Aftermath of the Fed rate hike - NASDAQ, S&P500, SOXL, ENPH
Just a quick rehash on the few that I have been closely following of late, especially after the Fed raised rates 0.75%, as expected; but the important bit was in the narrative (not analyzed here).
The NASDAQ futures had 11,900 simply broken through, and the next day followed through with a slight gap down, as global markets react.
The S&P500 ETF, SPY, similarly broke down below 388, and closed at its low of the day.
Both have bearish candlesticks with momentum, and MACD is supportive of further downside, likely to visit the last low (and possibly exceed) within the coming weeks.
In the same light, SOXL (as covered previously) had all its bullishness invalidated since last week. There is a slight divergence with the MACD struggling to maintain a slight bullish stance, but the candlestick is just pain bearish, period. This is highly likely to exceed its previous low and go below 10.
ENPH, the fascinating one, is amazingly holding at the lower end of the recent range. It appears to most likely break down to the lower end of the lower range, about 275, to meet the 55EMA. Yes, this is one that is above its daily 55EMA. MACD however, is less bullish with a cross under its Signal line. 235 is a critical support, after 255 (if it is to hold its bullish case).
Overall, bearish as previously expected, to the last low for the major indexes and the corresponding ETFs.
In the wider scope (not shown here), the USD futures is getting a pump, and both TIP and TLT may be bottoming out. The latter being some deviation from the recent trend where almost all drop except the USD.
The NASDAQ futures had 11,900 simply broken through, and the next day followed through with a slight gap down, as global markets react.
The S&P500 ETF, SPY, similarly broke down below 388, and closed at its low of the day.
Both have bearish candlesticks with momentum, and MACD is supportive of further downside, likely to visit the last low (and possibly exceed) within the coming weeks.
In the same light, SOXL (as covered previously) had all its bullishness invalidated since last week. There is a slight divergence with the MACD struggling to maintain a slight bullish stance, but the candlestick is just pain bearish, period. This is highly likely to exceed its previous low and go below 10.
ENPH, the fascinating one, is amazingly holding at the lower end of the recent range. It appears to most likely break down to the lower end of the lower range, about 275, to meet the 55EMA. Yes, this is one that is above its daily 55EMA. MACD however, is less bullish with a cross under its Signal line. 235 is a critical support, after 255 (if it is to hold its bullish case).
Overall, bearish as previously expected, to the last low for the major indexes and the corresponding ETFs.
In the wider scope (not shown here), the USD futures is getting a pump, and both TIP and TLT may be bottoming out. The latter being some deviation from the recent trend where almost all drop except the USD.
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