The 0.618 Fib Level on recent price spike will fill top gaps down to $304. The 0.618 Fib Level from February 2009 until Present (10 Years+) coincides with past resistance/future support levels from August 2016. The lower 0.618 Fib Level would have SPY at $214 roughly. Next week we should find out if we have a small correction. It may take into January to see if we...
AAPL is roughly 4.2% of SPY. The AAPL chart and SPY chart show many similarities. Both have a main wedge (blue) with a smaller internal wedge (yellow). Price action, RSI, and momentum on AAPL and SPY are almost identical. Break of white trendline would be a good entry, although I have seen several false breakdowns recently. I am expecting a break of the yellow...
SPX / SPY - has been ready to correct for over a week. Fed Reserve assistance has keep this afloat longer than predicted. When this happens, the downturn is normally more severe since what is currently keeping us afloat is unnatural. Blue line - Daily ascending wedge - bearish pattern Yellow lines - 1HR ascending wedge - bearish pattern Green lines - Price broke...
Note - I am long term bullish on MSFT, but bearish on the upcoming trend. I trade the chart and pattern. This trade is not completely ready for Short or Puts, but is getting very close. MSFT- Ascending wedge is coming to an end. Price position in wedge is closer to breakdown point (support) than breakout point(resistance). Retesting any of the moving averages...
SPX / SPY pink channel is at exhaustion. We either breakout of the blue triangle next week, or start our downward retracement. If we breakout of the triangle, all short positions should be exited. Based on the chart, I am staying in this position until next week sometime or 50% loss on this option hedge. Both were acceptable losses for the payout. This is...
If MTUM is a momentum based indicator ETF, and is related to SPY, then the following patterns would confirm SP500 bearish correction is coming. MTUM is the iShares ETF "Exposure to large- and mid-cap U.S. stocks exhibiting relatively higher price momentum" www.ishares.com In the pattern we see THERE IS NO MOMENTUM MTUM pattern has megaphone top. Tilted up...
SPY bullish trend has ended on Daily view. On Weekly view, we are about to turn bearish indicating continuation of bearish trend. We are following previous fractal well, but this is not exact. We have several upcoming events: -Fed rate meeting - 12/11 - expected no change but rate increase is rising on chart www.cmegroup.com -Britain Elections - 12/12 - committee...
Daily view shows DJIA still ready for correction to continue downtrend. RSI, Fisher Transform, and Filter Dots all confirm price action just began downtrend. We will either go to First Stop resistance, or continue to main wedge resistance (slightly below). After this we need to watch for further breakdown possibility, or uptrend to 30,000. I feel that DJIA 30,000...
Ascending wedge pattern, within another ascending wedge. DJIA shows that broader correction in all equities should happen soon. Market is overbought, pattern is exhausted. Failure of inner ascending wedge still puts price pattern in other ascending wedge. Both bearish. This price action confirms that SPY should see further down movement. I will put up another...
Price on 30Min view shows falling wedge pattern, which is normally bullish. Given downtrend, I feel this is false. Daily view shows we are going down, and downtrend has just started. Major uptrend in Daily has ended. Correction in 30Min shows downtrend begun. We may rebound at end of falling wedge. This is false breakout. Possible to enter downtrend or add...
AMD is severely overbought. It was downgraded in price this morning saying that fundamentals are overvalued. Red boxes are down gaps to fill. Ready for shorts or Puts. - BEAR FOOD Looks for plenty of time to enter safe and exit safe here. Competitor NVDA is looking stable, so probable that funds seeking chip coverage (not ETF) will go to NVDA not stay in AMD...
2nd glance at this chart showed an ascending wedge pattern, instead of the channel from previous chart. Ascending wedge is normally bearish. Slope of wedge is high indicating break to downside. MSFT barely broke daily trend line today (thin white line). Max entry price for shorts/puts which I was considering was $155. I do not think we will get to $155. All...
SMH is following the trend with SPY, GOOGL, and AAPL. All are topped out, 70 RSI or higher, highly correlated, and susceptible to trade news. AAPL, GOOGL, and SMH all have plenty of gaps to fill below. I do not think some of the lower ones get filled. However, most gaps do get filled eventually given time. In my opinion, we are just waiting for a catalyst for...
$NUS short idea after similar company $USNA reported earnings last week and gapped down 20%. USNA reported a slowdown in growth in China due to Chinese distaste for Multi-Level-Marketing. NUS will have the same problems when it reports, as it has promised growth in China
Technically speaking Found resistance at 1.44 My first target on the downside is 1.41. I am holding a long EUR/JPY position and have around 200 pips locked in. So this EUR/CAD short is a hedge(somewhat) against my long but I didn't take the trade for that reason. If you like newsletters, trade ideas, and good investing stories, sign up below for my...
Technically Speaking The $52 level was important to hold, in my view. We will have to wait and see where buyers come in, but I will be watching the $40 level. There were a near record amount of spec long positions. So the potential for more downside is likely. What to do? As long as 52 holds the upside, I will be looking to sell rallies. I will be...
The 1.43-4360 level has provided resistance going back to the first of December 2016. I am looking at the 2 and 4 hour time frames for favorable price action. If the 1.43 level holds the upside, I am looking at 1.41 as the first level of support.
I am short at 83.10 with a stop at 83.25. I sold last Friday after a failure at the 83.20 level. My first target to B/E is ~80. Here is my framework on how I think through a trade. Is this trade worth taking? * Where is the R/R right now? Is it obvious? * Is the market trending or ranging in the time frame you are watching? * Is price currently at a...