I was correct that TSLA would form a pennant here because TSLA coils are so common, lol. Wasn't quite correct with the size of the pennant though, so here's a revised plot. Downward target is a back test of teh channel, upwards would be another pump of the same size. Options balance point is $380, so I don;t see it moving much teh rest of teh day
What does that mean? I dunno.
This isn't a good sign, it's already hit my dip target and MFI is overbought again. Yields rising once again. Looks to me like it might break this next line again. Leaning bearish.
Expecting a retrace back up to 2% Pattern indicates a whipsaw next week.
RTY isn;t collapsing like tech, I think it just drifts sideways for a while then hits my IWM target eventually.
I threw together this overlay a few days ago and didn't believe it because I figured Asia was gonna pump but it looks like they're gonna whipsaw sideways for a while. Oddly this indicates either a Monday or Tuesday pump, lol. They appear to have lost interest in tech again, NQ is the only index red (by a little)
Up 80% since last earnings, they aren't growing that fast, something's gotta give. Hitting resistance here anyways. Couple of put contracts with today's profits from flipping calls. Heck, all it has to do is give up today's gain and you'll break even.
Not really tracking any overlay I can find. I expect it to drift sideways then pop, but it could just melt up. I don't see an opportunity to short until it hits the pink line. The only thing you can do here is daytrade based on expected direction, I flipped some calls today. Probably not trading tomorrow.
I think it forms a pennant here because it always does, looks like a wave 4, probably gets pumptarded tomorrow No position. Way more calls than puts so expect weakness before close tomorrow
I've got next week as a whipsaw week. Asia looks like it wants to go up and they always pump NQ, meanwhile DAX looks like it needs to sell off a bit. I might take next week off, does not look like a good week to trade, unless you're doing it to set up for the following week which looks like when all three markets look to go pumptarded.
Still tracking my overlay more or less.... Probably stays weak tomorrow then goes up on POnzi Friday. WHipsaw next week. Eventually it will set up forApril earnings, there's no way it stays down here for earnings. In any case, remember AAPL is the market... or at least $NDX.
On both MFI and RSI. We'll see how long they can keep this from collapsing
Not a good sign for tomorrow. If you're bullish, wait until tomorrow, if your bearish maybe buy some puts EOD
I knew today's action reminded me of something, it's OSTK from a couple of years ago. Did the same thing, huge up days on the rebound. I was too focused on my channel to realize what was going on. The channels doesn't really matter, OSTK didn't make a perfect channel either, most stocks don't. It'll whipsaw down eventually. Still bearish on TSLA, no position....
Looking weak today like it wants a double bottom Bearish until EOD tomorrow. remember AAPL is the market.
I don't like to use ETFs as an indicator of the market, but QQQ did go oversold on the daily, chart pattern appears similar to Sept/Oct, which is what I said about AAPL last week. Probably a small dip tomorrow then another pump on Ponzi Friday, whipsaw next week and a rally to finish the month.