Bullflag or triple top? Or door number 3 - Stay between 426 -429?.
This current trading range reminds me of the price action from
5/5 - 5/17.. that turned out to be a bullflag break out
So tomorrow we will find out what this is
So far this week the Russell2000 , NYSE and today the dow has broken out of previous
Previous resistance.
With the exception of Tsla, and Nflx most tech has range traded for 2weeks...
I went over QQQ
Here's the price action of the Nasdaq (Ixic) on the 15 min with the RSI. I went with a smaller time frame because you can see the touches more clearly ... If tech opens up green this would be a flag breakout here to weekly high minimum. If we head down channel that would be a double top back to weekly lows or lower.
Watching Vix Here
Closing the week with a small falling wedge that could take this back up to 16.00 minimum
If you use Fib levels from all time high with Sept low on spy chart you get 429.60 as resistance.. if you add the same fib levels on the SPX you get a slightly higher resistance at 4311. So far spx has been respecting Spy resistance but if we move higher in the morning or get close to 431 I'll be watching for Any fake out ..
I'm still bearish on most tech but just for more of a technical pullback than a blow off top..
I want a pullback to 340 or trend line support atleast before the last leg higher which looking at the sectors XLY and XLC will take place. It may not pullback as much as I'd like without the Feds help. I went more in depth with this on my Tweets...
This is QQQ Daily RSI.. notice everytime it hits resistance and breaks uptrend a correction takes place for tech.. yesterday that happened, but today they just bought it up, let's see what happens tomorrow
No matter how hard Dow,Nyse, And Iwm push Spy won't budge without big tech.
This current trading range reminds me of the price action from
5/5 - 5/17.. that turned out to be a bullflag break out
So tomorrow we will find out what this is
So far this week the Russell2000 , NYSE and today the dow has broken out of previous
Previous resistance.
With the exception of Tsla, and Nflx most tech has range traded for 2weeks...
I went over QQQ
Here's the price action of the Nasdaq (Ixic) on the 15 min with the RSI. I went with a smaller time frame because you can see the touches more clearly ... If tech opens up green this would be a flag breakout here to weekly high minimum. If we head down channel that would be a double top back to weekly lows or lower.
Watching Vix Here
Closing the week with a small falling wedge that could take this back up to 16.00 minimum
If you use Fib levels from all time high with Sept low on spy chart you get 429.60 as resistance.. if you add the same fib levels on the SPX you get a slightly higher resistance at 4311. So far spx has been respecting Spy resistance but if we move higher in the morning or get close to 431 I'll be watching for Any fake out ..
I'm still bearish on most tech but just for more of a technical pullback than a blow off top..
I want a pullback to 340 or trend line support atleast before the last leg higher which looking at the sectors XLY and XLC will take place. It may not pullback as much as I'd like without the Feds help. I went more in depth with this on my Tweets...
This is QQQ Daily RSI.. notice everytime it hits resistance and breaks uptrend a correction takes place for tech.. yesterday that happened, but today they just bought it up, let's see what happens tomorrow
No matter how hard Dow,Nyse, And Iwm push Spy won't budge without big tech.
Comment:
Qqq 30min chart
At resistance here
SPX at that 4311 resistance...
Tightened stops on calls
SPX at that 4311 resistance...
Tightened stops on calls
Comment:
Above resistance ... any higher than 357 qqq and I would assume they are going for that 361 gap close...
They'll keep pumping the dow now to close gap at 34,050..
No Shorting today.. only longs
They'll keep pumping the dow now to close gap at 34,050..
No Shorting today.. only longs
Comment:
Tech can't get over 357..
If qqq breaks below 355 expect a dump to 353.50
If qqq breaks below 355 expect a dump to 353.50
Comment:
IXIC update . Look at the Nasdaq... they won't break 357 today but you need a meaningful break below 355 to short.. between 355-357 is chop
Dow isn't looking as weak because of health and financial sector.
Rejected .. careful opening new longs..
Dow isn't looking as weak because of health and financial sector.
Rejected .. careful opening new longs..
Comment:
Comment:
Qqq faked the break out but IXIC never lied
XLK the biggest sector 1hour chart..
Rejected at the top of weekly range. But bounced off support. They could buy it up or let it drop again to the bottom of weekly range...
XLK the biggest sector 1hour chart..
Rejected at the top of weekly range. But bounced off support. They could buy it up or let it drop again to the bottom of weekly range...
Comment:
Vix broke out retested and doesn't want to go back under...
Big economic week next week, no need to rush a swing, lots of opportunities to make money
Big economic week next week, no need to rush a swing, lots of opportunities to make money
Comment:
Last 2 days Iwm has pullback after being over extended. Now a bull flag has formed , could still dip to close that gap at 184.30.
Bullish as long as it closes over weekly 200 or 184.. target still 191
Bullish as long as it closes over weekly 200 or 184.. target still 191
Over 355.41 and the next stop is 356.60..
You already know the spy levels.. As long as QQQ holds 354 , they will prop this up today...
Watch for the fawkery at the open, I expect a rubberband short on tsla and nflx because of profit taking.