DeMARK Cross Market Update
SPY qualified a trend line break on Friday down to 400.89. A lot of buy setups were canceled and invalidated base on that trend down move on Friday.
IWM trend line break as well
AAPL cross back below the 20/50 EMA. If markets continue to be weak, this could easily trade back to the 150 area.
AMZN we now have to wait for the 13 to complete on the buy side before it gets safer.
There are some weird, uncorrelated parts of the market which have had relative strength. For example CLVS right on the 20/50 EMA with a 9 buy setup. Quarterly pivot point as well.
INCY TD Camo + Differential off the 50 EMA on Friday
KWEB actually closed green on Friday, China names singing a different tune
Some market leaders look very much like "death" here. Visa failing 20/50 EMAs and the short-term oscillators are not even oversold yet. This had a clean failure of TDST at 230 which means, like AMZN, wait for a bottom 13.
Same exact story on DELL, with a qualified trend line break down to the 35 area
XLB had a big down move on Friday too, very similar story to the rest
Suffice to say, daily charts have changed their tone and March lows are now looking vulnerable across the board.
It is a little funny how this was all triggered by the ETHUSD 13 Combo which we discussed weeks back