Personally am bullish on SQ here- will be watching closely for a breakout - Sitting right on its 200day EMA - Nearing the oversold range on the 4-hour time frame - Falling wedge on the 1-hour timeframe and oversold on the RSI (See Chart Below) Should pop with buyer volume, (Broader Market Conditions Permitting)- Just some support and resistance levels to keep an eye on along with some RSI-based supply and demand zones - Bullish and will be looking for a breakout from this triangle
I am still working on my chart but I see it in the long run falling and $171 as a good long term buy option
jacobosiason7
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@christianmartin4746, Frankly everything in this market is so overvalued fundamentally speaking as this market does not care about fundamentals whatsoever. If it does indeed fall to that level (roughly -30% drop), I'd personally load the boat on shares, however, if anything I see it finding some support around the 1.618 FIB level. Clean chart though, not cluttered with indicators, easy to read and understand, solid TA brother 💯
christianmartin4746
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@josiason17420, Exactly, that is why I think long term it is going to drop. With a lot of stocks in my watchlist I see one MAYBE two jumps before they start to fall. Since I get that signal from numerous stocks I am playing my calls cautiously (if you trade options), but if you are trading stocks - the next week or so would be the best time to sell. Do you know when Powell is supposed to speak next? I cannot remember if it was in October or November (if it is in October I would sell all of my stocks by September 22).
Thanks bro I appreciate that - I try to keep it clean because all those indicators get confusing. Whenever I use a indicator I usually write down what it shows me so I do not need to keep it on my chart.
jacobosiason7
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@christianmartin4746, Yea I mainly trade spreads and play a somewhat modified version of the wheel strategy. This is a link to the fed calendar with links to the live streams- (federalreserve.gov/newsevents/calendar.htm) but 100% agree and likewise. Try and keep my charts clean and simple as there's simply no need but also cluttered charts with so many indicators can make you miss pretty basic price action
christianmartin4746
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@josiason17420, Thanks for calendar I was looking for it. I agree, I missed some BIG moves because I used like 5 different indicators and it was too much. No need to overcomplicate stuff
@josiason17420, Wait... what is quad witching? I tried looking it up... Is it usually bullish because if that is then that could help confirm some of my reversal theories
jacobosiason7
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@christianmartin4746, "Quadruple witching refers to a date on which derivatives of stock index futures, stock index options, stock options, and single stock futures expire simultaneously... Quadruple witching days witness heavy trading volume, in part, due to the offsetting of existing futures and options contracts that are profitable" - investopedia.com/terms/q/quadruplewitching.asp which does tend to cause some weird price action and increase volatility
christianmartin4746
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@josiason17420, Check out my lastest post on my page. I did not know this but this aligns with some of my theories - might be a great move for you