Earnings season end may indicate correction.
I dont expect huge correction , crash or bear market in the near future, feds are still pumping 150BL a month, and cheap money will not create environment to do so.
January 2022 would be good moment to think about it, but not yet.
Yesterday I took my profits with target of $420
We may finally have correction in...
After braking 418.16 SPY has tested resistance and will consolidate on 5min, from there It most likely will reach my target of 420.
Its been bumpy road with tax news, but hey.
After I reach that target Im going to go ALL CASH and watch.
Needs to brake 418.16 and stay above to reach 420
If its rejected again (with premarket its going to be 6 tiomes) I expect quick seloff to 416.21 or deepr 411.20
Today its again full of false signals: bear flag, raising wedge was completely ignored.
Dont like days like this, I guess SPY is waiting for FEDs announcement, which is today and tomorrow.
I still hold...
SPY pulled back to fib .236 (415 area) from yesterdays rally, that is very impressive.
Should at least go down to fib .38, and that can still happen today; that would be 414 area.
That's very healthy, too healthy and its bullish
So my inverse H&S is still valid and the target is 420
Enjoy the day !
Its making inverse H&S follow the green line, the resistance will be around 413.60 , from that point I think it will resume the downtrend.
My guess we may see quick saleoff EOD to 410 or gap down to 410 in the morning.
I will take smaller position with UVXY depending where we stand.
Curently I took quick long position with RIOT, APHA to use the time we have for...
SPY gap down and falling under its channel support, if it can brake it $414.50 and stay above the I exit my short position I took yesterday.
If it cannot brake it, then going towards $400 is very possible.
Perhaps the picture is getting clearer.
Short target 400, if holds 400, go long to 420 and then short for summer to around 380
As I mentioned before, good earning was a sell the news last Q (QQQ)
Perhaps we repet the pattern and trap few robinhoods, who knows.
ITS overbought across all time frames
Low volume push up for past 11 trading days
Heavy divergence since December (although it broke out of it)
Heavy resistance at 412.
Inflation talk (today?)
Everything is pointing down to support at 395, then to 385 which is years long resistance line that will serve as support.
Last earning (good) were a selloff for TECH.
Seams to be the pattern, at least for a while.
We chop through the day to pop massively EOD.
How do you trade it?
I shouldn't, as when I do I loose.
MACD, RSI, DIVERGENCE DONT MATTER ANYMORE !
Lines and signals are giving false marks.
SPY behaves like a penny stock. Its a mutant created by Feds and controlled by hedges
Today was my down day.
No confidence in...
It fell off the (bullish) pennant and its in the downtrend pressure.
Short interest is very high and their target is not clear to me.
Bottom could be at 4 or 2, so I don't recommend taking any position, unless trend reverses over few green days.
Don't fall for occasional spikes as they are quickly crushed.
SPY with its unstoppable force making new highs, recent push is caused by tech bouncing hard with some names making new highs.
Its time for consolidation as the RSI is very overbought.
That doesn't mean we are doomed, in fact SPY looks very healthy, even if it was supposed to drop to 375 level (which is much needed)
We definitely are going to test 400 at some...