Spy

Today was one of the easiest shorts from the positioning of the open

Daily RSI.. the pivot line on this RSI lines up with the pivot point on the chart shown

This pivot line is important, if we break it, 400 is the minimum target.

You see the RSI and Money flow on the 2hour? I'm telling you, I don't care if the futures gap , until that RSI and Money flow cool off doesn't matter how premarket opens they will dump this.

My targets are
417.30
413
410

I'd say it's a 70% chance we see 413 this week!

Like I said in my last post, to know where SPY is going, you have to know where Nasdaq is going. If this year has showed us anything, it's that tech is the engine and transmission of this market!

Here's IXIC (Nasdaq composite).. Using Oct lows and ATH you 13,150 for 0.5 fib. When I woke up this morning and seen the numbers I knew exactly that they where targeting this area. QQQ/NDX had already reached its .618 fib resistance Friday and IXIC had to catch up. IXIC normally aligns with NDX but since this year there's been a divergence from the top 10 tech and the rest of tech.

My target for the IXIC is this area 12,731. This drop represents a 2% pullback. From there we will see if it bounces or goes for a retest 12,400 which would make a head for a H&S in my opinion .

Is this the end of the rally for tech? Only if we break our October uptrend
If we bounce off the trend then 14,500 incoming.

Same with QQQ, the daily Money flow is the highest since Dec 2021 when QQQ topped
The 2hour indicators RSI/MFI on QQQ are overbought also.


Looking at some of the other major sectors
XLV (Health) has had 1 green day for the Entire month of May, getting really oversold now. I expect some rotation into defensive in the coming days.

XLF (Banks) are just Blah! Trading in a pennant . To be continued

Vix 2hour chart.
2,3, and 4 hour CCI now oversold.
Broadening wedge..
I think Vix breaks out tomorrow at some point

Comment:

NQ 1 hour chart ...
H&S maybe
Wouldn't be surprised with VIX showing Inverted H&S

Watch for the 14367 break

Comment:

Looking at the ES

Approaching this trend line support. I'd like to see us break this trendline and test 4165 today

4220 stop loss

As you can see there is a double top playing out here

Comment:

Extremely busy day for me.. sorry for the late update


30min spy bearish under 419.50

30min QQQ bearish under 349.70

1hour vix 2 perspectives..

Bullish if 17.00 holds

Bearish

Qqq 3-4 hour RSI still high AF.. I'm bearish..
Job reports next 2 days, narrative "Rate hikes".

Today's bounce IMO was a intraday oversold dead cat. Long as bear channel holds on 30min we'll make higher lows on our way to 410..

Comment:

The most important thing to happen today is another Monthly /Quarterly close below 4200.

If those job reports come in hot tomorrow and Friday it will give tech the fuel to sell more.. I'm not relying solely on news, the Weekly Bbands on SMH sector are still oversold ..

Application will struggle at 180.. 1hour RSI and MFI oversold now.

You see how they pump health today.. sector rotation?
Quarter 1 was all about A.I, I don't think they run that back turbo for quarter 2

Comment:

Googl 2hour chart
Either this turns into a bullish pennant or a double top.

CRM has earnings post market. Will have an affect on cloud MSFT and Amzn

Comment:

Only 1stock on my watchlist look bullish going forward tomorrow.

PFE - Daily candles - piercing pattern, bullish engulfing , falling wedge breakout

Be on later... peace ✌

Comment:

Look at the daily volume on the SPY, better yet , SPX...
More blood to come

Comment:

Look at aapl daily candle and volume ..
Gravestone doji

Comment:

Vix bounced off the trendline..
Possible double bottom setup.
You see the CCI on vix 3-4 hours chart?
Notice how it's bottomed out and curling up

Comment:

Too many mix moving pieces today.

XLC and NVDA are up but cloud is down so tech is mixed.

Maybe a stock pickers day until job report tomorrow..

Range
416.00 - 418.50

Comment:

Spy and qqq are still inside channel but vix is breaking down..

Comment:

Spy 1hout update.

As you can see here spy keeps getting slapped down at resistance buy 416 is holding.
1 will give way in the next 2hours.
Break out or flush down

Comment:

420.20 gap close
Then we see

Comment:

Spy fib levels

419.86 or 4200 spx resistance.. over that then it's gap close..

Comment:

Vix at the bottom of a 3 month range
1-3 hour candles outside Bbands
1 hour RSI and CCI oversold

Spy almost at megaphone resistance again..

Tight stops if your long here..
If you short here 423 stop loss

Comment:

Tested megaphone resistance at 421.80

Comment:

Games..
Wedged here ..

Target still 410... should double top it from here.. MFI over bough on Spy 2-3 hour.. I think this was a a technical bounce.

Stop loss 423

For tech or QQQ I'm watching IXIC 13,150.. that's my stop

Comment:

Games..
Another rejection here on Spy..
This equal top made from Tuesday high will form the double top to take us down

Notice the IXIC couldn't break that 13,150. It's all about tech, spy can't go higher without it!

Comment:

U see vix 15min chart? Double bottom