"A Sucker play gets a suckers pay".
We should test 408-409 and 418 this week.
I'm convinced they will close that gap on QQQ
At 322.89 this week.
You have to look at the spy like a car.
XLK would be the engine
XLV would be the transmission
XLF would be the tires
Each of those sectors are above their 21ema.
XLV imo is too extended from its 21ema so I'd look for Healthcare to pull back more this week.
XLK still holding that 147 area with no resistance until 152
XLF finished with a weekly bullish engulfing
I was looking at the NYSE or NYA
You can see its getting rejected on its previous support which looks bearish
But look at it from this angle it looks like it's about to finish that right shoulder
You won't have a correction on the spy with NYSE rolling over
Inhindsight market has been moving pretty much in sync with cycle.
We got our post Xmas squeeze
Then we got our usual March correction
Now we are in a typical bullish april.
Can't wait for stay away may which is normally bearish.
Market normally doesn't fully kick off the sell off until the fat lady sings. The fat lady here is 🍎 aapl..
Look for tech and banks to carry the market this week..
On the vix 4hour chart you'll see the last time it was this oversold was
Jan 13th and March 6th
After those days the spy drop 2-4%.
So how could that play out on the spy ?
We could see a drop below the wedge support to 401.50 then a retest of wedge support .
Until it breaks support just stay nimble if your short. I wouldn't swing any short unless it's June dated .
We should test 408-409 and 418 this week.
I'm convinced they will close that gap on QQQ
At 322.89 this week.
You have to look at the spy like a car.
XLK would be the engine
XLV would be the transmission
XLF would be the tires
Each of those sectors are above their 21ema.
XLV imo is too extended from its 21ema so I'd look for Healthcare to pull back more this week.
XLK still holding that 147 area with no resistance until 152
XLF finished with a weekly bullish engulfing
I was looking at the NYSE or NYA
But look at it from this angle it looks like it's about to finish that right shoulder
You won't have a correction on the spy with NYSE rolling over
Inhindsight market has been moving pretty much in sync with cycle.
We got our post Xmas squeeze
Then we got our usual March correction
Now we are in a typical bullish april.
Can't wait for stay away may which is normally bearish.
Market normally doesn't fully kick off the sell off until the fat lady sings. The fat lady here is 🍎 aapl..
Look for tech and banks to carry the market this week..
On the vix 4hour chart you'll see the last time it was this oversold was
Jan 13th and March 6th
After those days the spy drop 2-4%.
So how could that play out on the spy ?
We could see a drop below the wedge support to 401.50 then a retest of wedge support .
Until it breaks support just stay nimble if your short. I wouldn't swing any short unless it's June dated .
Comment:
They bought Meta and NFLX directly off support..
Games
Games
Comment:
Spy 30min chart.
Held short term support.
Possible intra day pennant forming back to 415.
Long over 413
Held short term support.
Possible intra day pennant forming back to 415.
Long over 413
Comment:
Tech isn't doing the pulling anymore.
Everything is pretty much range trading.
XLE or energy looks bearish here
Only thing caught my eye was apple .
Its been bouncing off that 164 and resistance all day.. one will give way soon and apple can move the market
Everything is pretty much range trading.
XLE or energy looks bearish here
Only thing caught my eye was apple .
Its been bouncing off that 164 and resistance all day.. one will give way soon and apple can move the market
Comment:
Dow jones breaking out
I wouldn't be surprised to see 414 on spy today
I wouldn't be surprised to see 414 on spy today
Comment:
I wonder how this qqq channel will play out tomorrow..
318.50 is tough resistance
Risky if we don't gap over tomorrow closing here at the top..
I still think we test 323 this week on QQQ, I just don't know if they will give it before Nflx, or tsla earnings
318.50 is tough resistance
Risky if we don't gap over tomorrow closing here at the top..
I still think we test 323 this week on QQQ, I just don't know if they will give it before Nflx, or tsla earnings
Comment:
Es
Tight space going into big earnings tomorrow.. 4175 is tough
Tight space going into big earnings tomorrow.. 4175 is tough
Comment:
I looked at all the candle closes for the futures
Es
Nq
Ym
All finished with a Hangman candle..
🤔.. just my observation.. let's see what happens tomorrow ✌
Es
Nq
Ym
All finished with a Hangman candle..
🤔.. just my observation.. let's see what happens tomorrow ✌
Comment:
Here's 2 top chips sectors
SMH and Soxx
You can see a falling wedge forming. I think chip stocks will take a large move higher in the coming days.
You can see this wedge pattern on the hourly charts of
1.intc
2.amd
3.qcom
4.TSM
SMH and Soxx
You can see a falling wedge forming. I think chip stocks will take a large move higher in the coming days.
You can see this wedge pattern on the hourly charts of
1.intc
2.amd
3.qcom
4.TSM
Comment:
Somethings I notice.
1st.
Es and NQ are overbought on the 1hour. So long at the open might not be the play for QQQ or Spy.
I posted yesterday here that energy sector looks bearish and again today that sector is red along with cvx and xom.
Also be careful with banks, they've rallied for 3 straight days and now maybe the time for buy the rumor sell the news on a pullback .....
To sum it all up.
Cylicals, banks and energy might lead the way in any pullback.
Dxy and 10yr down so tech should lead the way today on any push highee
1st.
Es and NQ are overbought on the 1hour. So long at the open might not be the play for QQQ or Spy.
I posted yesterday here that energy sector looks bearish and again today that sector is red along with cvx and xom.
Also be careful with banks, they've rallied for 3 straight days and now maybe the time for buy the rumor sell the news on a pullback .....
To sum it all up.
Cylicals, banks and energy might lead the way in any pullback.
Dxy and 10yr down so tech should lead the way today on any push highee
Comment:
416.50 is resistance on spy today..
And this is why I'm bearish on energy and banks today.. They can't afford to push all sectors with resistance so close so , some sectors will have to be sacrifice so that tech may flourish 😆.
Notice how I said that chip sectors were breaking out and then surprise surprise NVDA gets a gigantic price upgrade . Fawkery!
I'll be watching for a 322.80 gap close on QQQ today
416.50 is resistance on spy today..
And this is why I'm bearish on energy and banks today.. They can't afford to push all sectors with resistance so close so , some sectors will have to be sacrifice so that tech may flourish 😆.
Notice how I said that chip sectors were breaking out and then surprise surprise NVDA gets a gigantic price upgrade . Fawkery!
I'll be watching for a 322.80 gap close on QQQ today
Comment:
Es chart
Nq chart
Don't like the long at the open
Nq chart
Don't like the long at the open
Comment:
I'm going long here on QQQ..
322c
318.00 stop loss
4/21
322c
318.00 stop loss
4/21
Comment:
Stopped..
Comment:
Falling wedge here on the 5min QQQ.
Waiting for break back above 319 to long.
Strong chance we see a repeat of yesterday's price action
Waiting for break back above 319 to long.
Strong chance we see a repeat of yesterday's price action
Comment:
Qqq 5min.
21ema has created a pennant formation..
Could breakout or down
21ema has created a pennant formation..
Could breakout or down
Comment:
See what I was saying with NQ. Just retested the breakout and bounce
They are going to buy it up
They are going to buy it up
Comment:
You just have to have patience , especially around low volume lunch time...
Took 1 trade today and got stopped out.. let's see if the market will give another entry, if it doesn't, oh well there's always tomorrow.
So far spy has bounced off same supporting trendline from yesterday
Took 1 trade today and got stopped out.. let's see if the market will give another entry, if it doesn't, oh well there's always tomorrow.
So far spy has bounced off same supporting trendline from yesterday
Comment:
You see the MFI on Spy and qqq 15min?
Looks like they're forming a right bottom
I'm long here again on QQQ
320C
4/19
318.00 stop
I don't want to swing these
Looks like they're forming a right bottom
I'm long here again on QQQ
320C
4/19
318.00 stop
I don't want to swing these
Comment:
Need to break out here and we moon
Need to break out here and we moon
Comment:
1st stopped - 14%
2nd Stopped -17%
On both trades I was green 10-20% but I was expecting QQQ break to the upside of 319 . That breakout never happened
2nd Stopped -17%
On both trades I was green 10-20% but I was expecting QQQ break to the upside of 319 . That breakout never happened
Comment:
Here's how NQ is finishing up..
Right at support, started the day at resistance...
It's an obvious rising wedge, I don't think we break it until opex which means a possible move back up tomorrow?
Right at support, started the day at resistance...
It's an obvious rising wedge, I don't think we break it until opex which means a possible move back up tomorrow?
Comment:
Won't break up but Use apple to hold the line lol...
1 dollar range since first hour of the open..
We are closing in a tight spot with resistance at 417 and support at 410
I'm in cash.. , I'll play the aftermath
I will say this though, rarely do you see 2 big tech companies both beat on earnings back to back.. 1 will stink it up, Nflx or tsla.
So do we gap up to 417 on NFLX and tsla brings us down or do we gap down to 410 and wait on Elon to save the day?
1 dollar range since first hour of the open..
We are closing in a tight spot with resistance at 417 and support at 410
I'm in cash.. , I'll play the aftermath
I will say this though, rarely do you see 2 big tech companies both beat on earnings back to back.. 1 will stink it up, Nflx or tsla.
So do we gap up to 417 on NFLX and tsla brings us down or do we gap down to 410 and wait on Elon to save the day?
Comment:
No short below 411.50
Bounced off minor wedge support today.
As long as QQQ hold 315.50 I don't think it breaks wedge support today..
Tsla earnings EOD.
Tsm premarket .. both could move the markets
IMO they buy it up...stay nimble on the short side until Support breaks
No short below 411.50
Bounced off minor wedge support today.
As long as QQQ hold 315.50 I don't think it breaks wedge support today..
Tsla earnings EOD.
Tsm premarket .. both could move the markets
IMO they buy it up...stay nimble on the short side until Support breaks
Comment:
Nq will need to break over 13,200 to keep going.. at resistance here
Tighten the stop on calls until over 13,200
Nq will need to break over 13,200 to keep going.. at resistance here
Tighten the stop on calls until over 13,200
Comment:
Es back at resistance too at 4175
Comment:
Not giving a signal to short , just saying that we are at some stiff resistance so be nimble as always
Comment:
415.00 was resistance here.
White trendline..
Over 415.00 there's 416.50..
White trendline..
Over 415.00 there's 416.50..
Comment:
One way to make sure you always have the right pattern on the spy is go to Spxu which is the exact inverse..
As you know there's a major rising wedge on the spy daily
And if you got to spxu you'll see the exact opposite. Both fake a breakout and breakdown today.. not too much more room for fawkery
As you know there's a major rising wedge on the spy daily
And if you got to spxu you'll see the exact opposite. Both fake a breakout and breakdown today.. not too much more room for fawkery
Comment:
Here's QQQ 30 min chart
I think we get 322 tomorrow. The chopping of the price action seems to me like they are forming a inverted H&S
If I'm wrong we head back to 317.50..
If I'm wrong we head back to 317.50..
No short yet