Looks like price can break up out of down channel. First Resistance at 4220, then stronger R at 4300. Target in the box. 200 pips = 5%.
Been oversold badly for weeks. Time for relief rally; a technical breakup. Once confidence returns the bullishness could get quite furious.
Maybe you don't feel real good about buying now, that's reasonable. You don't want to get caught short in a massive pump either.
Expected timeframe ~ two weeks IF price mimics last rally, went up for ten sessions in March. Small caps moving up, DJI leading.
Play it in TQQQ, UDOW, SPXL, TNA; SPY / QQQ / DIA / IWM calls, if you dare. Not advice; just another WAG: GLTA!
Comment
⋅
Here it goes!
Comment
⋅
Nice one! Holding five bull spreads overnight. Not chasing; often after a breakout we see a pullback to the .38 - .62 fibo. This so strong moving from oversold probly won't reset much.
Comment
⋅
Gonna get higher imo. Breakout to upside. After the covid crash breakout there was a .62 fib pullback next day provided entry for the massive multiday rally... when the shorts unwind this will pump like Hell. Do not be short here imo.
Trade active
⋅
Closed longs on quite a gap, try a small short for ?gapfill? Might get a partial gapfill imo.
Comment
⋅
Back in cash. Do not chase this retail rally imo. Two gaps to fill, could be a sudden surprise next week, idk.
Apparently most of the money flow is retail FOMO atm. Smart money is sitting on hands laughing.
Comment
⋅
At a critical juncture the breakdown point from 5 May, a former support turned resistance. Might consider closing longs could get rejection or a pullback before higher from this price.
4H RSI and MFI both severely overbought. Should retrace to 4080 at a minimum before continuing upwards. Closed longs, opened shorts moderate SL.
DaddySawbucks
⋅
@maxaus, made a buck off the eod panic buy which got more frantic than expected, shorts desperate to cover, won't be so green tues imo
maxaus
⋅
@DaddySawbucks, 6% in two days is a bit of a stretch i reckon. should see some sort of a pull back before hitting another resistance at 42xx ish.
AmroMarketWatch
⋅
Plus positive/bullish divergence on a weekly RSI, a rare signal that you see once in a blue moon... Rally might even be 10-12% on NSDQ, let's wait n see. But yes, I understand the fear in the market...
Yep, saw that yesterday when SPX wasn't going below 3919 and shot up 12 points in 1 min. Nice price action that was which broke the descending channel later in the day. Totally support your view.
makkam01
⋅
thank you, well explained. gave me a better perspective