Finally ran out of steam and looks like the surge from NVDA was the blow of top.
It will take a considerable reversal in market sentiment to turn this around.
RSI had been warnings us with bearish divergences.
MACD and Histogram also rolling over.
Price levels for reversal marked on chart if $145 fails to hols as support.
Assuming resistance line between recent 2 tops indicates 155 as potential up target then fading to Fibonacci retracement channel with following levels:
147 - 143 - 139 - 135 - 130 - 123 can be extended to 104 but its unlikely.... each level expected to have some support and/or bounce to other level.. If market correction occurred then will target 1.62% fibo to...
... for a 3.66 credit.
Max Profit: $366
Max Loss: Undefined
Buying Power Effect: 14.95
Credit Received/BPE: 24.5%
Notes: Going out to the first expiry in which the at-the-money short straddle is paying greater than 10% of the stock price. Doing the basic delta under hedge drill on this one: delta under hedging at intervals to...
Here's a bullish count for Semi Conductors. I like this count because I'm struggling to see the downside. Of course, the market may shine light on my blindness but until then, I will stick with this bullish count.
A 35-year-old Seattle-area man identified as the nation's first person with coronavirus developed pneumonia while in the hospital but has improved after getting antiviral medication, according to a new study.
A report published Friday in the New England Journal of Medicine said the Snohomish County, Washington, man remained in the hospital as of Thursday and has...
Been away overseas for last month or so. back at my trading desk now. Topping pattern on SMH with MACD divergence down. Not huge clarity on double/triple top. grabbed Jan 24th expiration 137.5 and 140 puts at .35c and .56c
I'm not currently short the semis but upon doing some research I found a nice setup thesis. Similar weekly candles. I see the previous time SMH found it's low about 15.7% down from that weekly candle close after 29 days. If you use the same 15% calculation after 28/29 days, it brings you to the 23% fibonacci level at $120.
This is only a theory at this point and...
SMH had sell signal on Daily yesterday.
I entered trade but did not post. Waited for trend dots to confirm.
Trend dots confirmed bearish trend very end of day.
Gaps to fill below down to $111.
Weekly RSI trend is about to breakdown.
Daily trend dots confirmed bearish trend.
I will post a Weekly view chart for SMH when trend confirms...