Sometimes trade goes against your plan. Best is to just cut losses and move on. I did cut losses but not before gave back much of the yesterday's gain. Price action is similar to $BA two weeks back. Stuck in range.
Upside and downside ranges are marked.
I got some commons today. Might push down to 96, where I would add more.
Possible cup and handle in progress.
$ES has show bullish reversal sign last couple of days, but despite the strong bounce in growth names, index hasn't caught up with the volatility in individual stocks. Sell off at these levels will cause ripples that would be hard to contain. Not saying that it will happen, but be prepared for such scenario. Key Levels to watch: Upside - 39005 (Claim and hold...
My bias got ahead my process. Clear bearish trend was emerging. Got stopped out. Downtrend continuation likely to last
3D SMA test is inevitable...broad selling in EV needs to be taken seriously. This group is one of the strongest momentum sector...weakness here could drag the whole market.
I like this name for reversal from here. Set stop loss below 23 and forget about it for 6 months.
$ES Trendline support is acting as a magnet. Looks like 3760 is inevitable...just a matter of what path it takes. My take is that a snap off to 3766 would stop bleeding for time being. What happens from there is anyone's guess. - High beta names haven't looked this bearish since Feb 2020. - We are still in uptrend. That means institutions (read Cathie) will buy...
As bad as sell-off has seemed last few days, 3D is yet to break 14 SMA, which to me is bearish signal. That could change quickly though. How I see patter developing: Test of 3860 overnight is likely. If bulls are able to take it to 3885 or higher, we might see another reversal next week. If 3820 breaks, 3770 comes quickly. We are still in uptrend with no other...
Volume yesterday was weak. Bounce was more technical - stimulus news perhaps. Sellers can gain control quickly and we drop back to 3780. Charts have starting to improve for bulls, but damage done in high beta names was too much and will need time to heal. Just my 2 cents.
Holding well above last week's low. Sellers tried this morning and failed to take lower. Could test 126.5 tomorrow on volume.
Test of 3913 overnight would be really constructive...unlocks 3940, 3960 and higher
will be interesting to see how it acts around 133. Weakness could push it down to 118, which is where I will look to go long.
All Tech big names dropped hard today. Bulls need strong reversal above 3910 overnight otherwise lower we go. Disclosure: I have bought Feb 26 395c before close. My bias is still long.
Trying to break out of recent range on daily. Nice flag formation. Holding above volume shelf. Breakout should be good for another 50 points above ATH.
4H shows good structure for nice 100pt move to the upside IF 3880 holds tomorrow.
Downtrend is primary trend, but if bears can't take it below 3885, strong bounce should take us to 4000 next week. As early as Tuesday. PS: This is short term view. Reaching 4000 doesn't support further upside. On the contrary, provides exits for long positions. (just a hypothesis)