448.06 → 448.92 → 450.48 → 451.70 → 453.07
443.97 → 442.97 → 441.98 → 441.08 → 439.46
Since making yearly lows in March, SPY has been in a larger uptrend channel, with its last higher high peaking in July. Since making this high SPY has made a downwards channel on the daily inside the larger upwards chanel, and looks to...
15172 → 15260 → 15333 → 15444 → 15582
14995 → 14947 → 14888 → 14810 → 14656
Similar to ES, NQ had a down week and closed right on its bullish trendline support tracing back to the lows made in March of this year. NQ had a much weaker close than ES, finishing down 0.69% in Friday's session. I am looking to see if NQ holds this...
4478 → 4500 → 4519 → 4542 → 4566
4459 → 4447 → 4422 → 4400
ES tested a breakdown of a Long GP from 4461-4470, but bounced to close the Friday down only -0.1%. We want to see if ES can hold above last week's lows, if not, I could see a test below in the 4447 area where we should start to see buyers come in. This area would be...
NQ is forming an ascending broadening wedge on the daily. Typically this is a bearish pattern, but I believe a bounce is due as NQ is close to a key daily level at 15333 and a golden pocket 61.8% retrace of at 15315. If we get the bounce, we can target the weekly level at 15709 inside the daily fair value gap above where the short GP lies (61.8% retrace is at...
ES is in a channel up and has just recently retraced 61.8% of its move, setting up for a technical bounce when futures open. We can expect a bounce to retrace to the 4565 area (short GP is 4573). If this bottom trendline does not hold, expect a the daily fair value gap from 4470-4448 to fill to the downside.
4519 → 4542 → 4656 → 4573 → 4586
15897 → 15980 → 16063 → 16142
15709 → 15583 → 15484 → 15484
NQ is in a bullish channel on the daily, and retraced about 60% of its last move when it made last week's low.
A breakout to the upside can fill the daily FVGs above:
Current FVG filled at 15991.25
Next FVG filled at 16142
Measured Move sends us to 16483.25.
All Time High 16767
4628 → 4643 → 4667 → 4695
4604 → 4587 → 4564 → 4554
ES is forming a bull flag on the daily.
A breakout to the upside can send us to the daily FVGs above:
4667-4695 (Fib extension 50%-61.8%)
Full Measured Move at 4777
All Time High 4808
NASDAQ:TSLA currently is forming a bull flag on the daily timeframe with a golden cross setup (50MA crosses the 200MA on the daily).
I lean bullish on NASDAQ:TSLA as long as price action can defend the gap made from 235-242. If w can break out of the bull flag above 277, we could move towards 295. Bears will look to short this...
Technical Analysis: Last week’s price action put NASDAQ:QQQ back inside the bullish channel we’ve been watching since March. We should see come corrective price action this week before tech runs higher.
Bulls will look to see if we can stay above last week’s lows at 360. It is crucial bulls hold this level or we could see the daily fair value gap that could be...
Last week’s newsletter, we leaned bearish and the market made lower lows 4 out of the 4 trading sessions. With more fed speakers this week, PCE and Consumer Confidence data releases, and political turmoil in Russia, uncertainty can cause volatility in the market bringing down equities.
AMEX:SPY is still due for a retest of the bull flag...
AMEX:GLD is hot on my watch list as uncertainty in the world markets should cause investors to park their money in gold. AMEX:GLD is down -4% for the quarter and is due for a rebound.
AMEX:GLD has been consolidating in a falling wedge and is approaching the .618 retrace at 177.24.
I lean bullish on AMEX:GLD as long as we don’t break...
Use these levels as support/resistance, supply demand, fib levels.
This includes Daily, Weekly, and Monthly levels of significance.
I have also included daily gaps and FVGs on the Daily and Weekly Timeframes.
QQQ crushed it again last week, testing a breakout above the channel we drew last week. Investors will look at Apple’s press conference at WWDC 2023 (Monday at 1:00PM EST). It’s safe to say that whichever way Apple moves, NASDAQ:QQQ will follow.
Technical Analysis: Although we got 2 candle bodies to close above the bullish channel, we still have yet to have a...
Last week, the debt ceiling lift was signed into law which saved the US from defaulting. All of our upside targets hit last week, and the market reacted favorably with a green week up +3.2%. With not much on the economic calendar, I doubt we move much this week, but expectations of a soft landing can keep bulls in control.
This week ...
After finishing March and April strong and making all time highs at 119.92, NYSE:XOM pulled back in May to a key support level around 102. With $CL_F setting up for a bullish week, and the Saudis plan to cut their OPEC+ oil supply by 1 million barrels per day, we could see gas prices rise and a potential buying opportunity in $XOM.
As the S&P 500 and the NASDAQ rally into the green for the year, the Russell 2000 (aka the small cap index) has lagged behind and is barely green at +1.03% YTD for 2023. One of the reasons why this index hasn’t been doing well can be attributed to the index’s 15.18% allocation in the Finance Sector. Failing regional banks such as Silicon Valley Bank ( NASDAQ:SIVB...
The tech sector is on a tear. NASDAQ:NVDA earnings set the tone last week and the AI craze is on. NASDAQ:QQQ had a bullish week, closing up +3.53%, bringing it up +8.76% on the month. Strong earnings, job cuts, and developments in AI technology has sent the sector higher.
Technical Analysis: The last two weeks saw NASDAQ:QQQ break out of the rising wedge we...