Modus777

Modus777 Updated 

From a trend point of view, Petco is ready to make higher highs, completing a rising wedge at this rate. The general trend is still bullish until it breaks from the wedge. If it completes a 1.168 move higher, then I would expect a retrace from there. If the wedge is completed sooner, it should be via a strong catalyst, earnings being the closest one. Under IPO...

Modus777

Uptrend intact on the daily and weekly charts, in fact, it's looking on the indicators like it wants another swing higher. RSI curled down last Friday to put in an inside red candle. I've identified 2 key levels (the purple lines) to trade the daily range if it moves towards either side. We closed the week at support. I am looking for calls over 633.36 or puts...

Modus777

AVID is at the breakout level from 2008's highs, ready to test the waters above. Some important price levels above that will have to be reached in order to continue higher towards all time highs. This impulsive move from earnings calls for a decent pull-back before continuing higher. If there's a re-test of the previous weekly highs at 24, then they should hold in...

Modus777

American Airlines is currently in an impulsive wave higher on the weekly timeframe. The daily chart shows the start of a slow pullback before continuing higher, but the current trend suggests a continuation from this range. As long as we don't go lower than 14.68 way below the weekly range, AAL's long bias will still be on target. Lagging span and green cloud all...

Modus777

It seems that today's news were the perfect catalyst to drop the markets below overbought conditions. It can be clearly visualized on how the RSI was rejected at the top, despite still bullish flows and buying pressure throughout the early session. If SPX drops below today's low it might test strong support at 4115. If that fails, I expect a strong bounce at 4082...

Modus777

SNOW has been beaten down below IPO price and has completed a descending trend, looking to break out. A daily 8EMA to 21EMA crossover should indicate A bullish move towards some upside. Even if this move is just a corrective wave with more downside, the trend will push this to the .618 and decide what to do from there. Looking to add longs if it moves over 242.67...

Modus777

Technically, the chart looks ugly for SFIX. No recovery in sight as it still finds price action right at the gap down VWAP and very close to the March low's VWAP. It has struggled to for any sort of decent wedge or flag, and the candles look no better. The 21 to 8 EMA cross has not been reclaimed and it doesn't look close yet. If that low wave 5 put in the last...

Modus777

ON bounced off the daily 8 EMA last week, but it's in a bull-flag formation at the moment. I would like to see a stronger decline in volume in the next few days, for ON to go back down to the range it had been trading for a month, in order to cool off indicators before ER and get ready for a move higher. This bull flag could be breaking out any day, but so far...

Modus777

The constant 1-2 1-2 1-2 waves put in on UBER scream consolidation at these levels. The current daily 8 EMA to 21 EMA crossover might be telling us that a big move is on it's way. UBER has also been getting strong order flows last few days, possibly expecting a move higher from this wedge. I have identified clear resistance levels above that UBER needs to break in...

Modus777

ET has a strong trend pattern to break through a yearly gap in coming earnings in a few weeks. I am looking to enter a position at any pullback as long a it holds 7.38, which is the recent weekly low that was put in. The 8 EMA also showed a daily and weekly crossover over the 21 EMA a while back, which is a clear indicator of a trend change. Due to inflation, the...

Modus777

BLNK found itself rejected at the anchored VWAP from the January highs and it put in a daily inside day last week. Indicators looks a little exhausted after running strongly from the lows a few days ago, due to some bad news. Whether it's a triangle or a rising wedge, I carry no bias until price action tells me if these EMAs will hold the daily levels or if we're...

Modus777

ULTA is currently on a rising wedge that needs to break out of, or we'll see a breakdown on shorter timeframes. Stoch RSI seems a bit toppish and it's looking like it might trade around this range for a while, until we get some decent volume or a catalyst. A breakout higher this week above post ER high's should be a great signal to go long to fill the gap above....

Modus777

CAT looks bullish again on the daily chart. Looks ready in the indicators as they've turned bullish yet again. Both the RSI and Stoch RSI had a crossover last week. We put in an inside day last week after being below the recent pullback's VWAP and reclaimed demand on the upside. Looking closely at price action to confirm a bullish trend to continue higher or to...

Modus777

GS has put in a larger wave 1, 2 o the daily timeframe, and it seems that this near term pullback that we've experienced could be a wave 3 to 4, looking to break higher in the following days. Indicators show and upwards trend, ready to test those highs again. The only bearish divergence is the conversion wave on the Ichimoku indicator, crossing lower over the last...

Modus777

JPM is looking at a retest of that 160 target I had a few days ago. As expected, algos took profits and it put in a bearish candle at the top. It seems like JPM has been trading inside a very range for a while, and if earnings posted are good, it should break higher, looking at 160 calls that should be paying nicely on this swing. All indicators show a bullish...

Modus777

Bank of America is again near it's all time highs, close to testing again for a breakout. Earnings this week should confirm movement on the strong uptrend that we have seen since March lows. There is a slight divergence on the RSI indicator. The daily timeframe shows a toppish move on the stoch RSI, as well as MACD turning slightly red on the daily. Should BAC...

Modus777

Looking at the near term indicators, the Stoch RSI stands out the most for me. On a daily timeframe, the daily RSI is not overbought, but the weekly timeframe shows some overbought action. My only worry this week would be if banks don't do well, which might be pretty difficult, that XLF might find itself double topping at these levels and starting a corrective...

Modus777

Looking for a swing continuation higher.