Long only over 416.00 Target 418.80 gap close Stop loss 415
Short below 414.00 Target - 412.40 (1 hour 200sma) Below that 410.00 Stop loss 415.50
Price has finished inside a tight wedge at trendline resistance.. as you can see all premarket it's been bumping its head at 415.60, that's because that where the resistance is .
Vix is still with the fawkery hovering between 18.00 and 20.00 Price has now formed a Descending triangle.. let's see what happens
Michigan consumer comes in 30min after the opener, let's see what happens.
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Vix is dead
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I would hop in on the shorts just yet... the Dow was oversold the most and has just broken out of a wedge.. don't hop in front, wait til EOD
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You see the price action on QQQ from last april.. 347.50 - 349 max then you scale in short. Weekly candle starting to poke outside Bollingerband. For the tech sector the weekly candle is outside Bbands even worse
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Vix found some trendlune support.. Bouncing here.. 18.24 resistance
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Look like QQQ wants to close gap at 349 today.. once it closes gap I'm shorting.. my target next week for QQQ is 340 at some point.. no way it closes outside its BBands 2 weeks in a row
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Here's a 2 hour chart of the VIX.. As you can see the pattern forming is a broadening wedge.
I showed previous broadening wedge to demonstrate..
I think the may break back out over 20 next week
Im a technical trader, I don't just rely on a news. We're at some extreme overbought levels in tech, if they don't get a deal done over this 3day weekend things will get nasty..
I would not swing long..
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4 hour chart.. Looking for a 410-411 test next week.
We could either Gap up and close gap at 422.15 before flushing
Or
We go straight down from the opener
If by some miracle this thing gaps above my resistance (422) there's nothing in 422 and 427 gap close but this scenario is 5% chance in my opinion.
Like I said before, this has been tech driven , the dow did help today but it was still mostly tech. Once tech closes 349 .22 gap it's game on ..
Catch you'll later ✌
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Ok so Tech gapped open again... fawked my puts...
IXIC which is the nasdaq composite has been lagging behind Qqq/NDX. Last Friday qqq closed gap at 349 but the equivalent gap on ixic is at 13,150.
tradingview.com/x/O3Y1GOHz. Currently premarket we are right at that fib/gap and holding. Spy is also at the top of megaphone
I think it will all flush after the open
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I expect these gaps to be close by Thursday maybe even Wed.
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Idiots trapped up there... Retail kids never learn, even after getting Fawked over in GME and AMC they never learn
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Vix 1hour chart.. Possible head forming for a bullish Inverted H&S.
Looking for a spike late today or early tomorrow
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Spy 1hour Tight wedge here .. looking for 417 once wedge breaks
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Qqq 15min chart.. Tight range.. possible bear flag.. Needs a close below 350
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Qqq 1-3 hour RSI still in the 80's..
Pullback hasn't even started 😤
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Tech wants to play games... May chop it up until Jolts tomorrow.. the real sell happens under 349..
I'll be back on later
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Head formed on the vix.. now we see if right shoulder completes 😈
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Expecting more selling to come.. Highest volume since march... will do new post later ✌
@ContraryTrader, Dumb question and maybe too vague, but what's the time frame for that? like 3-4? and what indicators are you looking for when it's time to short? Are we looking for it to struggling at resistance EOD? I think the trendline resistance is 421.26.
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@Just1v4n not really looking for indicators.. I want to see QQQ push up to 347 first! tech is behind alot of this movement so I need to know when they're finished. Also I'm GAMBLING here that there will be no debt ceiling closure come Tuesday. if they don't have a deal on the floor by Tuesday than I expect a gap down. I'm not just relying on news though, tech is too overbought and will likely pullback next week!.. I'll let you know.. if I'm wrong and they do have a deal in hand than I expect spy will gap up to 422 gap close
hfcdocsis
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I think the debt deal will be the "sell the news" event which will kick off a correction.
So when the volume is very high , the market goes up ????? or ? thank you
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@elenaec I was speaking for the QQQ ... but yes higher volume indicates direction on possible follow up. in this case there was higher than normal selling volume on tech and you know if tech goes so does spy