My Sunday post!
Here are my anticipated levels for indices and some of my favourite stocks :). Included: SPY, QQQ, DIA, TSLA, RTX & AMD
SPY (chart above)
Technical Overview:
On the 1 hour chart we have what looks to be a bear flag. This also is visible on the 4 hour chart. Now on the 4 hour heikin ashi chart, you will notice pancaking of the candles. These traditionally, at least from experience, means a dramatic breakout in some direction and its usually to the upside. I don't think we will see that here. But I do forsee a little bit of upward potential. Nothing dramatic, but some may be expected. I forsee two possible outcomes here, from a technical standpoint. SPY is trading in a descending channel on the weekly timeframe, and looks to be creating a head and shoulders/triple top on the hourly with possible bear flag.
IF the bear flag theory is rejected, I anticipate upward movement to complete the head and shoulders/trip top pattern (purple arrows).
IF the bear flag theory is accepted, I anticipate consolidation followed by a move downward.
Calculated levels:
Trading range: 425-436
Open Range: 429-434, best guess 431.84
High: Around 434.70 range
Low: Around 428 range
Likely Sentiment: Neutral
NOTE: Watch the ranges closely. I noticed last week both SPY and QQQ would creep outside of the predicted ranges, only to be AGGRESSIVELY snapped right back into them. For example, my ranges on SPY for Friday had a low of around 429. It went down to 427 ish only to be AGGRESSIVELY snapped right back into that range. So be VERY careful if we see a drift outside of the trading range, either upward or downward.
QQQ
Technical Overview:
So QQQ is currently trading in a downward channel/bear flag.
There is no panckaing on any timeframe with Heikin Ashi indicating conviction to the bear flag/descending channel.
RSI on the 1 hour is approaching oversold region. I anticipate some room to the upside, within the descending channel limits.
Calculated Levels:
Trading Range: 332-341
Open Range: 336-338, best guess 337.44
High: 340 range
Low: 334 Range
Likely Sentiment: More bearish than neutral
NOTE: Same applies as SPY. QQQ likes to operate in its ranges, any deviation outside of the ranges should be treated cautiously unless there is overwhelming bearish or bullish sentiment.
DIA
Poor DIA. Everyone just ignores it. But I promise, DIA, I will give you attention!
Technical Overview
So same situation for DIA as SPY, but there is a little more conviction with DIA. DIA looks to be attempting that triple top/head and shoulders type pattern on the 1 hour chart. There is no pancakeing on any chart. However, on the 4 hour chart it seems to be a bear flag. RSI is in consolidation range. Room for movement upward or downward on the 1 hour. The two possible options I see it following are the same as spy and depicted with the varying coloured arrows.
Calculated Levels:
Trading Range: 332 - 338
Open Range: 335-337, best guess 336.36
High: 337.68 range
Low: 333.92 range
Sentiment: Neutral
TSLA
Technical overview
A bit of a messier chart from a technical standpoint. No pancakeing, no real defined bear flag. Just a ton of consolidation and stubbornness. TSLA just doesn't want to sell off and its going out of its way to resist a sell off. Will the market win? Probably.
Calculated Levels
TSLA calculations are a bit more delicate, but:
Trading range: 811-867
High: (must be broken for bullish sentiment) 858
Low: (must be broken for bearish sentiment) 821
Likely sentiment: Bearish
RTX
Technical Overview
Very nice bullflag on the daily! Its about time! I have been sitting on this stock for over a year waiting for it to do something.
There is the possibility that this could double top from its current position, but sentiment is overwhelmingly bullish for RTX.
RSI is oversold but be VERY careful with relying on RSI here. RTX is trading at ATHs and has broken through pivotal resistance levels. In these circumstances, RSI is generally not a great indicator when you have no upward resistance and the stock is in a parabolic direction.
Calculated levels:
Trading Range: 97-100
Open: Around 99.27
High: Around 99.88
Low: Around 97-98
Likely Sentiment: Bullish, Potential for breakout to the upside in which, throw these levels away! RTX is currently trading at ATHs. :)
AMD
Technical Overview:
Failed Graceful Pigeon pattern (red arrow).
Now in a free fall down. RSI is approaching oversold territory on the 1 hour chart. Some room to move up for a small bounce.
Otherwise, extremely bearish looking chart.
Calculated levels:
Trading Range: 106-111
Anticipate breaking the 106 to the downside if continued bearish sentiment.
Unlikely, but if there is a new found bullish sentiment tomorrow, anticipate a break above 111.
Likely Sentiment: Bearish
Thanks for reading!
If there is a stock you would like me to cover, please leave a comment. I am looking to diversify my trading repertoire :).
As always, trade safe and take care!
Here are my anticipated levels for indices and some of my favourite stocks :). Included: SPY, QQQ, DIA, TSLA, RTX & AMD
SPY (chart above)
Technical Overview:
On the 1 hour chart we have what looks to be a bear flag. This also is visible on the 4 hour chart. Now on the 4 hour heikin ashi chart, you will notice pancaking of the candles. These traditionally, at least from experience, means a dramatic breakout in some direction and its usually to the upside. I don't think we will see that here. But I do forsee a little bit of upward potential. Nothing dramatic, but some may be expected. I forsee two possible outcomes here, from a technical standpoint. SPY is trading in a descending channel on the weekly timeframe, and looks to be creating a head and shoulders/triple top on the hourly with possible bear flag.
IF the bear flag theory is rejected, I anticipate upward movement to complete the head and shoulders/trip top pattern (purple arrows).
IF the bear flag theory is accepted, I anticipate consolidation followed by a move downward.
Calculated levels:
Trading range: 425-436
Open Range: 429-434, best guess 431.84
High: Around 434.70 range
Low: Around 428 range
Likely Sentiment: Neutral
NOTE: Watch the ranges closely. I noticed last week both SPY and QQQ would creep outside of the predicted ranges, only to be AGGRESSIVELY snapped right back into them. For example, my ranges on SPY for Friday had a low of around 429. It went down to 427 ish only to be AGGRESSIVELY snapped right back into that range. So be VERY careful if we see a drift outside of the trading range, either upward or downward.
QQQ
Technical Overview:
So QQQ is currently trading in a downward channel/bear flag.
There is no panckaing on any timeframe with Heikin Ashi indicating conviction to the bear flag/descending channel.
RSI on the 1 hour is approaching oversold region. I anticipate some room to the upside, within the descending channel limits.
Calculated Levels:
Trading Range: 332-341
Open Range: 336-338, best guess 337.44
High: 340 range
Low: 334 Range
Likely Sentiment: More bearish than neutral
NOTE: Same applies as SPY. QQQ likes to operate in its ranges, any deviation outside of the ranges should be treated cautiously unless there is overwhelming bearish or bullish sentiment.
DIA
Poor DIA. Everyone just ignores it. But I promise, DIA, I will give you attention!
Technical Overview
So same situation for DIA as SPY, but there is a little more conviction with DIA. DIA looks to be attempting that triple top/head and shoulders type pattern on the 1 hour chart. There is no pancakeing on any chart. However, on the 4 hour chart it seems to be a bear flag. RSI is in consolidation range. Room for movement upward or downward on the 1 hour. The two possible options I see it following are the same as spy and depicted with the varying coloured arrows.
Calculated Levels:
Trading Range: 332 - 338
Open Range: 335-337, best guess 336.36
High: 337.68 range
Low: 333.92 range
Sentiment: Neutral
TSLA
Technical overview
A bit of a messier chart from a technical standpoint. No pancakeing, no real defined bear flag. Just a ton of consolidation and stubbornness. TSLA just doesn't want to sell off and its going out of its way to resist a sell off. Will the market win? Probably.
Calculated Levels
TSLA calculations are a bit more delicate, but:
Trading range: 811-867
High: (must be broken for bullish sentiment) 858
Low: (must be broken for bearish sentiment) 821
Likely sentiment: Bearish
RTX
Technical Overview
Very nice bullflag on the daily! Its about time! I have been sitting on this stock for over a year waiting for it to do something.
There is the possibility that this could double top from its current position, but sentiment is overwhelmingly bullish for RTX.
RSI is oversold but be VERY careful with relying on RSI here. RTX is trading at ATHs and has broken through pivotal resistance levels. In these circumstances, RSI is generally not a great indicator when you have no upward resistance and the stock is in a parabolic direction.
Calculated levels:
Trading Range: 97-100
Open: Around 99.27
High: Around 99.88
Low: Around 97-98
Likely Sentiment: Bullish, Potential for breakout to the upside in which, throw these levels away! RTX is currently trading at ATHs. :)
AMD
Technical Overview:
Failed Graceful Pigeon pattern (red arrow).
Now in a free fall down. RSI is approaching oversold territory on the 1 hour chart. Some room to move up for a small bounce.
Otherwise, extremely bearish looking chart.
Calculated levels:
Trading Range: 106-111
Anticipate breaking the 106 to the downside if continued bearish sentiment.
Unlikely, but if there is a new found bullish sentiment tomorrow, anticipate a break above 111.
Likely Sentiment: Bearish
Thanks for reading!
If there is a stock you would like me to cover, please leave a comment. I am looking to diversify my trading repertoire :).
As always, trade safe and take care!
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