This movement has been as textbook as it can get - yesterday we had a surge to the upper resistance and today it has pulled back some. I expect this to breakthrough tomorrow or the day after. Shown here is technology short ETF TECS.
SPY is topping, forming a double top. This looks very good for TECS
I own January 20th $24 calls. Looking good...
What will be the trigger?
- Trade negotiation between China and US could derail
- The BREXIT's faith to be determined this month
- Europe' s and Global economy are weakening
- Earning season starts and we are in an earning recession as of last...
Bought TECS calls expiring January 2020 and UVXY Calls expiring September 30th . Don't flinch if they drop. Just wait and cash in when they pop! I'll update weekly. Use only risk capital.
Target 1 for TECS is $21 and target 2 is $30
UVXY Target 1 $50 and target 2 is $75
Because they are options, reduce your position and be patient. I set no hard stop on...
TECS, Technology BEAR EFT,
is showing strong buying pressure in the face of recent price weakness.
"On Balance Volume" created by Joe Granville,
is showing accumulation, large buying coming into TECS,
even as price declines ( As Shown )
That is called a bullish divergence,
which offers the trader the opportunity to own TECS, Technology Bear ETF
BUY TECS, Triple Short Technology ETF on Breakout Above 21.70
Potential Initial Upside Target 24.58
Double Down on TECS Breakout Above 24.58
Potential Next Upside Target 29.58 !
Both Trade ideas Based on a Potential Death Spriral Decline in the NDX Technology Stocks
Trade Idea is GTC; STOP 20.50
7/27/18 TECS Close 21.36
TECS could move aggressively higher over the next few days and my analysis shows any move above $23.00 could be a very strong upside play for at least 5+ days. I'm not suggesting this downside move in the technology sector will last long, but I am suggesting that critical support is still quite a bit lower than where prices are right now. Take a look at my...