Spent all last week consolidating.
Some but not all of big tech have topped off.
I think we have 2% more upside to 458 target or trendline retest.
IXIC or Nasdaq composite has lagged QQQ or NDX for most of NOVEMBER; That's because big tech has outperformed large and mid cap tech.
If you look here on IXIC
Unlike qqq that has closed their gaps, IXIC has still a gap left over from 14,346.
That's a 1½% move up from Fridays closes. This would most likely put qqq at 391-392.
Once we get closer and closer to closing this gap the magnificent 7 rally will narrow. You will get more weird days like Googl,tsla,amzn up msft,aapl,nvda down; so be selective day to day and don't swing if you can avoid it.
NYSE or NYA
Chart is self explanatory.
Rising wedge playing out here with a broadening wedge pattern formed.
Price should continue higher until we retest rising wedge in yellow
Dow jones
Deja vu?
Same exact chart as NYSE.
Price will retest rising wedge and test August highs.
Right now price as been consolidating under 35,000. Once dow breaks over and close above 35k , you know the leg higher is upon us.
IWM
Took a Gatorade break after Tuesdays massive breakout.
182 resistance
175 support
I think price is headed back to 191-200.
Iwm was late to the party and will play catch up. I expect a breakout over 182 with holiday sale numbers are released
Another reason I'm expecting a higher high this week is the 3 white soldiers candle pattern showing on the weekly. This candle pattern indicates a high possibility of a higher high for the 4th week. This candle pattern shows up at the end of downtrend or sell-off like what we had from aug-oct. Look at your weekly chart. Now look for 3 green candles after weeks of sell offs, you'll find that the 4th candle led to a higher high.
Now that we've got the BullShyt outta the way 😉.
Here's what looks bearish.
DXY or dollar
Approaching 103 support.
Price is oversold on The daily
Bearish engulfing candle on the weekly
TNX
10yr
Right shoulder of this H&S has formed a falling wedge at 4.3 gap support
Bearish engulfing candle on the weekly though
Vix
Also falling wedge showing up here while price corrects to 12.90
Also the SPY and QQQ are at Overbought levels almost identical to fall of 2021.
Personal opinion, I'm going with Volume and candles here and both are saying we will go higher still.
Here's the monthly candle of SPY.
As long as we close this month out below August hangman this has been nothing but a bearmarket rally.
Also As you can see , we are still outside both NYSE and DOW rising wedges so this would just be considered a Retest.
I'll do some intra day price levels for trading but honestly I haven't been trading indexes with the exception of IWM, too much Chop. Most likely I won't trade indexes again next week, I expect low volume for the holiday week, better to stick with individual names.
If you see Tsla,Googl and NFLX green while NVDA and Msft are red that should be your first 🚩 if you're trying to short spy or qqq. When you see mix moves on the mega cap the market won't go much lower and you'll get trapped in a Theta burn.
Good traders adapt.
Some but not all of big tech have topped off.
I think we have 2% more upside to 458 target or trendline retest.
IXIC or Nasdaq composite has lagged QQQ or NDX for most of NOVEMBER; That's because big tech has outperformed large and mid cap tech.
If you look here on IXIC
That's a 1½% move up from Fridays closes. This would most likely put qqq at 391-392.
Once we get closer and closer to closing this gap the magnificent 7 rally will narrow. You will get more weird days like Googl,tsla,amzn up msft,aapl,nvda down; so be selective day to day and don't swing if you can avoid it.
NYSE or NYA
Chart is self explanatory.
Rising wedge playing out here with a broadening wedge pattern formed.
Price should continue higher until we retest rising wedge in yellow
Dow jones
Deja vu?
Same exact chart as NYSE.
Price will retest rising wedge and test August highs.
Right now price as been consolidating under 35,000. Once dow breaks over and close above 35k , you know the leg higher is upon us.
IWM
Took a Gatorade break after Tuesdays massive breakout.
182 resistance
175 support
I think price is headed back to 191-200.
Iwm was late to the party and will play catch up. I expect a breakout over 182 with holiday sale numbers are released
Another reason I'm expecting a higher high this week is the 3 white soldiers candle pattern showing on the weekly. This candle pattern indicates a high possibility of a higher high for the 4th week. This candle pattern shows up at the end of downtrend or sell-off like what we had from aug-oct. Look at your weekly chart. Now look for 3 green candles after weeks of sell offs, you'll find that the 4th candle led to a higher high.
Now that we've got the BullShyt outta the way 😉.
Here's what looks bearish.
DXY or dollar
Approaching 103 support.
Price is oversold on The daily
Bearish engulfing candle on the weekly
TNX
10yr
Right shoulder of this H&S has formed a falling wedge at 4.3 gap support
Bearish engulfing candle on the weekly though
Vix
Also falling wedge showing up here while price corrects to 12.90
Also the SPY and QQQ are at Overbought levels almost identical to fall of 2021.
Personal opinion, I'm going with Volume and candles here and both are saying we will go higher still.
Here's the monthly candle of SPY.
As long as we close this month out below August hangman this has been nothing but a bearmarket rally.
Also As you can see , we are still outside both NYSE and DOW rising wedges so this would just be considered a Retest.
I'll do some intra day price levels for trading but honestly I haven't been trading indexes with the exception of IWM, too much Chop. Most likely I won't trade indexes again next week, I expect low volume for the holiday week, better to stick with individual names.
If you see Tsla,Googl and NFLX green while NVDA and Msft are red that should be your first 🚩 if you're trying to short spy or qqq. When you see mix moves on the mega cap the market won't go much lower and you'll get trapped in a Theta burn.
Good traders adapt.
Comment:
Dow jones 1 hour chart.
Price has formed a pennant under 35k resistance..
Should break up or Down by Tuesday..
I'm leaning upwards.
I think cylicals , Financials and smallcaps will give more consistent moves the big tech for the remainder of November
Price has formed a pennant under 35k resistance..
Should break up or Down by Tuesday..
I'm leaning upwards.
I think cylicals , Financials and smallcaps will give more consistent moves the big tech for the remainder of November
Comment:
Vix and 10yr both broke to the upside of their falling wedges premarket..
Me personally, vix is only a factor back over 15.5
Spy 2hour chart
This could either be an bullish ascending triangle or a double top in the making.
Over 451.75 and the next resistance is
453.61
Me personally, vix is only a factor back over 15.5
Spy 2hour chart
This could either be an bullish ascending triangle or a double top in the making.
Over 451.75 and the next resistance is
453.61
Comment:
Oil is moving... Opec talks of tightening...
If you're bull, energy is where you might want to trade today
If you're bull, energy is where you might want to trade today
Comment:
If aapl holds over 191 resistance they won't sell .. next stop 195 gap close
Comment:
Big tech getting all the volume ..
Smallcaps, and cylicals are the side piece today..
Smallcaps, and cylicals are the side piece today..
Comment:
Dow
Pushing above 35k.. the higher it pumps the more small caps and cylicals will follow.
Tsla the black sheep today for tech, tomorrow they will outperform lol
Pushing above 35k.. the higher it pumps the more small caps and cylicals will follow.
Tsla the black sheep today for tech, tomorrow they will outperform lol
Comment:
Big tech names fading... Small caps picking volume..
Dow jones 1hour chart.. at resistance here
We may pullback inside of last week range if things keep fading.
Dow jones 1hour chart.. at resistance here
We may pullback inside of last week range if things keep fading.
Comment:
Long here on XOM
Backtested wedge
108c
12/1
104.00 stop loss
Backtested wedge
108c
12/1
104.00 stop loss
Comment:
Hardest part is figuring out the general direction of the marker.
Next step is getting a decent entry so you're not stopped out and soon as you buy..
General direction is up until retest are done..
So work on your Fawking entries 😉..
Be back on later
Next step is getting a decent entry so you're not stopped out and soon as you buy..
General direction is up until retest are done..
So work on your Fawking entries 😉..
Be back on later
Comment:
Well spy hit its 453.60 target today...
Dow jones broke out and is headed for 35,300 gap
nasdaq still has gap to close at 14,346..
Most likely continue tomorrow with some rotation in leaders.
NFLX closed its gap so I don't expect them to lead tomorrow
Looking for tsla to step up tomorrow
Dow jones broke out and is headed for 35,300 gap
nasdaq still has gap to close at 14,346..
Most likely continue tomorrow with some rotation in leaders.
NFLX closed its gap so I don't expect them to lead tomorrow
Looking for tsla to step up tomorrow
Comment:
I think it should be obvious aapl is going for the 195 gap close.
Googl is going for their 139 gap close.
It will be very hard to short the market while 2 of the 3 biggest stocks want to close upside gaps
Googl is going for their 139 gap close.
It will be very hard to short the market while 2 of the 3 biggest stocks want to close upside gaps
Comment:
Materials , commodities, Healthcare and Financials underperformed the most today; I expect that to change either tomorrow or Wed.
Volume was low , but low volume doesn't bring stocks down, sellers do!.
as far as the indexes go, price got halfway to final gaps and pullback.. either that was a trap for the bulls or we'll need fomc to push us across the finish line
Volume was low , but low volume doesn't bring stocks down, sellers do!.
as far as the indexes go, price got halfway to final gaps and pullback.. either that was a trap for the bulls or we'll need fomc to push us across the finish line
Comment:
They won't let this fall too far before minutes... becareful Shorting blindly..
Comment:
Tsla 242 gap close incoming
Comment:
Dow bounced off 35k support .
The fact that they are keeping tsla and googl up and nvda flat speaks volume about this red day.
Enrgy and Financials taking a beating but
Health care broke out and is offsetting..
Stopped out of XOM for a loss, don't know what happened there.. scalp tsla calls this morning , gap didn't fully close but I had a trailing stop so I got kicked ..
On the side lines for now
The fact that they are keeping tsla and googl up and nvda flat speaks volume about this red day.
Enrgy and Financials taking a beating but
Health care broke out and is offsetting..
Stopped out of XOM for a loss, don't know what happened there.. scalp tsla calls this morning , gap didn't fully close but I had a trailing stop so I got kicked ..
On the side lines for now
Comment:
Googl over 137.20 and they go for 139 gap close
Comment:
It's going to be hard to bring the spy down with Healthcare pumping plus googl/Tsla
Comment:
Spy resistance 453.60
Support 451.30
Chop in-between
1hour money flow on ES and NQ are both oversold.. becareful of a bounce .
Dow still holding 35k
Be back on later around minutes
Support 451.30
Chop in-between
1hour money flow on ES and NQ are both oversold.. becareful of a bounce .
Dow still holding 35k
Be back on later around minutes
Comment:
Iwm 30min chart
Pennant here
On support
Pennant here
On support
Comment:
Things only get bearish here if QQQ/Tech goes ..
Qqq only turns bearish below 386.
We break 386 and 384.00 is next.. otherwise this was just a calling off of the indicators and we are headed to
457 spy
392 QQQ
35,300 dow
Qqq only turns bearish below 386.
We break 386 and 384.00 is next.. otherwise this was just a calling off of the indicators and we are headed to
457 spy
392 QQQ
35,300 dow
Comment:
10yr.
Retested wedge.
Just waiting on some news 😆
Retested wedge.
Just waiting on some news 😆
Comment:
Was looking at some bullish setups if NVDA beat
Amd 122 gap close
Googl 139 gap close.
Tsla looks like it wants 250 this week.
Let's see what happens..
I'm in all cash , catch you later ✌
Amd 122 gap close
Googl 139 gap close.
Tsla looks like it wants 250 this week.
Let's see what happens..
I'm in all cash , catch you later ✌
Comment:
Vix approaching low of the year at 12.80
Identical double tops I've circled bought us to this level both times...
If this support holds then the next pop on the market might be the last
Identical double tops I've circled bought us to this level both times...
If this support holds then the next pop on the market might be the last
Comment:
Consume inflation expectations out at 10am est.
Tsla 10 min chart..
Cup and handle
Long over 244
250 target
Tsla 10 min chart..
Cup and handle
Long over 244
250 target
Comment:
Crazy opener...
Caught that googl 139 gap close.
Spy at 456.40 gap resistance , over that and we have one more gap at 457.84
Tesla underperforms while the rest of tech pumps lol.w. such a scam
Iwm broke out of that pennant.. most likely headed back to 180+
Caught that googl 139 gap close.
Spy at 456.40 gap resistance , over that and we have one more gap at 457.84
Tesla underperforms while the rest of tech pumps lol.w. such a scam
Iwm broke out of that pennant.. most likely headed back to 180+
Comment:
Vix bounced off 12.8
IXIC did close its last gap
But spy still has a gap at 457.80 to close.
May com next week after holiday numbers.
Tech looks mixed to go long and energy and small caps fading
IXIC did close its last gap
But spy still has a gap at 457.80 to close.
May com next week after holiday numbers.
Tech looks mixed to go long and energy and small caps fading
Comment:
Aapl closed its 2nd to last gap at 192.60..
I just can see this market going down until that 195 gap is closed
I just can see this market going down until that 195 gap is closed
Comment:
One thing I notice was qqq smacked it's trendline resistance this morning at 393..
Has one final gap left over at 396
3day chart
Has one final gap left over at 396
3day chart
Comment:
You can see the same pennant here on RTY (IWM futures) .
4hour chart..
IWM is in for a big move over the next few sessions
4hour chart..
IWM is in for a big move over the next few sessions
Comment:
Looks like an intra day pennant setting up on all indexes.
5min chart
Spy
Qqq
Iwm
5min chart
Spy
Qqq
Iwm
Comment:
No volume... looks like everyone already clocked out for the holiday
..
I'll catch you'll Friday..
..
I'll catch you'll Friday..
Comment:
Morning...
Spy has one more gap to close near 457.80.. it will close that gap by Tuesday.
SPX has gaps at 4576 and 4588 to close.
Resistance currently is 456.40 for spy.
I don't know if they'll close these gaps to or wait for The results of black Friday and launch this Monday.
I do know that I wouldn't go to heavy short until spy tags 458..
As you saw this week how they manipulate and yoyo tech stocks. They could dump NVDA and pump meta to offset its losses against the spy.
I think until spy closes 458 gap and or Apple closes 195 gap the market will continue to yoyo.....
Spy has one more gap to close near 457.80.. it will close that gap by Tuesday.
SPX has gaps at 4576 and 4588 to close.
Resistance currently is 456.40 for spy.
I don't know if they'll close these gaps to or wait for The results of black Friday and launch this Monday.
I do know that I wouldn't go to heavy short until spy tags 458..
As you saw this week how they manipulate and yoyo tech stocks. They could dump NVDA and pump meta to offset its losses against the spy.
I think until spy closes 458 gap and or Apple closes 195 gap the market will continue to yoyo.....
Comment:
Like I said .. yoyo games.
Today cyclicals outperform
Cyber Monday, big tech will outperform..
Today cyclicals outperform
Cyber Monday, big tech will outperform..
Comment:
Iwm building a nice ascending triangle here..
Breakout most likely early next week.
Long over 180
Target 185 gap close
Breakout most likely early next week.
Long over 180
Target 185 gap close
Comment:
Googl, aapl,nvda
5min falling wedge.. watch for a pop here
5min falling wedge.. watch for a pop here
Comment:
Other day they dumped tsla for no reason, now they pump it for plunge protection...
Dow jones
Next stop is 35,600 gap close.
35,300 is now support.
Only bearish back below 35k
Dow jones
Next stop is 35,600 gap close.
35,300 is now support.
Only bearish back below 35k
Comment:
Qqq 5min falling wedge.dont know if they pop it here first or go for the gap at 388.40
Comment:
Last post.. I think ARM has the most bullish setup on tech.. inverted H&S built up from its IPO.. 69$ incoming.. didn't catch the breakout because I don't normally trade this stock but the setup is legit..
Enjoy the weekend, I think we will top next week and begin December selling .. will do a new post Sunday
Enjoy the weekend, I think we will top next week and begin December selling .. will do a new post Sunday
After CPI gap up price has basically consolidated between 4500-4540.
These type of moves are frustrating for bears because after the CPI rally the price became so extended and oscillators so Overbought that you would've expected an immediate pullback but instead Price traded sideways and the hourly oscillators (Rsi,mfi,cci,) all cooled off.
This is manipulation, how they pull this off is pump half of the magnificent 7 and dump the other half; This keeps the price of the ES,SPY,QQQ in a range or chop.
Right now the 4hour bollingerband on the ES and NQ has tighten severely which means an explosive move will take place by Tuesday.
Looking ahead
Tuesday is Fed minutes
After hours NVDA earnings