THE BURRY CHANNEL: World famous trader Michael Burry went all in on stock market shorts last week! Bullish setups are going to be hard to find until we break out of this channel! *MICHAEL BURRY'S SCION ASSET MANAGEMENT JUST RELEASED ITS LATEST 13F FILING *BURRY BOUGHT PUTS WORTH $900 MILLION DOLLARS AGAINST THE S&P 500 AMEX:SPY *BURRY BOUGHT PUTS WORTH $740...
Greed quickly became extreme at the end of July, and the beginning of August has severely punished bulls, who are still buying the dip and buying the dip. The July high on Nasdaq happened to occur along with the Dow and the SPX in that all three indexes swept out the January '22 pivot that amounted to a rejection that ended that unprecedented bull...
The Nasdaq price continued its downtrend and dipped into our green target zone between 15 292 and 14 431 points. Here, we now expect the green wave 4 to end. Following this wave, we anticipate a substantial rise above resistance at 16 062 with green wave 5. However, we think it is 35% likely that the price will go below this zone. In this alternative scenario, it...
I have an open call on the Nasdaq NQ CME Futures that theorizes that the markets may have topped in terms of the perpetual bull run, but that we may also get a rip back towards/at new highs. Nasdaq NQ - Is It Time To Sell The Rip? The process has been quite slow to play out so far, but the most dangerous thing for bulls with NQ is that 15,000 has not yet...
Today I shared a video in my trading room of Tom Lee on CNBC post his CPI massive rally call which didn't materialize. One member pointed out: " Lol. The man in this interview is not “fearless.” He is having trouble getting it out, and he has concerns. He is impressed by the “pronunciation” of this move. " I share the sentiment chart so we can observe the...
I vividly recall a few years back having just finished labeling the above chart of the SP500 from inception. I labeled the chart and included most of the historical events that occurred over the course of that time. As a trader, I wanted to have a quick reference visual picture of price action during war time, innovation, and societal change, juxtaposed on my...
NAS left a number of relative qual lows late last week. We are expecting price to want to trade below these to accumulate buy positions before ptonetinally expanding to take out last week’s high. There is a daily OB below price that may support it. the July open price is also at these levels. Interactions with both of these levels can be interpreted as short term...
Context: Monthly, weekly - Uptrend (UT) Daily - downtrend (DT) Micro-structure: Poor low from yesterday, excess high from Wednesday Last Day: Bearish break out from the range w/o much follow through (b-shape profile implies liquidation of longs, w/o new business). Price returned to the previous range. Conclusion: Healthy weekly consolidation. Daily DT...
I have been on Trading View for almost a year now. In that timeframe I have been fortunate enough to have almost 2,600 people who follow my work, shared almost 700 ideas within that community, and founded my website for paying members. Yesterday, we held a training / education Zoom call and dissected the move up off the October low of 3502. The purpose of this...
The week has started from a bullish retracement. From a technical perspective we see a back test of the channel mid and eventually a back test of the broken multi-day balance. The sentiment remains bearish. A retest of the previous session high would be a warning sign for the shorts. My expectation is to see a holding pattern ahead of the inflation data. Being...
Trader Sentiment is of the utmost importance as it pertains to price action. The attached is one that will be updated from time to time as my followers can see how the various bullish and bearish sentiment plays into the price action.
Upside 15897 → 15980 → 16063 → 16142 Downside 15709 → 15583 → 15484 → 15484 NQ is in a bullish channel on the daily, and retraced about 60% of its last move when it made last week's low. A breakout to the upside can fill the daily FVGs above: Current FVG filled at 15991.25 Next FVG filled at 16142 Measured Move sends us to 16483.25. All Time High 16767
15800 was a key resistance and we got a almost 400points sell off from there. TBH, the daily candle is bearish but did not clear previous low; thus it might not be so bearish? But plan for today would be to look for a possible rejection off 15625 for a move lower, possibly to 15333. But as mentioned, the BOJ meeting later would likely be the main driver for the...
In reading the title of this post, I'm sure you can tell what I want to say. Since the new habit is to guffaw and lmao at any thesis that isn't bullish, because "we" all "know" US equities "always go up" and a new all time high is "in store," I'd like to point out the Nasdaq already shows signs of having topped. That July 20, 2023 candle was some 2%+ in range...
SKILLING:NASDAQ is starting to look nice with some levels to watch in the coming weeks. Tech has had a big run off lows this year after getting beaten down last year. Bullish Scenario sees an ABCD down to the 12k area then the next leg up. There are still unfinished patterns down below 10k to complete but it can go higher first. On a shorter TF look for an...
AI seems to be all the hype these days. Unity announced a closed Beta Program for their AI back in late February of 2023, and just a few weeks ago we got our first look at some of the things we can expect. Unity has almost doubled in price from its ATL's, but I don't think it's done yet. We've got a nice Cup & Handle Pattern forming on the Daily that's beginning...
A pullback to retest the breakout of the multi-day consolidation is coming. This is an important area to watch. A potential outcome is to resume the upside move or retest the bottom of the consolidation and start to form the right shoulder of H&S. I anticipate to see a reaction first. A strong move down side would suggest the H&S scenario. The sentiment remains...
This is me just practicing with an idea that is to be published. Though this is where I think my entry will be tomorrow, it's not advice. Again, this is me just practicing with the tools available to me on TV.