I hope everyone had a nice weekend. Here's what I'm looking at for this week.
We are at strong resistance right now. If we comeback to test the channel, it's most likely an opportunity to go long with the possible target being the gap at 326 area. If we break below the channel, expect the 18ma to be the target. Any lower than that, and the target may be the lower BB on the daily chart. There's hidden bearish divergence on SPY and obvious bearish divergence on the NQ weekly chart, but it could take a while for any of it to play out.
Not much else to say at this point. Since I'm leaning bullish, chances are we are close to a top :)
Good luck to all,
Sunship
We are at strong resistance right now. If we comeback to test the channel, it's most likely an opportunity to go long with the possible target being the gap at 326 area. If we break below the channel, expect the 18ma to be the target. Any lower than that, and the target may be the lower BB on the daily chart. There's hidden bearish divergence on SPY and obvious bearish divergence on the NQ weekly chart, but it could take a while for any of it to play out.
Not much else to say at this point. Since I'm leaning bullish, chances are we are close to a top :)
Good luck to all,
Sunship
Comment:
Qs have gotten back under their channel trendline - points for bears. Expect a retest
Comment:
/ES - bit of a sell last night but unless we get under the pink trendline I won't take it seriously. Under 3100 is certainly a confirmation of a sell signal
Comment:
QQQ has now closed two days above the channel and NDX has breached 10k during the day. It could very well be possible that euphoria is about to make a full on press and we could melt up very quickly to 11k. Structure looks like it wants a blow off top at this point.
Comment:
AAPL blow off top already in progress, expecting NDX to be similar in the next week(s)
Comment:
Comment:
Possibility of a pullback at this point is less because of the NDX movement. The gaps above on spy are most likely next.
Comment:
Weekly upper BB for qqq is around 255 or so. I'm expecting that to get hit
Comment:
/ES pink trendline break. I can see it get to the 18 average - about 3060. May come back to retest the line overnight.
Comment:
SPY will gap down below it's channel. The selling has begun. We may get a retest of the channel before more downside.
Comment:
Hourly divergence on /ES expect a sell at open and then strong bounce.
Comment:
SPY to channel. Needs to hold here for bulls. Looks like confirmation of the reversal is here
Comment:
18 and 20 ma on /ES should get a small bounce here, but in general I wouldn't expect much bouncing. The market has reversed. Selll rips IMO
Comment:
Comment:
SPY touched channel. more evidence a bounce should appear, but maybe not
Comment:
Q's backtesting broken trendline
Comment:
If SPY channel breaks, next target is 294
Comment:
gap on hourly around 296, maybe better place for a bounce
Comment:
Possible head and shoulders on SPY. If so, 276 is the target area
Comment:
rest of the day my just consolidate here. If so, I expect a larger gap down Monday
Comment:
SPY may come up to test channel at the end of the day.
Comment:
Basically closed near that trendline. Weekly has a strong reversal candle. Needs confirmation next week.
Monthly 20ma is near 294. If June closes under that, the bear game is on IMO. A few more weeks to go....
Have a good weekend all,
Sunship
Have a good weekend all,
Sunship
Comment:
/ES is down tonight, but hourly divergence tells me to expect a bounce into cash open. 3100 may get the target. If we fall much lower, the bounce may be back to the pink trendline tomorrow
