I've been watching Amazon for a while now with the expectations of a return to its past levels of over $2000 and it seems the time for that may be just around the corner. Here I've displayed NASDAQ:AMZN completing a Gartley pattern on a weekly timeframe and have also referenced the RSI which seems to show that there is still a comfortable amount of room to run...
NASDAQ:QQQ aiming to return and break all time highs as we currently sit 2.25% away. This is based on the completion of impulsive and corrective Elliot waves between February and June as well as reference to Fibonacci levels coupled with todays dovish Fed remarks. A rate cut as early as July seems to be even more likely at this point and as a result the indexes...
Given oils correlation to SPY (as shown in the overlay) as well as recently being oversold on the hourly, 4 hour, and daily timeframes it seems the oil bulls will follow SPY and other equity bulls in putting global growth concerns to the side for now and focus on looking to the upside with a potential rate cut and Mexico tariff delays also helping overall...
Shorted TQQQ down from 60s into the 40s, has followed chart closely and is testing support at 47.5. Oversold on 1hr, 4hr, and Daily timeframes indicate a strong possibility for a bounce. I don't recommend trading within the 42-47 price range as action in that range will likely be determined by algorithms and new headlines. If 42 support is broken potential short...
Average Surprise on Earnings (Past 5): Very Negative
Average Price Movement on Earnings (Past 5): Negative
*continued struggle for retailers
*Expecting triple top in RSI and price at $104
*WMT should retrace back toward $100
*Bullish sentiment on BTC = Long 15 coins ($100k)
*Entered at $5 216.37
*Given sentiment and RSI take profit should occur at $6400 (next key resistance point given no RSI divergence occurs on daily chart)
*Stop set at support from cloud & recent consolidation @ $4876