The boxes are based on price, not days. Today we got 2 new squares. If you look at the dates at the bottom of the chart, it can take several days for just one square.. or you can get several squares in 1 day.
From stockcharts…. interpretation: Hollow bricks are bullish, black bricks are bearish – that's the simplest interpretation of Renko charts. Renko charts may be most useful in identifying trends and trend direction. Because they screen out moves that are less than the Brick size, trends are much easier to spot and follow. In order to avoid whiplash periods, some people wait unto 2 or 3 bricks appear in a new direction before taking a position.
TNA was an (unlikely) possible buy for today, but closed above it’s open price, so TNA was bought at the open, and remains a Hold for tomorrow.
TZA was a Wait today, was down, and remains a wait for tomorrow.
Of the stocks & ETFs I follow, these are to hold on to: IWM (1x $RUT), UWM (2x $RUT), TNA (3x $RUT) GLD (gold), UGL (2x Gold) SLV(silver) UCO(2x Oil) ERX(3x energy) DRI GOOG SPY
The list to avoid: UUP(US Dollar) USO(oil) RWM (-1x $RUT), TWM (-2x $RUT), TZA (-3x $RUT) SRS (-2x RE) SCO (-2x Oil), DTO (-3x oil) ERY (-3x energy) FAZ (-3x Financials) DZZ (-2x Gold)
The following are possible (but unlikely) buys tomorrow: SPXU (-3x $SPX) QID (-2x QQQQ) DXD (-2x DOW30)
The following are possible (but unlikely) sells tomorrow : AMZN GS QQQQ
The following are quite likely buys tomorrow: EWG(Germany) EWQ(France) EWU(England) EWX(emerging mkts) IYR(1x RE), URE(2x RE), DRN(3x RE) AAPL DIA
The following are quite likely sells tomorrow: QLD (2x QQQQ) DRV (-3x RE) EPV (-2x Europe)
Summary: Very Bullish New Sell today on ERY (-3x energy) New Buys today on IWM (1x $RUT), UWM (2x $RUT), TNA (3x $RUT) , GOOG
Action for TNA or TZA for tomorrow: Avoid TZA, Hold TNA
We are now in a Full Moon Trade, which tends to favor TNA. TNA opened up 7.9%, and the opening gap was not filled. TNA was up 13.2% at it’s high, and closed up 13.0%.
AmericanBulls had TNA with an unlikely but possible BUY today. TNA was a buy at the open ($47.63) if the price closed above that. Yeah, time travel is required to get it right. TNA is a Hold for tomorrow.
AmericanBulls had TZA as a Wait today. And TZA was down today, so TZA will be a Wait again for tomorrow.
Volume for TNA today was 11% above it’s 1 month average. Good for TNA. Volume for TZA today was 3% below it’s 1 month average.
$RVX (VIX for $RUT) closed down 12.7% with TNA up 13%. No divergence. Good for TNA.
TNA closed today above the previous 5 daily closes. Good for TNA.
The recent low for TNA was 2 days ago at $38.94. Today’s low was $46.50, 19% higher. Good for TNA.
Today, Ultimate Oscillator for TNA rose from 42.2 to 52.2 (+10) while TNA was up 13%. No divergence. Good for TNA.
MACD fastline is < 0 rising, slowline < 0 falling. Seems to be forming a bottom. Good for TNA.
Bollinger Bands for $RVX (VIX for $RUT): Today, $RVX fell below the Bollinger mid line (20 day MA). The fast MACD line is pointing sharply down, the slow line is falling. 3 days ago was the 3rd day of a 3-day sequence ending in a $RUT buy signal, it finally seems to be happening. Good for TNA.
Bollinger Bands for $RUT: Today, $RUT had a tall white candle headed up and away from the bottom BB. MACD fast & slow lines are rising. Good for TNA.
NYSE Up volume was 36 times the down volume. Good for TNA.
TNA had a higher high & higher low & much higher close (Good for TNA)
Money flow for the Total Stock Market: $ 2,671 million flowing out of the market yesterday. $ 3,708 million flowing into the market today. $ 610 million flowing out of the market today. Bad for TNA.
I will post the AmericanBulls candlestick interpretation a bit later.
Hey Cobra…
Looks like you showed up fine here. Must have been a temporary problem with disqus, and now fixed.
Thanks for stopping by… love your charts by the way. You are an execellent chartist, and I read your posts regularly.
Red
Using a 10 day average on a six month chart, we still appear to be pretty much within the average, about the same as the second week of May.
Are you looking at an hourly chart?
Brain fade! I read the day as a bear flag. It would point to about 1050.
The boxes are based on price, not days. Today we got 2 new squares. If you look at the dates at the bottom of the chart, it can take several days for just one square.. or you can get several squares in 1 day.
From stockcharts…. interpretation:
Hollow bricks are bullish, black bricks are bearish – that's the simplest interpretation of Renko charts. Renko charts may be most useful in identifying trends and trend direction. Because they screen out moves that are less than the Brick size, trends are much easier to spot and follow. In order to avoid whiplash periods, some people wait unto 2 or 3 bricks appear in a new direction before taking a position.
Red, thanks, I've got your message and this is to try on your DISQUS. Nice discussion here!
The Daily view from Americanbulls
TNA was an (unlikely) possible buy for today, but closed above it’s open price, so TNA was bought at the open, and remains a Hold for tomorrow.
TZA was a Wait today, was down, and remains a wait for tomorrow.
Of the stocks & ETFs I follow, these are to hold on to:
IWM (1x $RUT), UWM (2x $RUT), TNA (3x $RUT)
GLD (gold), UGL (2x Gold)
SLV(silver)
UCO(2x Oil)
ERX(3x energy)
DRI
GOOG
SPY
The list to avoid:
UUP(US Dollar)
USO(oil)
RWM (-1x $RUT), TWM (-2x $RUT), TZA (-3x $RUT)
SRS (-2x RE)
SCO (-2x Oil), DTO (-3x oil)
ERY (-3x energy)
FAZ (-3x Financials)
DZZ (-2x Gold)
The following are possible (but unlikely) buys tomorrow:
SPXU (-3x $SPX)
QID (-2x QQQQ)
DXD (-2x DOW30)
The following are possible (but unlikely) sells tomorrow :
AMZN
GS
QQQQ
The following are quite likely buys tomorrow:
EWG(Germany)
EWQ(France)
EWU(England)
EWX(emerging mkts)
IYR(1x RE), URE(2x RE), DRN(3x RE)
AAPL
DIA
The following are quite likely sells tomorrow:
QLD (2x QQQQ)
DRV (-3x RE)
EPV (-2x Europe)
Summary: Very Bullish
New Sell today on ERY (-3x energy)
New Buys today on IWM (1x $RUT), UWM (2x $RUT), TNA (3x $RUT) , GOOG
Action for TNA or TZA for tomorrow: Avoid TZA, Hold TNA
We are now in a Full Moon Trade, which tends to favor TNA.
TNA opened up 7.9%, and the opening gap was not filled. TNA was up 13.2% at it’s high, and closed up 13.0%.
AmericanBulls had TNA with an unlikely but possible BUY today. TNA was a buy at the open ($47.63) if the price closed above that. Yeah, time travel is required to get it right. TNA is a Hold for tomorrow.
AmericanBulls had TZA as a Wait today. And TZA was down today, so TZA will be a Wait again for tomorrow.
Volume for TNA today was 11% above it’s 1 month average. Good for TNA.
Volume for TZA today was 3% below it’s 1 month average.
$RVX (VIX for $RUT) closed down 12.7% with TNA up 13%. No divergence. Good for TNA.
TNA closed today above the previous 5 daily closes. Good for TNA.
The recent low for TNA was 2 days ago at $38.94. Today’s low was $46.50, 19% higher. Good for TNA.
Today, Ultimate Oscillator for TNA rose from 42.2 to 52.2 (+10) while TNA was up 13%. No divergence. Good for TNA.
MACD fastline is < 0 rising, slowline < 0 falling. Seems to be forming a bottom. Good for TNA.
Bollinger Bands for $RVX (VIX for $RUT): Today, $RVX fell below the Bollinger mid line (20 day MA). The fast MACD line is pointing sharply down, the slow line is falling. 3 days ago was the 3rd day of a 3-day sequence ending in a $RUT buy signal, it finally seems to be happening. Good for TNA.
Bollinger Bands for $RUT: Today, $RUT had a tall white candle headed up and away from the bottom BB. MACD fast & slow lines are rising. Good for TNA.
NYSE Up volume was 36 times the down volume. Good for TNA.
TNA had a higher high & higher low & much higher close (Good for TNA)
Money flow for the Total Stock Market:
$ 2,671 million flowing out of the market yesterday.
$ 3,708 million flowing into the market today.
$ 610 million flowing out of the market today.
Bad for TNA.
I will post the AmericanBulls candlestick interpretation a bit later.
Overall, Good for TNA for tomorrow.
Got it – though we got it on the downside too in July / Aug …. how many days are in 1 box …
What do you mean… +500,000, go long? 500,000 jobs number? Some how, I don't think the market would like that number…
DIA 104, 20 day, that's where I'd really like to go 70% short..Might get there next week.