Going oversold. Price pressing to prior bottom support zone. Watch small caps, leading indicator for pivots.
May be ending uptrend but a strong bounce could occur over holidays, wiping out shorts... would not chase this!
Friday Triple Witching was a Bear Trap; don't get caught twice!! Just GTFO if you are not damned sure!!!
Watch indicators, a buy signal may emerge! Trade with care FGS, whipsawing kills!! GLTA!!
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Took a chance on qqq 380 weekly calls EOD. Shaping up...
Trade closed: target reached
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Back into the short entry box
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Nuts, just nuts. This is now 7 times up in the nosebleed seats. Price has made a rising triangle, these can break either way, there is strong divergence among indices, RTY well off ATH, NQ still well below but SPX just a sneeze away. Might get an ATH before EOY, January set up for bears.
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Melting up FGS. Insanity. They already forgot about Fed, lockdowns, evrything. Just grind the money mill. Parabolic blowoff before the Great Crash of '22 IMO
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Tryed fade the gap, fail, tried a long, too late, then whipsawed on another short, have to give up FGS! Some days like this... can't win for losing. GLTA!
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Probably damned close to the ultimate ATH here, insane rally has pretty clear 5-wave EW and closing at/near Fibo
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Watch that unfilled gap... exhaustion IMO. Probably creep higher to EOY anyway, but could backfill at anytime.
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Running into resistance 4790, futurz faded. Time to sell OTM calls?
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Was an amazing run, might not be done yet, this sideways wobble could be prelude to a final parabolic vertical thrust.
See the posts on Gamma, big callwall at 4800, hedgers may roll these up Friday and release price to move higher; or could start rollover. Still anyone's guess!
Would caution against getting big short atm...
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Posted Gammalab below, best education posts ever. The 4800 callwall is clearly apparent, price runs like a line across graph here; if price does not reject, it may explode in upside breakout, a short-killing exhaustion move.
From GammaLab, kudos, fine explanation of hidden forces driving price, when putholders are forced to liquidate, the contract makers will buy back short futures hedges, driving price up; as calls are exercised, results in more buying, a financial feeding frenzy:
hungry_hippo
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Bear trap? It's down big.
No long positions until both RSI and MFI get oversold on my short term ES/NQ charts. I think this is where the bubble pops. Absolutely stupid that they pumped the crap out of AAPL after they missed on earnings. AAPL has to head down to $140 before the next earnings. I expect them to release an earnings warning the first week of Jan just like they did in 2019. Maybe earlier.
Basically I expect the market to work in reverse as people unwind their positions before QE ends and rates go up. Otherwise we wind up like 2018, which is fine too since I made a bunch of money that year.
Edit: I see you used 3 hrs this time, my chart shows the same. Probably flip my puts on open again, lol. I don't expect a rally though, just another pop to short. Maybe Wed/Thursday.
Also, a melt down is possible, teh reverse of a melt up. Any long position should be a small short term play.
DaddySawbucks
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@hungry_hippo, aye, probly sell any bounce from the open to fill gap, might not fill today, thinking bout 2018 also, Santa came the day after
hungry_hippo
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@DaddySawbucks, flipped my puts a few minutes after open, figured whipsaw day.
Weird NQ chart, MFI almost overbought but RSI almost oversold. Whichever way it goes it'll reverse quickly, lol.
hungry_hippo
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@DaddySawbucks, I told you NQ was overbought, lol. Small caps rallying though.