Spy

2 different perspectives here..

1st. We may have an ascending triangle playing out on Spy and QQQ

Which explains why we had so much of a thrust of volume on friday.
If it is indeed an ascending triangle at play then we are going to spy 500, and qqq 430 by feb 1st.

The breakout move should be like this

This is the second perspective
Spy and Dow both closed at resistance and vix closed on trendline support +50/20sma.

Dow breaks above 38,000 and its a bullflag , to 40,000. But if it rejects, then we head back to 37,000

Vix 2hour chart.. right here on support, if it breaks below 13.20 the. We head back to 12.50

I'll update later

Comment:

IWM
Daily candle finished with a hammer friday following uo on Thursday dragonfly. Weekly candle finished with volume of 200sma.
Looking for a 197 test this week

Comment:

Tsla has earnings this week but this biggest catalyst is the core pce late this week.

Comment:

My opinion...
We melt up until
Aapl earnings on Feb 1st then we correct on Fomc Feb 2nd...

Last 2 years the trade has been on inflation and recession fears . Put that aside, normal Market cycle normally corrects between Feb - and middle of March.

Comment:

If there is a pullback to start the week, look for bulls to by the dip at 478-480 on spy

Comment:

Door number one was chosen
. Ascending triangle... a close over Spy 485 and 490 incoming..

Iwm headed to 197, over 197 and 201 gap close incoming

Comment:

Dow jones..
Looks like a bull flag break out here..

Could see some more moves on financials going higher..
Look for a close above 38,000
For conformation

Comment:

Qqq , as long as 420 holds, 430 is next

Comment:

Vix
Headed to close gap at
12.68

Comment:

Sellers couldnt break qqq 420.00
2-3 MONEY FLOW already oversold on NQ.
If NFLX beats tonight, expect tech to rip ..

In my opinion, we rip to new highs by friday, maybe sooner.

Comment:

QQQ 15min chart.
Back to 425.00 incoming

Comment:

Vix closed gap but its probably headed back to 12.30 then another rip up.
Falling wedge here .

Highlighted last 2 wedges

Comment:

Dow jones rejected off 38k but bounced off prior range.. 100pt window here until 38k breaks

Comment:

490 spy
430 Qqq..

The ascending triangle pattern completes there.
I wouldn't short until.

And even then, i dont think it breaks back below 480 before fomc Feb 2nd

Comment:

Big tech , relentless..
Cylicals and small cap weak, most likely until core PCE friday.

Comment:

Looking at IWM here. They keep rejecting at 197 here but i think its making a RS as long as 193.50 holds. Could break in the coming weeks, target 205

Comment:

I think we have a nice flush tomorrow at some point before Core pce friday.

I dont know if we gap up and then flush or gap down .

Comment:

Vix doing vix stuff..
2hour chart
Falling wedge breakout here.

Most likely target is 14.00 by next week

Comment:

Nasty daily candles on the indexes....

If QQQ breaks 425.00, then they will sell tech. Otherwise they buy the dip

Dow closed right on support, IBM beating earnings will give a pop.

Vix closed right below 21/20 ma.

Basically everything closed at fork in the road

Comment:

On the 15min chart QQQ
You can see a wedge was formed with today's sell..
Any gap down below 425 and this fallin wedge would be negated.. below 425 and 421-420 is at play

Comment:

Use 430 on QQQ as resistance.. Use yesterday's spy high as resistance or 490 if they push higher. IWM is also near 197 resistance...

My opinion, wait to see if they push it up to near yesterday's highs and then short

Comment:

On second thought... that GDP news might really move smallcaps... IWM now over 197, next resistance 198.50.

Comment:

Dow jones 1hour chart..
Bull flag setting up here

Comment:

NQ 15min chart , pressure cooker here.. should break up or down in the next 45min.. if it breaks up then we head to yesterday's highs

Comment:

Qqq

I think we test 425 by tomorrow

Comment:

Qqq 15min chart
Double top or bullflag? We will find out tomorrow

Comment:

NQ here.. Double top in process now to 17439, this is equal to QQQ 420 .

Only way this doesnt happen is Nq pops back over 17,600

I dont think it breaks 420 tomorrow, they'll most likely buy the dip there,

Hypothetical play for the next week leading into FOMC

Comment:

QQQ gap at 423.40 , watch for a bounce there...
Break below 423 and 420 incoming.

Long above 426.50
Target 429.00

Comment:

Dow jones bull flag break out

Spy setting up with a similar bull flag
As earlier in the week

Qqq 15min chart
Bullflag setup also pver 426

Comment:

Feels like games.. vix pulled back to 21/50 ma support.. breaks below that. And vix will really crush..

The key to this popping higher is QQQ over 426.50... until that happens , chop..