Is this rally coming to an end. Yesterday afternoon market sold off which continued to ETH session. Any test of ETH session Low could provide direction for the day. Level to watch: 5195 --- 5193 EIA Petroleum Status Report 10:30 AM EST
Daily weekly long. Hourly flat as a pancake. This could be start of primary wave 2 of 5 or we will have a blow off top continued. Watch 10yr data tomorrow around lunch. I’ll update when I can. Bullish anywhere above $5199.25. Bearish below to $5100.75 Remember big expiration next week on the 17th.
Trading Plan for Tuesday, May 7th, 2024 Market Sentiment: Bullish, but increasingly cautious following a strong breakout. The RSI is deeply overbought, increasing the risk of sudden pullbacks. Proceed with heightened awareness of volatility. Key Supports Immediate Supports: 5186-88 (major), 5163 (major) Major Supports: 5144-46 (major), 5060-65 (major) Key...
Last Friday, the SPX gapped up at the open and temporarily broke above the 50-day SMA during the trading session. Finally, yesterday, the SPX managed to close above this line of resistance, which is a positive development. However, a failure of the price to defend the ground above this level, now acting as support, for multiple consecutive days will be concerning....
So, for anyone who likes to watch certain movements. A big one is about to occur. A rejection from this break is the covid drop. about 30% and some. However, the end of the cycle, if you believe in those kind of things, would be a 100% retrace of the impulse with a little extra on the downside, which closes all gaps, I believe. That takes us down below 200. It...
... for a 4.64 credit. Comments: Targeting the <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market. Was starting to get somewhat worried that we would never have decent IV again. This ain't great, but I'll take it ... . Will generally look to take profit at 50% max.
... for a 4.95 credit. Comments: A Q3 starter position ... . Targeting the shortest duration <16 delta strike paying around 1% of the strike price in credit to emulate dollar cost averaging into the broad market. July isn't paying, so going out to August. Will look to add rungs in shorter duration, assuming I can get in at strikes better than what I've got on...
Treading lightly here as the SPY looks to be right at the end of a bearish rising wedge following a bearish ABCD Elliot Wave heading into a major week economically speaking. On Wednesday we have retail sales numbers, core CPI, and Core CPI YOY coming out, followed by jobless claims on Thursday. Will be watching closely, some support levels and RSI-based supply and...
SPY (second red mark) looks like a repeat of the 1st one. Additionally the pitchfork lines also seem bearish. Additional pitchfork lines also seem to confirm a bearish outlook:
Trading Plan for Monday, May 6th, 2024 Market Sentiment: Uncertain, with bulls seeking further confirmation after exceeding a major resistance level on Friday. Consolidation and complex, level-to-level price action are likely. Key Supports Immediate Supports: 5145-50 (major), 5136, 5116-13 (major) Major Supports: 5082-77 (major), 5067 (major), 5060...
AMEX:SPY Here we have a few broadening wedges. The last 2 were descending and SPY blasted off to new ath highs. Now were in a ascending wedge and sitting at 514. We have a few big name ERs that can put us back on the path to new aths but I think we are heading back to 480 by July based on the previous wedge behavior, and long support and resistance.
Welcome to SPY weekly and I have clearly explained which levels to trade & what direction market can take. If you have any questions feel free to DM NOTE: AVOID TRADING SPY
Trade Plan NQ Futures: week starting May 5th, 2024 Based on the provided levels for the NQH2024 futures contract, here's a weekly trade plan focusing on trading from the pivot to the upside or downside targets: Weekly Pivot: 17847 Current Price: 18000 Upside Targets: First Target: 18090 Second Target: 18348 Third Target: 18605 Downside Targets: First...
My dear friends, My technical analysis for SPY is below: The market is trading on 511.28 pivot level. Bias - Bearish Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable V continuation. Target - 507.15 About Used Indicators: A pivot point is a technical analysis indicator, or calculations, used to determine the overall trend of the...
My dear subscribers, This is my opinion on the SPY next move: The instrument tests an important psychological level 508.23 Bias - Bearish Technical Indicators: Supper Trend gives a precise Bearish signal, while Pivot Point HL predicts price changes and potential reversals in the market. Target - 504.66 About Used Indicators: On the subsequent day, trading...
AMEX:SPY has broken above the April trendline as it sits below monthly support/resistance levels. Note : there is a new gap to fill below from fridays significant gap up at open. Question : Can someone tell me if that is a bullish doji star?
The recent price action on the SPY pair was keeping me on the fence, however, my bias is slowly but surely changing into the bearish one and I think we will see the price go down. ❤️ Please, support our work with like & comment! ❤️