Bonds continue to go higher overall, but not moving up as fast as before, they might be going sideways or partly down in the next few weeks/months to form the big wave 2 that will form the small ABC pattern using the Elliot Waves principle.
10 year treasury looks tired by zuzuk on TradingView.com
Nasdaq looks still weak by zuzuk on TradingView.com
Even if the past few weeks Nasdaq went up, and is higher than the support, it looks like the trend is weak and will continue to reverse, of course we never know for sure but it does look weak as the long-term trend still is going on the downside and no sign of capitulation as of yet, looks like we are half-way if compare with 2001-2003 recession.
Tech stocks are getting decimated, first Facebook -24% loss in a day, then Amazon -15% during pre-market.
Facebook is looking almost undervalued, with a current pe of less than 10. It is almost strange to see. But the downside trend is so strong, there is no point fighting it. Looks like there is no support, the only clear support is during the IPO which is around 45 which is another 50% downside.
Facebook is literally the best example of a falling knife by zuzuk on TradingView.com
Amazon
Amazon looks pretty weak after recent a disappointing quarter. Right at support currently but it would not surprise me if it goes lower from there in a couple of months.
Amazon right at support by zuzuk on TradingView.com
Looks like the Asian market is oversold overall. Might be an interesting place to look for stocks. Lots of cheap stocks out there, the problem is that it is a little hard to trust what China will implement next politically.
Looks like Asia overall has been going down a lot but Hong Kong has been one of the worst. Looks like there is a resistance at 12000 so another 15-20% downside potential before the odds are in favor of a rebound. It is interesting to see how strong the downtrend is.
The Hong Kong stock market is in extreme fear by zuzuk on TradingView.com
Silver looks interesting
it is still a little early but looks like the reversal is starting to form. More people are talking about it and some are sharing that the COMEX inventory keeps going down.
Silver looks interesting by zuzuk on TradingView.com
Iron ore really low
Iron ore prices are very low currently and it looks like the support is near the current price. Will be interesting to monitor the price and see what has caused the sudden fall, there is a chance it comes from house demands weakening because of higher interest rates, but just my personal opinion.
Iron Prices are multi year low by zuzuk on TradingView.com
everything is looking very weak and there is a high risk the market continue in the downtrend. Only Silver is looking nice but because the overall market is weak I would wait for more before rushing into it.
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