$NDX $NQ_F $QQQ looks like it could rally 4-8% in to the June FOMC and OPEX catalysts.
Overhead levels are nice confluences of fib extensions, large gamma positioning, previous price supports
Sentiment has been at decade lows and literally could not get any worse -- the boat is loaded on one side...
Last time we saw this amount of crypto hype and #fullretardmode was in the 2017 ICO craze.
That ICO craze blocked up the $ETH #ethereum network so badly that the whole ecosystem fell apart.
The high prices had a ton of new $BTC miners come on board as well.
At any rate, the economics of crypto stopped making sense at some point in late 2017 and early 2018.
Political tail winds are definitely helping
Great price action off the base after getting beat down for a few years.
Nice daily bull flag triggering.
Weekly up seems inevitable here
Targets in the 22-24 range initially
I mean, honestly....
Newton's law of Gravity will apply here at sone point...
Meanwhile the weekly calls go 2-5x on a given day if you BTFD and play 5min bull flags
Oct16'20 monthly OPEX and it'll pin somewhere?
Earnings on Nov 3 - hard to think that after a run from $72 to almost $140 it will experience a pre-ER ramp.... Probably needs to cool off for...
Although occurring a lot faster, so far it looks similar to the Q4 2018 #shitshow
A. Leg of ~16% down
B. Correction of ~50% of move
C. Leg that may reach ~20-25% total correction coming in to confluence with the fib extensions and the volume supports?
I have been trading oil for almost 20 years (man I'm getting old) and almost every major turn in the market was marked by a political event.
This seems to check all the right boxes for a "value" play here.
Lots of high quality names with big divys are attractive.
Everyone needs to pay their rent.
$IIPR is by far the strongest name in the sector
A real lesson in trend following here
And a real lesson in who is actually making money in the sector and attracting a bid in the market
Weekly 200ma and fib extensions are showing some nice confluence there.
Would not be surprised if these levels were hit around mid-Sept to mid-Oct when the next round of catalysts in Canada were coming
On a monthly basis, the $IWM/$SPY ratio has not been so low since Feb. 2016
As major indices are pushing all time highs and the small caps and high beta stocks will play catch up
Seems like a great summer to accumulate some small cap names for the fall run