Here are the the levels I will be watching on the NAS going into this week. We had a nice bounce on Friday to close out the week, but it is hard to tell whether or not it was just shorts covering before the weekend or actual buyers. The market is full of short term traders now and many were likely short and simply covered going into the weekend. Obviously the...
I like SHOP long if it can take out Fridays high. Price has pull back to re-test the long term range. It also flushed down to the 618 and bounced strongly. Targets on a break of Friday's high would be be the fib retracements. Will require support from the NAS.
Looking for a bounce off this level to calm the market down a bit. From a charting perspective its completely normal for price to accelerate into levels like this. It would be surprising, however, if price went through this level easily. If it does that would imply extreme selling pressure which would be concerning. It OK for yields to rise slowly, but can be...
I posted a chart with a couple of zones to watch on a pull back last week. Price absolutely blew through my first level and stopped me out and then flushed my second level and came back up. TTD had a 100 pt daily range on Friday. I will be watching to see if there is any follow through tomorrow on Friday's move. It very important to wait for confirmation with a...
Well that was an interesting couple of days. Pretty much complete carnage across the board in the tech sector. I've drawn in the two zones of interest for the NAS 100. The first is being tested in the overnight session right now. 'Given the price action I am not overly optimistic that the level will hold . Both the 618 fib and the 200sma are within striking...
Sell off continues. Sitting on the longer term 382. Last line in the sand before a deeper correction. If the 382 fails looking we are looking at 12287 then 11800. A full measured move lines up with about 12150. Right now I think is less about selling and more about a lack of buyers. Whenever there is a deep sell off and the first bounce fails everybody drops...
TTD selling off hard. I'm expecting a flush then bounce off the extension. Trade may be fast so need to be ready. If the zone fails second green box next level to watch which would be the full gap fill and 1.618x.
SQ has pulled back to a buy point at trendline support and 618 fib. May react well to strength in BTC and slight pull back in the banks due to weakening yields. Trade is dead if price breaks recent low.
Getting a bit of a sell off after yesterdays massive move. This is not surprising as many of the buyers now want a better price before getting in. Look to this green zone for buying to resume.
This is an updated chart of TNX. Yields are at an important level. This 382 fib should be resistance and send yields back down and calm the market. If the TNX pushes through this level yields could quickly end up at 2%. This would not be good news for high flying tech stocks.
BTCUSD has pulled back 25% and is now at a near term buy point. Price has pulled back to the 382 fib and has confluence with the ascending trendline. There is a good chance we see a bounce from this zone. I also have drawn an alternate scenario (dotted red arrow) where price breaks the ascending trend line and drops to the 618 fib. If this occurs watch for a...
APPS had a strong reaction to earning with a gap up. Price has worked it way back down and filled the gap. Given the market weakness it has held up well and may react favourably to a market turnaround. I like it above the box to fib levels and extensions. Trade is dead below the tan box. Additional Info: I am an intraday scalper and short term swing trader...
I like how DKNG has held up during the sell off. Its likely to catch a bid if the market can bottom. Look for price to hold 60 and push higher. Targets would be ATH and then Fib extensions.
NAS100 currently retesting the lows and BTD is not working for now. Bounce buyers gave many large holders a chance to dump their positions and now the shorts are piling on. Not much to do but wait for a decent level to watch for a reversal. Here is my level to watch for a relief bounce. Look for some buying to return at the 382 and completion of the compound...
The 20y bond sell off has dropped into support. We should see some buying here to bring yields back down. If the buying comes in the market should bounce. If however this 618 level does not hold and bonds continue to sell off things could get ugly. Important level to watch IMO.
Here is an updated chart that I posted on Feb 18th. In the chart I highlighted areas to watch for potential reversals in the event of a sell off. As price sold off it found brief support at my first green zone only to drop significantly overnight and was followed up by some panic selling in the am which undercut my second green zone sharply. We then got...
Notice that during the last 3 pull backs in the NAS price did not resume the up trend until there was a re-test of the recent low. Anything can happen but the odds favour a re-test so be patient.
Selling has continued overnight. Last week's low is a key level to watch to the downside. If that level breaks expect further downside. Green areas are zones to watch for potential reversals.