Looking a test of the 20sma this week. Lots of support near 528-530..
I'll list then here
1. 20/21 Ema - 528
2. Trendline - 530
3. Gap close support 528
They could dip this to 526 to trap some bears but unless it closes below 525 I wouldn't linger short.
The only reason I'm leaning towards 540 is because of the Dow and XLY sector.. dow wants 40k again in my opinion. And XLY (Amzn& Tsla) looks prime for a pennant breakout.
Since we are near the top of this wedge I'd say CPI and Maybe FOMC gets us to flush first to 529 then PPI the following day could get a rally back to resistance or 540..
IWM daily chart
Looks to be headed back to trendline support or 193-195, from there we'll either bounce or kick off a full bear reversal back to 170.. yellow trendline has been bulls cock blocker for the last week.
Dow jones daily chart
Look for a drop back near support in the coming days then a rip similar to what I circled.
Only bearish below 37,500
As far as tech goes .. pay close attention..
I think the leaders going forward will no longer be chips.. here's 2 major chip sectors SMH, SOXX.
SMH daily chart (Log scale)
Top of channel, both channels
Zoom in
Here's Soxx
Daily chart similar setup as SMH
Zoomed in
I think this next pump this week will be the last before a major correction.. After AVGO earnings this week we will see.
Now here's XLY
Bullish pennant here that either amzn or tsla (Or both) will benefit from. I think we breakout this week.
Qqq daily chart..
Grinding against white trendline resistance..
Look for a pullback to 454 this week, that's as lows I'd take it.. below that and 450 is next.. if we bounce at 454 then 470 is incoming...
Bears only in control below 447.
Summer months usually have low volume so expect 1 or 2 big moves a weeks depending on economic news then chop for most days.
Got your messages in my inbox. I won't be active here as much this month and I'll be gone after this month.. Glad to have helped, taught, and explained whenever I could.
I'll list then here
1. 20/21 Ema - 528
2. Trendline - 530
3. Gap close support 528
They could dip this to 526 to trap some bears but unless it closes below 525 I wouldn't linger short.
The only reason I'm leaning towards 540 is because of the Dow and XLY sector.. dow wants 40k again in my opinion. And XLY (Amzn& Tsla) looks prime for a pennant breakout.
Since we are near the top of this wedge I'd say CPI and Maybe FOMC gets us to flush first to 529 then PPI the following day could get a rally back to resistance or 540..
IWM daily chart
Looks to be headed back to trendline support or 193-195, from there we'll either bounce or kick off a full bear reversal back to 170.. yellow trendline has been bulls cock blocker for the last week.
Dow jones daily chart
Look for a drop back near support in the coming days then a rip similar to what I circled.
Only bearish below 37,500
As far as tech goes .. pay close attention..
I think the leaders going forward will no longer be chips.. here's 2 major chip sectors SMH, SOXX.
SMH daily chart (Log scale)
Top of channel, both channels
Zoom in
Here's Soxx
Daily chart similar setup as SMH
Zoomed in
I think this next pump this week will be the last before a major correction.. After AVGO earnings this week we will see.
Now here's XLY
Bullish pennant here that either amzn or tsla (Or both) will benefit from. I think we breakout this week.
Qqq daily chart..
Grinding against white trendline resistance..
Look for a pullback to 454 this week, that's as lows I'd take it.. below that and 450 is next.. if we bounce at 454 then 470 is incoming...
Bears only in control below 447.
Summer months usually have low volume so expect 1 or 2 big moves a weeks depending on economic news then chop for most days.
Got your messages in my inbox. I won't be active here as much this month and I'll be gone after this month.. Glad to have helped, taught, and explained whenever I could.