely (+3.91) on the week is right now at the lower Attractor (97.65) and on Friday it bounced up just a bit. The Attractor and the 200-day MAV are coincident. Price is well below the LOB and Purple on the DMA_H is very strong and has just now turned up.
On the Weekly chart price moved on down through the Flat DMA, toward but not yet touching the LIB and is below the 21-period MAV. But, the weekly price movement went right to the Attractor at 97.65. I suspect that price will bounce off the Attractor, or at least meander sideways for a few bars.
The DMA is still Purple on top but the DMA is Flat, suggesting that price will stumble for a few bars before deciding whether to move down off the DMA or break through it and go on upward.
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 Installation and Orientation.
HUM
HUM is DOWN -67.69 this week to 445.65 in an enourmous gap down on Wednesday 06/14/23. It's likely more corporate news, like last time.
Price is well below all 3 MAVs now, which is Bearish.
However, last time this happened on 01/08/22 it recovered to new highs right afterwards. I'm going to check the news to see if any announcement was made and then buy at what is probably a local bottom.
The LIB lies at 465.93 and the LOB at 450.31. Price on the Weekly has been going sideways since the beginning of 2023. To break this sideways streak we will need to break through the UIB. Purple is on top and the DMA_H shows no sign yet of wanting to go up farther.
Last time I said: "I am expecting price to drop on down to the LOB (Which it Did) which will put it below the 200-day MAV." And that's exactly what happened.
There is a Strong Attractor below at 427.36. Price could easily move 20 more points down to that level.
A SunnyBands Sell signal was given and confirmed on 05/31/23 at 504. Price is now at 445.20 for a potential 59 points profit so far.
The stats for HUM are:
Created : 06/17/2023 04:14pm Symbol "HUM", Bar Type = Daily Last Close = +445.65 : the close Friday was at +445.65. Change from last Sunday (+/-) (+513.34) = -67.69 Purple or Gold on top? Purple UOB = +532.94 UIB = +517.32 MidLine = +491.62 MidAngle = -79.98 LIB = +465.93 LOB = +450.31 Above/Below 21-day MAV = 501.80 - Below Above/Below 50-day MAV = 513.05 - Below Above/Below 200-day MAV = 508.24 - Below Color of DMA_H = Purple All Time High = +571.30 Percent = -21.99% on 11/03/2022 154 bars ago.
AMZN
The stats for AMZN are:
Created : 06/17/2023 04:15pm Symbol "AMZN", Bar Type = Daily Last Close = +125.49 : the close Friday was at +125.49. Change from last Sunday (+/-) (+123.43) = +2.06 Purple or Gold on top? Gold UOB = +128.86 UIB = +126.05 MidLine = +121.56 MidAngle = 21.31 LIB = +117.06 LOB = +114.25 Above/Below 21-day MAV = 121.84 - Above Above/Below 50-day MAV = 112.38 - Above Above/Below 200-day MAV = 104.27 - Above Color of DMA_H = Red All Time High = +188.65 Percent = -33.48% on 04/01/2022 303 bars ago.
Price was up another +2.06 on the week, with price well above the UOB. It has been "up, up and away".
Last time I said "I'm guessing it will bounce back and test the UOB again this week." Which it has done.
Right now price is stumbling at the Attractor which lies at 127.24 and hasn't yet moved above it. To continue the up move this level must be broken. If it doesn't do that, then price will drop back to the DMA at 121.56. If it does break above that level, then it's on up to the skys.
There was a serious Attractor which was overhead at 124.48 which was calling to price (as I said last time) and this week it was broken to the upside.
On the Weekly chart AMZN is above the DMA and Gold is now top. The DMA was seriously Flat, but now it has turned upward and price is following along. The next overhead Attractor lies at 131.84, just about 10 points overhead.
TSLA
The stats for TSLA are:
Created : 06/17/2023 04:20pm Symbol "TSLA", Bar Type = Daily Last Close = +260.54 : the close Friday was at +260.54. Change from last Sunday (+/-) (+244.40) = +16.14 Purple or Gold on top? Gold UOB = +267.17 UIB = +258.68 MidLine = +244.03 MidAngle = 75.28 LIB = +229.38 LOB = +220.89 Above/Below 21-day MAV = 216.35 - Above Above/Below 50-day MAV = 190.06 - Above Above/Below 200-day MAV = 195.80 - Above Color of DMA_H = Red All Time High = +414.50 Percent = -37.14% on 04/01/2022 303 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 righteously Up on the week by +16.14 points and went nicely above what was then a Flat DMA and now is pointing upward (with Gold on top). We are still in a SunnyBands BUY signal from 04/27/23 at 164.31 and now price is 97+ points beyond, at 261.49.
Last time I said: "Now I think it will break the 200-day MAV at 200 and move on up to the overhead Attractor at 216." It did that and MORE.
This is still my favorite stock. But, at this point I'm a trader, not an investor yet.
On the Weekly chart price is above the UIB and will surely move to the Attractor overhead at 285.36 this week or so.
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 : 06/17/2023 04:21pm Symbol "ARKK", Bar Type = Daily Last Close = +44.31 : the close Friday was at +44.31. Change from last Sunday (+/-) (+42.51) = +1.80 Purple or Gold on top? Gold UOB = +44.95 UIB = +43.92 MidLine = +42.08 MidAngle = 18.78 LIB = +40.23 LOB = +39.20 Above/Below 21-day MAV = 41.46 - Above Above/Below 50-day MAV = 39.17 - Above Above/Below 200-day MAV = 38.04 - Above Color of DMA_H = N/A All Time High = +132.50 Percent = -66.56% on 04/01/2022 303 bars ago.
ARKK follows TSLA, her main holding. TSLA was up this week and so is ARKK, by +1.80 points.
ARKK is now (on the Daily) at the UOB and will continue to move according to TSLA's moves. On the Weekly chart price is still sharply sideways and is right above the Flat DMA. The SunnyBands are very narrow, not allowing for much of a move.
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.
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 Gold and is barely above the Zero-Line. That could mean choppiness or a move to either direction. There's no way to tell just yet. There is no signal yet.
This week she added 97211 shares of TWLO and 333854 shares of PD 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 coming back up a bit. In fact, there is a SunnyBands Buy signal on 05/05/23 at 37.39 and price is now at 41.62 for a potential 4 point gain.
MSFT
Created : 06/17/2023 04:24pm Symbol "MSFT", Bar Type = Daily Last Close = +342.33 : the close Friday was at +342.33. Change from last Sunday (+/-) (+326.79) = +15.54 Purple or Gold on top? Gold UOB = +344.96 UIB = +339.04 MidLine = +329.60 MidAngle = 63.15 LIB = +320.15 LOB = +314.23 Above/Below 21-day MAV = 329.17 - Above Above/Below 50-day MAV = 311.03 - Above Above/Below 200-day MAV = 264.04 - Above Color of DMA_H = Gold All Time High = +351.47 Percent = -2.60% on 06/16/2023 0 bars ago.
MSFT (closing at +343.18 Friday, up +15.54 on the week) is Above all 3 MAVs now and continuing to recover quite nicely. Price moved decisively above the Flat DMA and keeps on going. In fact, we are now above the UOB firmly AND are nearing all-time highs.
Price is now above the UOB and the DMA Histogram (DMA_H) is showing solid Gold, showing me that there is still more room on the upside.
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.
On the Monthly chart one can see that we have now definitely passed the Attractor at 292.64, which is a strong sign, and are right at the UIB at 335.40. Now we are testing the all-time high of 338 and about to surpass it.
Price is now at 343.18 (at the 123.64% Fib line) and is heading for the overhead Attractor and the UOB at 357.98.
On the Weekly chart price is now above the UOB and at the same Fib line. This could cause some stumbling for the next few days, but I still think it will have more movement 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) continues to move downward. .
Price is now at 71.54. A low not considered possible only months ago when price was at 118.93 and years ago at 200.0.
On the Monthly chart price is now just beneath the Flat DMA (which has been Flat for months). Gold is on top, but the histogram bars are Red and getting shorter, suggesting more downward movement is possible.
Back to the Daily chart, price is below all 3 MAVs. Often in this configuration price bounces around the DMA for a few bars before deciding a direction. This too suggests the possibility of more downside action. The SunnyBands Sell signal from 04/14/23 is still in effect and doing well.
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, it moved on a gap to right above the DMA and back down to it. Purple is still on top, but possibly not for long. There was a SunnyBands Buy signal that was confirmed by price action on Thursday at 70.00.
On the Weekly chart price has entered a SunnyBands Buy signal on 05/26/23 at 73.46. It was confirmed and now price is at 71.50.
Last week I said: "I think price will stabilize around 70.24." And it has. We are slightly above that now, but probably not for long.
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 : 06/17/2023 04:27pm Symbol "@BTC", Bar Type = Daily Last Close = +26,445 : the close Friday was at +26,445. Change from last Sunday (+/-) (+26,475) = -30 Purple or Gold on top? Purple UOB = +29,721 UIB = +28,820 MidLine = +27,347 MidAngle = -89.12 LIB = +25,873 LOB = +24,972 Above/Below 21-day MAV = 26667.38 - Below Above/Below 50-day MAV = 27909.30 - Below Above/Below 200-day MAV = 22861.75 - Above Color of DMA_H = Purple All Time High = +70,285 Percent = -62.37% on 03/31/2022 305 bars ago.
BitCoin is no longer moving upward and is correcting back down to the LOB. We got a SunnyBands SELL signal on 04/19/23 from 30,267 and now price is at 26,435 in the afterhours market, down 10 points.
California announced the 3rd bank has failed and the Fed announced it will take over. I don't think the bank failures are over. And, as bank failures appear there is a high-liklihood of a flight to crypto currencies. Nevertheless, at the moment it is moving downward.
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 3,060 points.
The DMA is Flat with Purple on top which tells me price is likely to move on down for a bit. I'm expecting it to hit the LOB at 24,972.
The only overhead Attractor is now the DMA itself, at 27,347. The Attractor below is the 200-day MAV at 22,894.
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 : 06/17/2023 04:29pm Symbol "ETHUSD", Bar Type = Daily Last Close = +1,725.64 : the close Friday was at +1,725.64. Change from last Sunday (+/-) (+1,836.29) = -110.65 Purple or Gold on top? Purple UOB = +1,963.73 UIB = +1,906.29 MidLine = +1,811.87 MidAngle = -83.66 LIB = +1,717.44 LOB = +1,660.00 Above/Below 21-day MAV = 1814.60 - Below Above/Below 50-day MAV = 1860.85 - Below Above/Below 200-day MAV = 1556.22 - Above Color of DMA_H = Purple All Time High = +4,867.81 Percent = -64.55% on 03/23/2022 322 bars ago.
In the after-hours market ETHUSD is down 6.31 points to 1,719.79.
The Daily chart shows that ETHUSD is not moving as sharply down as BTC. Right now, in the after-hours market it is down -5.2 points and is below the DMA at the LIB at 1,811.87.
There is a downsloping trendline that encompasses the high on 04/17/23, the next local high on 06/06/23 and the current high. Price will need to break this trendline to continue on upward.
The Fibonacci retracements show price is now right at the 23.6% 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 38.2% retracement line which is also where the LOB lies.
Gold
The stats for Gold are:
Created : 06/17/2023 04:30pm Symbol "@GC", Bar Type = Daily Last Close = +1,971.2 : the close Friday was at +1,971.2. Change from last Sunday (+/-) (+1,977.2) = -6.0 Purple or Gold on top? Purple UOB = +2,038.0 UIB = +2,018.8 MidLine = +1,988.0 MidAngle = -20.81 LIB = +1,957.1 LOB = +1,938.0 Above/Below 21-day MAV = 1975.82 - Below Above/Below 50-day MAV = 2008.79 - Below Above/Below 200-day MAV = 1894.58 - Above Color of DMA_H = Green All Time High = +2,174.9 Percent = -9.37% on 03/31/2022 305 bars ago.
Gold. In the face of bank failures and buy outs Gold passed above the magical 2,000 level over seven weeks ago. The UOB is now at 2,038.0 and price has been retreating from that level and is now solidly below the DMA. But his past week or so it has moved back off the UOB and UIB to the DMA (Flat) and below and is right now right at the LIB, at 1,969.3.
We got a SunnyBands Sell signal on 05/05/23 at 2,024 which has potentially made 55 points on the short side. There was a possible Buy signal last week but it was not confirmed by price action.
There is an Attractor, though not a very strong one, at 1,958 that might just hold price at its current level.
On the Monthly chart we are just in a sideways channel with price right above the Long Term Attractor at 1,887. I'm guessing that price will move down to test that Attractor (which is right at the DMA) and then bounce back upward.
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 : 06/17/2023 04:31pm Symbol "@US", Bar Type = Daily Last Close = +127.34375 : the close Friday was at +127.34375. Change from last Sunday (+/-) (+127.50000) = -0.15625 Purple or Gold on top? Purple UOB = +131.42028 UIB = +130.18417 MidLine = +128.12500 MidAngle = -0.43 LIB = +126.06583 LOB = +124.82972 Above/Below 21-day MAV = 127.35 - Below Above/Below 50-day MAV = 129.58 - Below Above/Below 200-day MAV = 129.06 - Below Color of DMA_H = Green All Time High = +165.90625 Percent = -23.24% on 03/31/2022 305 bars ago.
Bonds are down (-0.15625) on the week.
On the Daily chart we spent the week moving no where, below the DMA and on down below the LIB to the LOB and back up to the DMA. Bonds are currently at 127^16 in the after-hours market.
There is a strong Attractor at 119^26 which is now below current price.
O the Monthly chart the US is right at a very strong Attractor at 127^15. Price for the last 6 months has just moved sideways on the Attractor and is below the Purple DMA and going no where.
Back to the Daily chart: Price is right at the Purple DMA. Chances are price will continue to bounce around the DMA and head lower.
There are no announcements this week that are likely to move bonds, IMHO.
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 it is moving somewhat sideways, right at the Attractor. The congestion above current price leads me to believe that we are still in for lower prices.
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