Breakout on megaphone happened Friday..
Could've played out as a rising wedge but bulls got their debt limit deal.
Similar situation happend with tech a couple of weeks ago.
Here's NQ
You see the Megaphone breakout and retest before rallying higher?
From a different perspective NQ was showing a bearish rising Wedge. That Wedge tricked alot of bears....
On the verge of a major breakout.
Obvious double bottom with the right bottom forming an ascending triangle.
Rsi is also coiled and looking bullish
XLF has broken out already
Entry - over 41.75
Stop loss - 41.00
1st target - 43.84 gap close
2nd target - 46.61
Looking for Xom to get back most of its spring losses this June.. via inverted H&S.
Targets are 110 or 50sma then a pullback to form right shoulder before 114 gap close
You can see the bullish divergence on your daily RSI (Double bottom)
Price might not pullback at 110, may just keep going..
Close near fib support and trendline support.
Short only below 115.00
Target - gap close or 20sma
Stop loss - A close above 116
4hour Macd has crossed over bearish.
Last 3 x this has happened has led to a 10% drop.
I think chips will lead the way selling for tech
Price formation is starting to come together.
Ascending triangle forming which is bullish.
Google has basically consolidated the entire week while other tech names moved higher.
Long over 126.50
Stop loss 125.00
Target 1 -130
Target 2 - 133 gap close
Macd has turned bearish so I'd definitely wait for a leg above 126.50 before a long.
You see the 21ema...
Breaking out of a major falling Wedge. Historically , metals outperform over the summer.
Double bottom with a breakout over 22.50
Expecting a push up to previous H&S neck line .. that will be the true bull test.
Entry
Over 22.50
Target 1 - 23.75
Target 2 - 26.00
Since Feb 2020 Boeing has been stuck beneath its weekly 200sma.
Since the double bottom from October low Boeing has been consolidating along with the Dow, that consolidation has formed a flag or Handle for a double bottom continuation. If Boeing does breakout I have a target of 267 but first a 225 test. Alot will depend on if the dow can breakout (See...
Approaching 2021 low support 14.5
If we break below 14 then we head to precovid lows .
Vix outside is Daily bbands and the indexes (IXIC and Iwm) are outside of theirs.. technicals say vix gaps up Monday but I don't know if it'll holds, there's no fear in the market, plus Daily MACD turned bearish
Narrative is Powell is pausing, debt ceiling done.. ...
Price is too Overbought right now and below I'll try to convey my thoughts.
Nasdaq never extends more than 5-6% from its 21ema before a significant sell off .
The 21ema the white line
Let's start with Nasdaq rally from March 2020 lows unt Sept 2020
March 2022
August 2022
Feb 2023
June 2023
Also weekly candle is forming a hangman while...
That right shoulder for the H&S has now turned into a falling Wedge pattern.
Today transport has broken out, Price has gapped up pass all moving averages .
Usually DJT leads the Dow, let's see what happens
Same pennant as the Dow not surprisingly. Next week if this breaks out you will start seeing a broader rally .
Like the dow and IWM, today's move was mostly the product of a smaller double bottom that you'll have to go on smaller frames to see
Next week we will see if the outcome of this pennant.
If you look at the price action from Sept until now...
Broke from under its 200sma today for the first time since March.
Currently outside Daily bbands sowe may see a pullback and we retest of 179-178..
Only bearish if we close back below 177.
Next resistance is 183 or weekly 200sma, if it breaks over that then IWM is headed back to 192.
Either wait for the 178 backrest or wait for a close above 183 to go long.
Testing pennant for a possible breakout.
Tech is Overbought.
Health,energy amd Financials have lagged most of the year. If Dow breaks out, they will benefit.
Watch for 34k breakout
Nothing has change since I did spy post on Saturday, were basically back at Tuesday opening levels.
Only thing is the picture has now formed a major rising Wedge with this week price action.
Daily RSI is still trapped under resistance inside a diamond 💎
Overbought on hourly time frames.
I'm expecting a double top down the next 2 trading...
Today was one of the easiest shorts from the positioning of the open
Daily RSI.. the pivot line on this RSI lines up with the pivot point on the chart shown
This pivot line is important, if we break it, 400 is the minimum target.
You see the RSI and Money flow on the 2hour? I'm telling you, I don't care if the futures gap , until that RSI and Money flow...
Targets heading into next week after 4131 gap close
1st 4175
2nd 4121
Daily RSI
1,3, and 4 hour Money flow over bought, if ES gaps up again the 3hour will be overbought also. Whenever you see the MFI go overbought on 3-4 hour , usually within the next 2days a 2% sell follows.
Daily RSI at diamond resistance and Daily candles has room to 4238 or...
Long only over 416.00
Target 418.80 gap close
Stop loss 415
Short below 414.00
Target - 412.40 (1 hour 200sma)
Below that 410.00
Stop loss 415.50
Price has finished inside a tight wedge at trendline resistance.. as you can see all premarket it's been bumping its head at 415.60, that's because that where the resistance is .
Vix is still with the...
Last 2 weeks have been rough on value and most health stocks. When Risk assets (Tech) outperform, stocks like value and health which are consider defensive tend to underperform or outright correct.
I think in the upcoming g next 2 weeks there will be a rotation back into value.
Here's PG on the weekly approaching trendline support, fibonacci support ,...
