Some interesting developments in the bank etfs today - XLF and KRE, worth watching on both a weekly and daily basis. Long term JPM looks like a head and shoulders may be forming.
Traders, I bring you another weekend market update. We'll discuss what the charts are telling us from a technical analysis perspective. Are there clues that the debt ceiling issues will be resolved? Can we obtain clues from our charts? Let's find out. Stew
Traders, Bitcoin has reached the end of a very important triangle. It's time to make a decision. This week we should find out if: 1) Bitcoin breaks up and beats our 30,500 resistance, or 2) Bitcoin drops from our triangle and retests our C&H neckline at 25,300 We are going to dig into the charts for a few more clues and I want to show you the charts that are...
Quick take on the SPX moves this week and the regional bank index - KRE Have a great weekend!
- AAPL short under 170 long over 170 - Regular trading hour for AAPL will be key to the direction, lots of calls bought for 170 - SPY double bottom today key level of support - QQQ bounced off key support at 315 - AMEX:KRE made new lows XLF still weak
- FOMC Summary: 0.25bps hike today, Powell saying no cuts this year may made the market a bit red but he said that last time too. I personally think it was because market participants this time wanting to hear a pause due to it being so price in but he didnt say any of that so market went down. - QQQ bounce off of Key support yesterday but broke below today - ...
Red flag 1: SP:SPX & SKILLING:NASDAQ did not break close above Key resistance yesterday New fear low in AMEX:KRE regional banks, fear of snowing balling into something substantial NASDAQ:AMD poor Q2 guidance down 6% AH dragging NASDAQ:NVDA to break its 280 support. FOMC 11pm PST tomorrow 0.25 hike 90% chance. Shorting NASDAQ:SOXX in AMEX:SOXS
- SPY QQQ gapped up again but ended up closing within todays trading range, unlike yesterday bulls have a strong follow through after open. - PCE Data tomorrow morning 5:30am PST - QQQ closed around key daily resistance. - End of the quarter and month rebalancing tomorrow will bring lots of volatility - Will XLF / KRE join team bull or QQQ / SMH join team...
- SPY and QQQ have been very choppy due to sectors rotating around may potentially continue unless we start seeing XLF forming daily uptrends and joining team bull. - Or we see XLF / KRE go sideways and QQQ and SOXX/ SMH join team Bear. As of now there are zero red flags for QQQ and SMH daily time frame so i am slightly more bullish in my intra-day scalp...
- $SPY $QQQ bear had all its chances to bring QQQ down after a bear break this morning out of the tightening range we had in the last 4 days but bears couldn't follow through. - Want to see QQQ Bulls gain back its hourly uptrend and break above 308 area of resistance. - want to see XLF / KRE bounce for SPY & SPX to break out of its equilibrium bull. of course...
- $QQQ about to break its tightening range, this will be very important for TSLA, - currently TSLA does not have enough relative strength to hold up if QQQ breaks bear. so it will likely break bear with it. - Bullish pattern: Daily Inverse H&S Weekly Cup & Handle - XLF / KRE gapped up nicely but bear took over after cash open.
- QQQ Equailibirum key break will be Monday which will determine which way SPY is going to move. - SOXX / SMH turning from lead bull into lead bear today, weakest sector since Dec 2022. May drag down QQQ if it continues. Will short this sector if it continues on SOXS. - SPY bulls want to see a hourly uptrend form, Bears want to see QQQ bear break Equilibrium...
- QQQ equilibrium pattern is going to be key break for which direction market is going the next couple days, - XLF KRE bear break to new lows will break QQQ equilibrium bear and then drag SPY down even more. - Yellen flip flop - no deposit guarantee yesterday to today it will be. (the more they flip flop back and forth the more we see them as less confident)...
- Looking for a hourly Bear flag on SPY and QQQ after this huge move down. - XLF and KRE top watch to see if we break fear lows/52 week low. Fear would likely come back in if we do break the lows - looking for SOXX/SMH to go from lead bull turning into lead bear - Rate hikes is a head wind more for QQQ then SPY, so after Powell saying no rate cuts this year, we...
- KRE and XLF still in a bear flag territory, Both are closing in on their tightening range and will break very soon either tomorrow or Wednesday. we will get a lot of volume and volatility once this breaks. - QQQ & SPY have a Triple top resistance, if XLF break bull SPY will very likely break that resistance, so will watching all 4 closely. - FOMC Wednesday...
- PPI data came in better then expected increasing the likelihood of a pause to 50-60% - XLF gapped down new lows but closed around cash open area, meaning there wasnt a lot of bear follow through after the gap down. The first sign bulls want to see is XLF holding its lows and start to bounce or even just going sideways is good for tech bulls. Bears want to see...
- CPI data came in expected today, excpet core is 0.1% hotter market didn't really care since we need something really hot to not get a 0.25bps - PPI data likely will come in expected as well today, since CPI was pretty aligned so technical matter more now - SPX came close to 200 MA today rejected the 3940 area but QQQ is above 200 MA - QQQ and SPX reject...
- CPI data tomorrow will likely determine if we can break that triple top on QQQ - money rotating around today to tech sectors no a complete FEAR day where money is leaving the market. - KRE / XLF ETF needs to bounce for SPY to bounce - 0.25bp current priced in at 62%, and a pause at 38% - if we break that triple, im looking for a daily bounce and would liking...