I went long eod if u look SPY bounced off 100 day
look daily SPXL on support has higher lows
stoch going down see they turn here
Look weekly stoch up over bought but up so the pull back will be small
what we dropped 10 points Phew we can do that 1 day
Target 78
They will do what then can rally this they want those bonuses eoy
and if we break no big deal add on shrts.
I think we will see a christmas rally, there is an inverted head and shoulders pattern, a flag, a wedge, respecting all the time the top of the main channel
SPX has a lot further to fall. In March 2020, was new pattern onset. Based on Sine Wave Theory, the downward trajectory will continue till it reaches the blue trend line. This will hold good if this months (November 2022) candle closes below 52.84 yielding a bearish continuation pattern.
Look daily rolled over on bottom
Looks like it wants to roll up will see
Look weekly heading south as long that stays south the rally will fail
we are crashing. With rally's
So , here's another trade that I'm really not confident in . But just following the wedge drop signal .
Also seems like bulls are having trouble taking out local daily resistance between 74.21 and 71.23 and making a higher high , we instead have 3 lower lows and seems like 3 times trying something and failing increases the probability of another leg down maybe...
Just taking the WD here on SPXL/SPY
I see that the volume on today for both spy and qqq is below average , so not distribution days even though the volume shown here on SPXL is high I think that SPY's volume take the precedence . That is one thing that I think is against this trade ...
None the less we still have a stage 4 downtrend wedge drop so took the trade...
Stock costs dropped forcefully this previous week as the S&P 500 finished its most obviously terrible first 50% of any year in the greater part a long time.
The S&P 500 dropped 20.6% in the initial a half year of 2022, its most horrendously terrible execution in the initial two quarters starting around 1970. The Dow Jones Industrial Average is additionally down...
SPXL shows it's been in down trend (bear market) since Jan 24, where we see: both EMA crossing & BBP very negative. Then we sell & buy SPXS. We won't see bottom until: both EMA cross again & BBP very positive. Be patient & wait for bears to finish eating.
depending how futures market plays out tonight and if people keep buying a mondays open we cod have very different outcomes. the bull case is essentially if we see RSI, Double STOCH signal remain positive or if we hit resistance at gap close and continue lower or make a double bottom. even in the bull case we could rally for a couple weeks and then double bottom....
Got out SPXL short now long
look daily stoch still heading down
near bottom and SPXL holding 50 day
trailing stop in target 120- 124 50 day or 200day MA.
stop drop again
Look daily chart see stoch turning down u also see the buying vol very low look how its dropping black line on vol
It also went into lots resistance 128 area
Target 123.124 area
My hedge on spy long
