Drops from last week
Spy - 2%
Qqq- 4%
Iwm- 5%
DJI - 1%
Dow outperformed the best because of financials ,energy and health.. Big bank and Health stock earnings kick off this week which i think will ignite the dows pullback...
So intra day indicators look oversold but structure looks bearish along with elevated selling volume.
What i mean by this is,
The structure on most sectors,spy and qqq is showing a major double top..
But the RSI on the Hourly is sitting at oversold levels which indicates a bounce is incoming this week...
But the candle structure and volume indicates we will see a lower low on most stocks by EOW ;this is important because CPI is near EOW along with PPI.. So lets say CPI doesnt come in good , then i think we'll flush hard thursday and friday.
XLK (Msft and Aapl)
Sold off hard last week because of aapl.. Ended the week right on top of its 50ema..
Aapl ended the week oversold at 200sma and msft ended at 50ma..
The structure (Double top) tells me that XLK is heading towards 180 which means MSFT and aapl are both headed lower once XLK breaks below 50ema. Oversold indicator speaks of an incoming bounce but Only bullish back over 185.. look at that weekly candle and volume..
XLC (Googl,Meta,Nflx)
Tech sector that outperformed the most last week mostly because of Meta and Nflx.
Rising wedge here, daily macd and cci has rolled over. Personally i think they were just using meta and nflx as plunge protection.. look for any reversal on meta at 354 resistance because i think this sector is next to flush
XLY (Tsla and Amzn)
Tried to regain its primary channel in December but rejected and is now headed back to retest broadening wedge.. closed right above 50ema with a shooting star bullish reversal candle. Amzn and tsla also closed right on 50ma.. id be careful shorting these stocks until 50ma loses support.. buy the dip may be the play early next week
Lastly SMH (NVDA,Avgo,AMD
Rising wedge played out last and the dip was bought near the 50ema..
But the selling is just beginning.. expect a slight pop like the rest of tech and then a bloody quarter
So to sum all of this up into tradeable information..
The daily candle of Thursday and friday close showed a inverted hammer near 50/21 ma on some big names which means we could see a pop the first 2 day next week. The weekly candle and volume suggest you flip to puts or shorts as the week near ends.
Qqq and spy 1hout charts
Tight range
Spy - 2%
Qqq- 4%
Iwm- 5%
DJI - 1%
Dow outperformed the best because of financials ,energy and health.. Big bank and Health stock earnings kick off this week which i think will ignite the dows pullback...
So intra day indicators look oversold but structure looks bearish along with elevated selling volume.
What i mean by this is,
The structure on most sectors,spy and qqq is showing a major double top..
But the RSI on the Hourly is sitting at oversold levels which indicates a bounce is incoming this week...
But the candle structure and volume indicates we will see a lower low on most stocks by EOW ;this is important because CPI is near EOW along with PPI.. So lets say CPI doesnt come in good , then i think we'll flush hard thursday and friday.
XLK (Msft and Aapl)
Sold off hard last week because of aapl.. Ended the week right on top of its 50ema..
Aapl ended the week oversold at 200sma and msft ended at 50ma..
The structure (Double top) tells me that XLK is heading towards 180 which means MSFT and aapl are both headed lower once XLK breaks below 50ema. Oversold indicator speaks of an incoming bounce but Only bullish back over 185.. look at that weekly candle and volume..
XLC (Googl,Meta,Nflx)
Tech sector that outperformed the most last week mostly because of Meta and Nflx.
Rising wedge here, daily macd and cci has rolled over. Personally i think they were just using meta and nflx as plunge protection.. look for any reversal on meta at 354 resistance because i think this sector is next to flush
XLY (Tsla and Amzn)
Tried to regain its primary channel in December but rejected and is now headed back to retest broadening wedge.. closed right above 50ema with a shooting star bullish reversal candle. Amzn and tsla also closed right on 50ma.. id be careful shorting these stocks until 50ma loses support.. buy the dip may be the play early next week
Lastly SMH (NVDA,Avgo,AMD
Rising wedge played out last and the dip was bought near the 50ema..
But the selling is just beginning.. expect a slight pop like the rest of tech and then a bloody quarter
So to sum all of this up into tradeable information..
The daily candle of Thursday and friday close showed a inverted hammer near 50/21 ma on some big names which means we could see a pop the first 2 day next week. The weekly candle and volume suggest you flip to puts or shorts as the week near ends.
Qqq and spy 1hout charts
Tight range
Comment:
Qqq has gap at at 402.50
20sma at 403.66
I like the move up to 404...
After that we'll have to see
20sma at 403.66
I like the move up to 404...
After that we'll have to see
Comment:
Iwm fallen wedge here.. most likely move takes this back to 200 gap close
Comment:
Everything moved as expected for the Dow.. motherfawker is the juggernaut.. vix getting crushed back to 12 it seems... 406 will be the test on QQQ...
Comment:
Spy .. 401.50 lets see if it holds..
Looking for the dip buy today..15-30min finished overbought so id let it settle first 30 then see
Looking for the dip buy today..15-30min finished overbought so id let it settle first 30 then see
Comment:
Iwm bouncing off 193.50 gap support.
Spy bounced off 20sma or 471.50
Nq bounced off 21ema
Dow jones bouncing off 20sma
So far bounces
Spy bounced off 20sma or 471.50
Nq bounced off 21ema
Dow jones bouncing off 20sma
So far bounces
Comment:
Remember i said NYA needs to break 16,700 for cylicals to dump?
NYA is now showing a doublen bottom on the 15min at 16,700 support.. most likely they buy up cylicals later
NYA is now showing a doublen bottom on the 15min at 16,700 support.. most likely they buy up cylicals later
Comment:
Qqq 15min chart..
Looking like a inverted H&S
Breakout over 406
Looking like a inverted H&S
Breakout over 406
Comment:
Qqq gap resistance at 406... will be tough to move higher on any tech if qqq cant breakover this
Comment:
Dow jones 1hour chart.. 37,000 gap still remains open... my gut tells me it gets closed this week..
But broadening wedge forming here which could lead to a new ATH after gap closed
But broadening wedge forming here which could lead to a new ATH after gap closed
Comment:
Vix 1hour chart.. fallen wedge building here near support..
Comment:
Nq 2 hour chart
16,900 will not be an easy break here..
16,800 support
Also showing a rising wedge here..
16,900 will not be an easy break here..
16,800 support
Also showing a rising wedge here..
Comment:
Price action maybe choppy today, a lil difficult to trade. Unless qqq breaks over 406.50.. Be selective
Comment:
Nq retested wedge and rejected to support at 16,800.. as long as 16,800 holds.. then chop day..
Maybe a right shoulder forms
Maybe a right shoulder forms
Comment:
Tsla tapped it's 200sma .. doubt it breaks it today.. thats one less drag on qqq
Comment:
Msft headed to ATH....
Done for the day... scalped some IWM calls off 193... hasnt broken all year 😉. Probably will close gap at 200 soon.
Not swinging anything.. cpi premarket
✌
Done for the day... scalped some IWM calls off 193... hasnt broken all year 😉. Probably will close gap at 200 soon.
Not swinging anything.. cpi premarket
✌
Comment:
Soooo...
3 white soilders candle pattern on daily time frame is showing everywhere which indicates a 4th green day
Vix or TNX didnt budge. Waiting in CPI.
Nasdaq resistance is 15,000
3 white soilders candle pattern on daily time frame is showing everywhere which indicates a 4th green day
Vix or TNX didnt budge. Waiting in CPI.
Nasdaq resistance is 15,000
Comment:
Daily candles look hideous.. bearish engulfing with volume everywhere.
Qqq 15min chart
Small falling wedge forming Here at 404...
Below 404 and 400 comes.. bounce at 404 and 407 upside for today until ppi ..
Lets see how these daily candles play put
Qqq 15min chart
Small falling wedge forming Here at 404...
Below 404 and 400 comes.. bounce at 404 and 407 upside for today until ppi ..
Lets see how these daily candles play put
Comment:
This is SPX 1hour
Possible cup and handle may form..
Similar chart with IXIC and QQQ..
Vix broke out of its wedge but getting smack down at the 21ema.. could back test wedge breakout
Possible cup and handle may form..
Similar chart with IXIC and QQQ..
Vix broke out of its wedge but getting smack down at the 21ema.. could back test wedge breakout
Curling over here at the top of a rising wedge.. Macd has already rolled over and so has CCI.. similar fawkery as dow jones here.. look for the pull back this week once 16,700 breaks.. Cylicals and banks will be heavily affected