BATS:SPY   SPDR S&P 500 ETF TRUST
Over the next week i think Spy and QQQ will both Test their 50sma.

I dont think that will be then end of the selling but you always want to keep a heads up for a major dead cat bounce at the 50.

Heres spy on The 2hour chart as you can see it bounced off trendline support here on this ascending broadening wedge. At 494 is a gap and 20ma, that will be the next target that spy will test either tomorrow or thursday. Below 494 and 490 is incoming. Overhead resistance will be 498.50
Below 490 and there's nothing until the 50sma.


Qqq
Wedge was broke today. This is huge!, first break of the uptrend for Nov reversal.
Closed below 20ma at 428..
with these wedges theres always a retest chance but i dont think this thing closes back over 430 until the correction is done.

Qqq 30min

Below 422 and we head 416..
This moved would be the completion of the of a much larger H&S..
At 416 /50sma id be looking for a major bounce here to form right shoulder

My final target on this correction would be 400-404 by End of march. Why so long? Well it will take at least 1-2 weeks of chop for right shoulder

Bullish fawkery scenario .. retest trendline 430-432 then reload putz.


IWM
4hour chart..
Closed back inside channel.. tough resistance at 200.. short target is 195-196. Stop loss 201.

Dow jones daily chart

Dow jone 1hour
Taking its sweet time back to 38,000.
The thing is, when investor rotate out of tech , they buy value , health , blue chip and the dow is mostly made up of those 3. So yes i expect a sell on the dow but it will be a snail compared to Nasdaq. Bullish only over 39k.


I'll go over entries tomorrow premarket
Comment:
I forgot to add Fib levels..
Oct 30th low and All time high..

1st target once 490 breaks is 483 or 50sma
Comment:
Spy

Trendline support is at 495.08
Gap support is at 494.14
20sma is at 493.50

Not interested in trading the 493-495 gauntlet.. if spy breaks 493 I'll enter short for 490. If spy retest 498 I'll enter short.

Qqq
Looking for 422.07 gap close today minimum!

Below 424 is an entry.
Overhead resistance is 425.50- 426.50
Comment:
XLC sector
2hour chart
Looking for the tag of the 20sma at 78.00
It may bounce on the first test.. if it closes below 20sma then things will flush

This sector affects mostly
Meta , googl, Nflx
Comment:
XLK sector
This sector affects mostly Msft and aapl


My final target on this is 183 but 197 has to be broken first.. either we break below 197 and flush for the double top or we bounce and make a right shoulder
Comment:
XLY (Tsla Amzn)

Daily chart.. pennant here

180 is resistance . So once it hits if it doesnt break out look for a pullback on those stocks

Can go either way here
Comment:
Its still early but looks like price is pinned until minutes.. Chopping around until minutes.. be back on later
Comment:
Update

Qqq 1hour chart..
Grinding on trendline here

Spy 1hour
Same
Comment:
Straight BS price reaction
Moving along to NVDA
SMH sector, 2hour chart.

Dropped below 196 support.. but it could be a fake out...
2 directions here , a pop and we head back to 201.. a dump and we test 183
Comment:
Qqq gap closed at 422 but they may likely flush hard last hour to 420 . Im leaning towards a Pop tomorrow...
Comment:
My gut tells me they pop this but the technicals Read 3 black crows on QQQ, and Spy daily candles . 3 black crows is a candlestick pattern that indicates a high probability of a 4th red day
Comment:
And just like that, 3 black crows negated..

Took some lotto calls on AMD around 162.. lets see what happens

Catch you'll tomorrow
Comment:
Ok so NVDA popped.. not surprised..

Qqq 1hour chart

Price action and trendline resistance at 430-431.

Tomorrow i think they will pump chips even more. We are at 430 resistance in the after hours. They could pump chips and still keep price under 432 by dumping other big tech like they've done before to pin price.. but if they do decide to pump the rest of tech then there is still a Gap left open at 435.50 on QQQ. I would say they go for 435 gap only over 432 50..
We will be opening up above our short stay under the 20sma at 428.50 , i wouldnt open any short positions unless we break back below 428 or 20sma
Comment:
NQ 4 hour chart..
Up at resistance here.. . Over resistance and we head back to 18000.. 17,750 support.
Comment:
Just and observation...

Googl opening up near 20sma and 146.00 gap close

Msft opening up near 410 gap resistance

Meta opening up near 480 gap resistance

I think the play at the opener would be to scalp short... i think they go for the gap close on QQQ at 435.50 today regardless so dont overstay your short position
Comment:
Few names moving higher.. others are pinned. Not a good entry to open a trade..
Im on the sidelines ..
NVDA wants 800 and unless they sell this off today, with this type of volume there is usually follow through the next day.
You ever see the Nasdaq up 300pts and tsla and aapl dead? But nothing to see here, everything is Boolish 🤡
Comment:
146c
Googl
Stop loss below 142.50
Comment:
Qqq 15min .. 439 incoming
Comment:
Will update later tonight
Comment:
Indicators on the ES and NQ are overbought. Typically since Nov fridays have been vix crush melt ups .. unless qqq breaks back below 434 they'll melt this up tomorrow.. I'll update entries premarket tomorrow
Comment:
IXIC or (Nasdaq)
16,212 is ATH, 1% away.. i expect a pullback here .. this Places QQQ at 442-443..
Comment:
438.00 -439.14 was a consolidation on QQQ last 2hour of trading yesterday.. i like longs above 440 target 442-443.
We break below 437.50 and i like the short
436.50. Below 436 and 434.00 incoming
Comment:
Spy
Above 509 and i like the move to 511..
Below 507 and we restest 505.
Comment:
Looking at the Vix premarket.. currently sitting right above its 20sma at 13.95...
Once it breaks its 20sma 13.00 gap close incoming.
Comment:
Qqq Bounced off 437.50 support...
Let off a lil steam from yesterday.. now we see if they pumpit from here
Comment:
Qqq
435-440... range trade and consolidate..
Only short below 434..
Price may range until Cloud earnings next week and Core PCE
Comment:
I think this Vix crush friday maybe getting in the way of any real pullback...
Ym1 (Dow jones futures) 3-4 hour money flow too high Either we gap down monday or open flat and sell
Comment:
$Es. 4hour chart.. may retest 5064 early next week.. Money flow too high..
Comment:
Core PCE out Feb 29th... Expect Bearish fawkery .. Monthly candles on the Dow and
SPY outside Bollinger bands..
Comment:
XLC sector.

GOOGL
META
NFLX

Distribution or bullflag to ATH?..
Whenever XLC hits 80 resistance the above stocks pullback.
80 resistance
78 support.
Comment:
Es 1hour chart..
5090 support..
Price breaks below 5090, we retest 5060
Comment:
SPY 15min chart..
Tight channel represents todays chop fest..
If we gap below 505.50 the target is 502.87 gap support.
If we open up above 506 then we are in the channel with resistance at 507.00

I dont think we lose 503 support before PCE thurs
Comment:
Qqq 5min chart. .
Tight range here
436 support
438-439 resistance
As long as QQQ stays in this range you will see mix moves under tech.
Comment:
Looking at IWM...
Right now , its stuck at gap resistance at 203.71, over that and it closes gap at 204.30.. after that gap close 201-202..
RTY overbought on 1 and 2hour chart
Comment:
XLK sector
(MSFT/Aapl)
Trading between 204 gap support and 206 resistance... things get very bearish if 204 is lost. Other wise chop city..
Comment:
Controlled pullback last 2 days.. No real selling... could continue this channel tomorrow all the way to 503..
Watch for the daily candle close to see if its 3 black Crows.
Comment:
Look at the daily volume on QQQ and Spy...
Not enough buyers to break above but no one is selling much either
Comment:
Nq 4hour chart
I circled the fake breakdown last week...

Now pay attention to how price has consolidated right at support..
Its giving me bullflag vibes..

Lets see what happens tomorrow
Comment:
GOOGL approaching gap close here at 135.72

QQQ gap support at 433.70

Bounce incoming
Comment:
Dow jones DJI

Pulled back and retested the gap support from NVDA earnings last week. Similar gap support on QQQ was tested.. dont see indexes breaking below that unless PCE comes in shitty. May chop around again until the close

Comment:
Im thinking they pop this up tomorrow ...
Bought some Googl 138c off the low that im swinging.

I'll be back on EOD... nothing here but chop
Comment:
High possibility we see
510 SPY and 440 QQQ .

Chicago PMI out 15min after the open. Usually affects cylicals and small caps.

NVDA is done fasting and CRM wants all time high
Comment:
Spy 1hour.. looking for some more upside on this pennant breakout..
Comment:
Qqq 1hour


434-439.... cant get over, wont go under..
Not bearish, just weak bullish..

Its still early lets see what happens... I covered on Googl .. Now, just holding some Crm calls

Be back on later
Comment:
You know the drill. Unless we break that gap support on the indexes/sectors from nvda earnings its all chop.... You really jave to be selective on which stocks you buy calls or puts.. Not easy for beginner traders.. price action like this will continue until we get a healthy market correction
Comment:
Vix daily chart..
Looking for a gap close here at 12.90 by tomorrow..
The bullish moves next week with the monthly job numbers and Powell testimony
Comment:
Dow jones 1hour 200 pt range between resistance and gap support... choppity chop

Comment:
Covering on CRM here at 309.. most likely going to ATH tomorrow but i dont want to swing anything...

Leaning bullish tomorrow but it maybe some choppy BS until 1hour after open..
Catch you'll later✌
Comment:
Good morning.. Red light, green light special premarket... i expect up after around 10:30 A.M est or 1hour after market opens.
Not planning to be here all day, the weather is nice and Dune 2 is out 😤.
Comment:
Too many weirdos and trolls here on Tradingview now... taking a couple of weeks off from here... I'll be on twitter