I SPY Cup Forming? Bullish; trades near former resistance

Terrific gap up unlikely to fully close on the day. Enthusiasm is nuts. IMO gonna get to 300 in July. Probly just a gamble but as former resistance in 258 - 262 area may turn to support, expect higher- probly in the day, certainly this week. GLTA!

Trade at your own risk- this isnt advice. Pure speculative gambling at this point!

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Look back at 20 June same pattern if it plays that way. Gapped up strongly; traded to former resistance and popped up. Safest to sit out but a bull spread might work here. Buying July monthlies, selling the dailies above strike.

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Looking for a sell spike to form inverted H&S looks like it made a left shoulder (maybe!)...

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Might be looking at the inverted head now at 258 see if it holds!

Order cancelled:

Looks like its headed down to close the gap. After that... who knows.

Certainly didn't get the cup... an illusion. Gonna sit and watch it.

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It did give us a retrace EOD of ~50% and a new closing ATH but this was bearish all day and the rally is weak. Expect another pump-up overnight and an even weaker rally on Tues. L@@k DJIA was up 280 in AM and closed + 117, futures lower aftermarket. NQ was up near 2%, closed +1%. SPY did better with about a 0.62 retrace. Market climbs a wall of worry but it's looking pretty shaky now...

Trade active:

Today Sand P & NQ make tiny marginal gains, but Transports are off -110, Russell -16; these are leading indicators- bottom about to fall out IMO. Shorting!

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Volume on QQQ advance today was 17m shares, c/w 41m on 20 June. Eking out marginal new highs on vanishingly smaller volume, 1/3 of the previous high.

SPY traded 61.5m shares today but on 20 June at the previous ATH it rose on 116.5m shares; volume is half on this lift.

Dow Theory: Volume MUST confirm the trend and Divergences in averages (DJT, RUT) occur near change in Trend.

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Yeah look at the madness... Hedged my shorts with call options that doubled lol!