MTUM - Tracking Momentum - Topping Out & Slowing
MTUM is the ETF ticker which tracks momentum.
The pink lines show a megaphone pattern, which is bearish when tilted up. education.howthemark...ng-wedges-ascending/
The inner white trendlines of the megaphone show price hitting the angled resistance.
The angled resistance crosses the current white price trendline on 12/13.
Going back in history with MTUM, inside the megaphone we see the price top out end of week.
This happened on July 26th and Sept. 6th. Both which are Friday's.
Watching MTUM as an indicator of SPY, we confirm MTUM and SPY shared the same selloff on Dec. 2.
So using MTUM we see that we may stretch out to the end of week here.
I am hoping we go sooner. Theta is killing my options.
If you are getting reamed on your options contracts by waiting, looks like we have a week left here.
If you have large positions, you can either add to reduce cost basis as we get higher OR move your positions farther out for a small loss if you are worried about time.
I think the MTUM chart (for me) confirms there will be no China deal on 12/15.
Each person should draw their own conclusions and make adjustments if necessary
Thank you very much to everyone who is supporting me with positive comments while we get jerked around here.
I really appreciate this community, those who follow my posts, and anyone who leaves good vibes in comments very much.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL, ROKU
The pink lines show a megaphone pattern, which is bearish when tilted up. education.howthemark...ng-wedges-ascending/
The inner white trendlines of the megaphone show price hitting the angled resistance.
The angled resistance crosses the current white price trendline on 12/13.
Going back in history with MTUM, inside the megaphone we see the price top out end of week.
This happened on July 26th and Sept. 6th. Both which are Friday's.
Watching MTUM as an indicator of SPY, we confirm MTUM and SPY shared the same selloff on Dec. 2.
So using MTUM we see that we may stretch out to the end of week here.
I am hoping we go sooner. Theta is killing my options.
If you are getting reamed on your options contracts by waiting, looks like we have a week left here.
If you have large positions, you can either add to reduce cost basis as we get higher OR move your positions farther out for a small loss if you are worried about time.
I think the MTUM chart (for me) confirms there will be no China deal on 12/15.
Each person should draw their own conclusions and make adjustments if necessary
Thank you very much to everyone who is supporting me with positive comments while we get jerked around here.
I really appreciate this community, those who follow my posts, and anyone who leaves good vibes in comments very much.
Thank you for liking, commenting, throwing up a chart, following, or viewing.
I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
Disclosure - I am long MARA, GBTC, BTCUSD, GDX, and VIXY.
Short SPY, AAPL, ROKU