peterjames_6

peterjames_6

Upside: 448.06 → 448.92 → 450.48 → 451.70 → 453.07 Downside 443.97 → 442.97 → 441.98 → 441.08 → 439.46 Technical Analysis: 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...

peterjames_6

Upside: 15172 → 15260 → 15333 → 15444 → 15582 Downside 14995 → 14947 → 14888 → 14810 → 14656 Technical Analysis: 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...

peterjames_6

Upside: 4478 → 4500 → 4519 → 4542 → 4566 Downside 4459 → 4447 → 4422 → 4400 Technical Analysis: 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...

peterjames_6

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...

peterjames_6

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. Upside 4519 → 4542 → 4656 → 4573 → 4586 Downside 4478...

peterjames_6

Upside 15897 → 15980 → 16063 → 16142 Downside 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

peterjames_6

Upside 4628 → 4643 → 4667 → 4695 Downside 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%) 4716-4765 Full Measured Move at 4777 All Time High 4808

peterjames_6

Technical Analysis: 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...

peterjames_6

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...

peterjames_6

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. Technical Analysis: AMEX:SPY is still due for a retest of the bull flag...

peterjames_6

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. Technical Analysis: 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...

peterjames_6

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.

peterjames_6

Daily, Weekly, Monthly Levels + Gaps and FVGs. Use these levels as support/resistances, supply and demand, and pivot points.

peterjames_6

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...

peterjames_6

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. Technical Analysis: This week ...

peterjames_6

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. Technical Analysis: ...

peterjames_6

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...

peterjames_6

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...