Close at the top of a megaphone here.
Same with ES
These megaphone patterns are usually bullish but the question is, do we make one more leg down before heading higher?
Here's Nasdaq composite or IXIC.. 1% range trade for most of the week. We closed at the top of the range.
Similar charts on XLK
Market has been mixed.. The fawkery is evident , they won't let this drop.
A prime example is MSFT and Aapl.. Msft is the 2nd biggest stock on the market
Tagged 384 Wed then pulled back to 371 by friday while the market moved higher
At the same time Msft pulled back aapl actually bounced off support and is now showing a bullflag at resistance.
These type of movement by 2 major stocks make 0dte etfs a nightmare.
I'll be honest, Smallcaps/IWM look bullish but we closed near resistance here and 185.50 gap resistance. I do think Iwm is headed back to 190 but maybe after consolidating here between 182-185
Dow jones transport
DJT
Usually moves with IWM. Had a breakout Friday and looks to continue higher with this inverted H&S.
Keep an eye on the Airline stocks next week for long opportunities
So the question on the spy is Do we head to the bottom of the megaphone and close gap at 453 or do we breakout.
Well, I wouldn't bother Shorting unless we lose 458, if we drop below 458 then I would target 453.. if we break above 460 then I would target 461.63 gap close before a retest.
XLC
(GOOGL/Meta)
Retested gap support Friday after selling selling off last week and closed with hammer and strong volume.
XLY
Tsla/Amzn
Closed Friday at broadening wedge resistance. Friday candle was a bullish engulfing with strong volume.
I'll update this some more later...
Things aren't as easily as up and down or bearish or bullish.
Same with ES
These megaphone patterns are usually bullish but the question is, do we make one more leg down before heading higher?
Here's Nasdaq composite or IXIC.. 1% range trade for most of the week. We closed at the top of the range.
Similar charts on XLK
Market has been mixed.. The fawkery is evident , they won't let this drop.
A prime example is MSFT and Aapl.. Msft is the 2nd biggest stock on the market
Tagged 384 Wed then pulled back to 371 by friday while the market moved higher
At the same time Msft pulled back aapl actually bounced off support and is now showing a bullflag at resistance.
These type of movement by 2 major stocks make 0dte etfs a nightmare.
I'll be honest, Smallcaps/IWM look bullish but we closed near resistance here and 185.50 gap resistance. I do think Iwm is headed back to 190 but maybe after consolidating here between 182-185
Dow jones transport
DJT
Usually moves with IWM. Had a breakout Friday and looks to continue higher with this inverted H&S.
Keep an eye on the Airline stocks next week for long opportunities
So the question on the spy is Do we head to the bottom of the megaphone and close gap at 453 or do we breakout.
Well, I wouldn't bother Shorting unless we lose 458, if we drop below 458 then I would target 453.. if we break above 460 then I would target 461.63 gap close before a retest.
XLC
(GOOGL/Meta)
Retested gap support Friday after selling selling off last week and closed with hammer and strong volume.
XLY
Tsla/Amzn
Closed Friday at broadening wedge resistance. Friday candle was a bullish engulfing with strong volume.
I'll update this some more later...
Things aren't as easily as up and down or bearish or bullish.
Comment:
Qqq opening up near 386.00 support..
Not a good place to open up short at the open.. below 385.75 and it's headed to 384.00..
Overhead resistance 388
Vix wants 14.30
Long week of job reports would be surprised to see them break lows of last week before any bad data ..
Not a good place to open up short at the open.. below 385.75 and it's headed to 384.00..
Overhead resistance 388
Vix wants 14.30
Long week of job reports would be surprised to see them break lows of last week before any bad data ..
Comment:
Iwm and cylicals outperforming as expected
Qqq is struggling with 386....
Mid cap tech names are getting a better bid then the mega cap so far ..
Watch MSFT at 366 and qqq at 384... if that holds then they'll buy up magnificent 7
Qqq is struggling with 386....
Mid cap tech names are getting a better bid then the mega cap so far ..
Watch MSFT at 366 and qqq at 384... if that holds then they'll buy up magnificent 7
Comment:
Nq at the bottom of its range and bouncing so far...
IWM closed gap at 185.50 and then some..
Buyers maybe trapped at 186 for a few days
IWM closed gap at 185.50 and then some..
Buyers maybe trapped at 186 for a few days
Comment:
Tech sectors
XLC, SMH going for cpi gap close
XLC, SMH going for cpi gap close
Comment:
Qqq hovering right above 21ema.. at 382
..383 is cpi gap support ...
382-383 should hold for today
..383 is cpi gap support ...
382-383 should hold for today
Comment:
Looked at some big names test some big supports and bounce
NVDA -450
AMD -117
AAPL -187
GOOGL - 127
Amzn 142
Along with QQQ bouncing off 183...
NVDA -450
AMD -117
AAPL -187
GOOGL - 127
Amzn 142
Along with QQQ bouncing off 183...
Comment:
Look at that candle and volume on QQQ off its 20sma..
If jolts come in good, we close gap to the upside at 390 on qqq.. if it comes in bad, we head back to 383 or 21ema at 382..
IWM actually closed above 186.. 189 gap close now target..
Vix got stopped at its 20sma
If jolts come in good, we close gap to the upside at 390 on qqq.. if it comes in bad, we head back to 383 or 21ema at 382..
IWM actually closed above 186.. 189 gap close now target..
Vix got stopped at its 20sma
Comment:
Es 1hour chart... tagged support this morning and bounced ..
This support is more of an ascending broadening wedge then the original megaphone I describe.. the distinction is important because a megaphone is normally bullish while an ascending broadening wedge is bearish. Also ES finished yesterday with a Dark cloud cover candle on the daily.
Here's ES ascending broadening wedge
Here's the possible megaphone
This support is more of an ascending broadening wedge then the original megaphone I describe.. the distinction is important because a megaphone is normally bullish while an ascending broadening wedge is bearish. Also ES finished yesterday with a Dark cloud cover candle on the daily.
Here's ES ascending broadening wedge
Here's the possible megaphone
Comment:
Nq 1hour chart broke support yesterday then Retested it late day only to flush back down...
Formed a pennant
If jolt comes in well received look for a 16,000 test...
Short only below 21ema
Formed a pennant
If jolt comes in well received look for a 16,000 test...
Short only below 21ema
Comment:
I don't think the 10yr will stop dumping until the 200sma or 4.0
H&S would then be completed
H&S would then be completed
Comment:
Big tech hit those major supports yesterday and are leading the pack..
Next stop 388.. qqq breaks over 388 and market moves higher to 390-391
Next stop 388.. qqq breaks over 388 and market moves higher to 390-391
Comment:
Nq 1hour..
15,946 is equal to 388 on QQQ
.. we break over it moves higher
15,946 is equal to 388 on QQQ
.. we break over it moves higher
Comment:
Only big tech moving higher but as long as qqq holds 386 things won't flush.. aapl trying for last gap close at 195 .
Googl 132 gap close
Googl 132 gap close
Comment:
Dow still holding 36,000 support.
IWM much needed pullback.. 183.80 support. Rejected at weekly 200sma at 186
IXIC or nasdaq composite.. more important than qqq IMO. 14,306 is and will be resistance. I wouldn't swing calls up there until it breaks out and closes over .
If we do breakover then nasdaq will see an explosive move to new 52 week highs in form of a megaphone
IWM much needed pullback.. 183.80 support. Rejected at weekly 200sma at 186
IXIC or nasdaq composite.. more important than qqq IMO. 14,306 is and will be resistance. I wouldn't swing calls up there until it breaks out and closes over .
If we do breakover then nasdaq will see an explosive move to new 52 week highs in form of a megaphone
Comment:
Qqq 15min chart..
Bumped it's head at 388 and trendline resistance
Bumped it's head at 388 and trendline resistance
Comment:
Qqq 30min
Chart
Bullish setup
Bearish setup
Chart
Bullish setup
Bearish setup
Comment:
Spy
Comment:
Up late...
Qqq closed gap at 390
388 support
388 maybe the dip buy
Spy 459 gap still open
Qqq closed gap at 390
388 support
388 maybe the dip buy
Spy 459 gap still open
Comment:
Reverse uno card today... big tech choppy red while small caps and cylicals outperform..
Iwm headed for 190 gap close.
Iwm headed for 190 gap close.
Comment:
Mid cap tech again outperforming..
They move with IWM
Afrm
Sq
Docu
Upst
Snow
Crwd
Magnificent 7 should have another pop considering aapl 195 gap close.
They move with IWM
Afrm
Sq
Docu
Upst
Snow
Crwd
Magnificent 7 should have another pop considering aapl 195 gap close.
Comment:
Long qqq here at gap close and trendline
Target 389
Target 389
Comment:
Qqq 30min chart..
Bounced at support..
Mix bag tech..
Bounced at support..
Mix bag tech..
Comment:
Unless qqq loses 386.00 this is just chop ...
Chop until Fridays numbers...
Most likely the final leg higher will be completed before Fed meeting next week..
Yesterday big tech outperformed
Today small caps
Tomorrow big tech outperform or market chops into friday..
Same crap first week of every month with job numbers
Chop until Fridays numbers...
Most likely the final leg higher will be completed before Fed meeting next week..
Yesterday big tech outperformed
Today small caps
Tomorrow big tech outperform or market chops into friday..
Same crap first week of every month with job numbers
Comment:
Nasty last hour flush with a nasty daily candle on Spy and QQQ, but the volume wasn't there..
We could retest 383 on qqq below 386...
We could retest 383 on qqq below 386...
Comment:
Volume wasn't there yesterday to match sell . That's equivalent to the handshake not matching the smile.
Qqq 30min chart
A small falling wedge was formed yesterday (Green lines)..
Over 386 and they'll buy this back up
Yellow circles are gap ups and downs that were bought back into trend..
Unless we break support of small wedge formed, we head back up ..
Won't be on till mid day
Qqq 30min chart
A small falling wedge was formed yesterday (Green lines)..
Over 386 and they'll buy this back up
Yellow circles are gap ups and downs that were bought back into trend..
Unless we break support of small wedge formed, we head back up ..
Won't be on till mid day
Comment:
Sup guys..
We just tagged target one on QQQ.. u see the yellow trendline?
If you swing , you are swinging for a job numbers pump..
If we breakout , a possible move to 394 on qqq. If we reject at 390 then 386 and 383 at play
We just tagged target one on QQQ.. u see the yellow trendline?
If you swing , you are swinging for a job numbers pump..
If we breakout , a possible move to 394 on qqq. If we reject at 390 then 386 and 383 at play
Comment:
Spy chart..
458 resistance here ..
We breakover this area and 461 is next .. we reject and 455, or 453 . All depends on tomorrow move
458 resistance here ..
We breakover this area and 461 is next .. we reject and 455, or 453 . All depends on tomorrow move
Comment:
IWM 1hour chart..
190 is the target..
183.00
Megaphone
190 is the target..
183.00
Megaphone
Comment:
Nasda or IXIC 1hour chart..
Circles are gaps ups.
14,100-14,300 range for 2weeks..
Either bullflag or distribution...
Tomorrow we will know.
Aapl still hasn't closed gap at 196
Circles are gaps ups.
14,100-14,300 range for 2weeks..
Either bullflag or distribution...
Tomorrow we will know.
Aapl still hasn't closed gap at 196
Comment:
Smh (Chip sector)
At resistance here .. over 161 and chips rally .. more
At resistance here .. over 161 and chips rally .. more
Comment:
Kind of a bad spot to open new longs on tech unless you are yoloing for tomorrow ..
Best entries were yesterday and at the open...
On the other hand, IWM is closer to 183 support while underperformed to tech
Best entries were yesterday and at the open...
On the other hand, IWM is closer to 183 support while underperformed to tech
Comment:
NYA or NYSE 1hour chart..
Pulled back to up trend in the form of a flag.. moves closely to IWM..
Has a gap at 16,359 to close if it breaks out
Pulled back to up trend in the form of a flag.. moves closely to IWM..
Has a gap at 16,359 to close if it breaks out
Comment:
391.40 next resistance on QQQ
Comment:
Good luck on your swings...catch you'll later...
Keep an eye on AVGO earnings After hours, could impact chip sector..
AMD volume speaks of an encore
Keep an eye on AVGO earnings After hours, could impact chip sector..
AMD volume speaks of an encore
Comment:
Well,
The relay race continues.. yesterday IWM underperformed while big tech rallied , now look at today's premarket action...
Qqq is a no long zone under 390.00
And it's neutral unless it can break 391.40..
Over 391.40 and 394-396.50 is next..
You might see some individual tech names outperform while others lag so be picky..
On the short side
Qqq below 389.50 and the next stop is 388 then 386...
The relay race continues.. yesterday IWM underperformed while big tech rallied , now look at today's premarket action...
Qqq is a no long zone under 390.00
And it's neutral unless it can break 391.40..
Over 391.40 and 394-396.50 is next..
You might see some individual tech names outperform while others lag so be picky..
On the short side
Qqq below 389.50 and the next stop is 388 then 386...
Comment:
Trendline support on spy is at 456.50
Only bearish to 454 if we break that..
Only bearish to 454 if we break that..
Comment:
Doubt they dump this on a friday..
Was looking for a completetion of the move higher to end the week but it looks like they'll save it for one of the economic events next week...
And I do think this market goes higher next week... aapl still hasn't closed its gap and IWM wants 190, maybe even 200
Did great on arm last 2 sessions.. took profit at 65.00..
I'll be back EOD ,
Was looking for a completetion of the move higher to end the week but it looks like they'll save it for one of the economic events next week...
And I do think this market goes higher next week... aapl still hasn't closed its gap and IWM wants 190, maybe even 200
Did great on arm last 2 sessions.. took profit at 65.00..
I'll be back EOD ,
Comment:
Considering all the moves made this week, I still consider this a range trade.. besides the Spy brief eclipse of 460 we still haven't went anywhere...
When I started this post, I mentioned that it's not as easy as bearish or bullish and the ups and downs of this week proved me right.
When I started this post, I mentioned that it's not as easy as bearish or bullish and the ups and downs of this week proved me right.
Comment:
Dow
Range trading.. entire week..
Probably won't breakout or down below 36k without Powell or bad CPI
Range trading.. entire week..
Probably won't breakout or down below 36k without Powell or bad CPI
Comment:
Smh (Chip sector)
Pushed up to resistance..
I'd becareful of swinging calls in chips until this breaks out
Pushed up to resistance..
I'd becareful of swinging calls in chips until this breaks out
Comment:
Kre (Regional banks)
Price is at a double bottom neck line or resistance... Next week will be telling for financials.
Do we head back lower or breakout ?
Price is at a double bottom neck line or resistance... Next week will be telling for financials.
Do we head back lower or breakout ?
Comment:
Won't be doing a update this weekend... I'll do a new post after CPI tuesday..
Dow finished at the top of its range.
IWM closed right at its weekly 200sma
Spy at 460
Aapl closed its last gap..
I think we see higher highs next week on the indexes but beneath the surface there is distribution going on.
Example Nov 29th QQQ hit a 52week high and so did MSFT and Meta
Yesterday qqq came almost to that area but not MSFT or META.
Personal opinion, we complete the move higher this week and begin a correction into Xmas... a Christmas rally historically begins after Xmas when most funds,traders are on vacation and that's when you'll see a low volume squeeze.
Here's spy daily chart... a couple of weeks back I said spy Retested it's daily uptrend and that still holds true.. Spy has just been grinding against it .. My upside target this week is 462
NYSE or NYA
Same situation as spy, in being that it rejected off its wedge or trendline and is now just grinding
Dow
Same as spy and NYA
Tagged resistance and just grinding
Never seen a market so Obdurate.. I mean we've seen in the last week
1. MACD cross over bearish
2. Indexes tag major resistance
3. RSI in the 80's
Yet we continue higher.
From a macro POV I get it.
the only thing that will halt or reverse this run is Powell!
Wouldn't be surprised if we see a shallow pullback Monday ahead of such a big week.
Monday pullback will have low volume if any...
Catch you'll later
Dow finished at the top of its range.
IWM closed right at its weekly 200sma
Spy at 460
Aapl closed its last gap..
I think we see higher highs next week on the indexes but beneath the surface there is distribution going on.
Example Nov 29th QQQ hit a 52week high and so did MSFT and Meta
Yesterday qqq came almost to that area but not MSFT or META.
Personal opinion, we complete the move higher this week and begin a correction into Xmas... a Christmas rally historically begins after Xmas when most funds,traders are on vacation and that's when you'll see a low volume squeeze.
Here's spy daily chart... a couple of weeks back I said spy Retested it's daily uptrend and that still holds true.. Spy has just been grinding against it .. My upside target this week is 462
NYSE or NYA
Same situation as spy, in being that it rejected off its wedge or trendline and is now just grinding
Dow
Same as spy and NYA
Tagged resistance and just grinding
Never seen a market so Obdurate.. I mean we've seen in the last week
1. MACD cross over bearish
2. Indexes tag major resistance
3. RSI in the 80's
Yet we continue higher.
From a macro POV I get it.
the only thing that will halt or reverse this run is Powell!
Wouldn't be surprised if we see a shallow pullback Monday ahead of such a big week.
Monday pullback will have low volume if any...
Catch you'll later
Comment:
Last one.. DXY or dollar...
Headed back to 105.5
Headed back to 105.5
Comment:
Morning...
Mix day...
Most of magnificent seven pulled back.. most likely they pop again one more time either on CPI or Powell...
Today is chip day and mid cap tech, tomorrow they relay back into big tech
Made one trade this morning.. Bought the dip on Amzn at 144.20. 146c.. most likely they retest 147 by EOW..
Over head gap close on QQQ at 396.50 ..
Mix day...
Most of magnificent seven pulled back.. most likely they pop again one more time either on CPI or Powell...
Today is chip day and mid cap tech, tomorrow they relay back into big tech
Made one trade this morning.. Bought the dip on Amzn at 144.20. 146c.. most likely they retest 147 by EOW..
Over head gap close on QQQ at 396.50 ..
Comment:
Iwm 30min chart...
Will need to break over 188 to negate this
Bearish diamond top
Low volume chop here..
Spy 30min chart
Rising wedges..
I think 462 high and 453 low will be met in the coming days.. most likely 462 before 453
Will need to break over 188 to negate this
Bearish diamond top
Low volume chop here..
Spy 30min chart
Rising wedges..
I think 462 high and 453 low will be met in the coming days.. most likely 462 before 453
Comment:
Qqq at 52 week highs..
Last time qqq test 394 was 11/29.
Msft was 384
Nvda 500
Meta 344
Nflx 485
Googl 140
Now QQQ is headed to 396 and none of these stocks are near those numbers..
This is Distribution..
A Correction is very near
Last time qqq test 394 was 11/29.
Msft was 384
Nvda 500
Meta 344
Nflx 485
Googl 140
Now QQQ is headed to 396 and none of these stocks are near those numbers..
This is Distribution..
A Correction is very near
Comment:
Covered in on Amzn calls. 40%..
Done for today... not swinging anything..
Be back on EOD
Done for today... not swinging anything..
Be back on EOD
Comment:
Cant remember seeing IXIC(Flat) and QQQ up almost 1% like today..
Went over IXIC daily chart..
Final gap close is at 14,619. Thats another 1½% which means QQQ most likely 400 coming.
Rising wedge clearly here on the daily will give a 10% correction from 14,600
Went over IXIC daily chart..
Final gap close is at 14,619. Thats another 1½% which means QQQ most likely 400 coming.
Rising wedge clearly here on the daily will give a 10% correction from 14,600
Comment:
Day 43 of extreme fawkery...
Spy support at 461.30
Below that we retest 460.00
If it doesnt break these support , the dip will likely be bought up
Qqq support at 394.20
Unless that breaks they will likely buy the dip and push this to 400..
Iwm , long only over 188
Spy support at 461.30
Below that we retest 460.00
If it doesnt break these support , the dip will likely be bought up
Qqq support at 394.20
Unless that breaks they will likely buy the dip and push this to 400..
Iwm , long only over 188
Comment:
Buy the dip its is
Comment:
Qqq sitting right at final gap close 396.40
Over 397 and 400 is next..
Gap will be resistance..
Support 394..
In between is chop until FOMC
Over 397 and 400 is next..
Gap will be resistance..
Support 394..
In between is chop until FOMC
Comment:
I finished slightly down today..
Up on meta calls , down on arm...
Im wrapping it up here and wont be back to mid day tomorrow...
Did a new spy post... i think we may pop on initial interest rate decision to or PPI premarket.
Final targets are 465 spy and 400-401 qqq ..
Up on meta calls , down on arm...
Im wrapping it up here and wont be back to mid day tomorrow...
Did a new spy post... i think we may pop on initial interest rate decision to or PPI premarket.
Final targets are 465 spy and 400-401 qqq ..
Bounced off support this morning.. white lines have formed a channel and NQ is ping ponging..
Also QQQ 388 support is everything , no short above that