ChrisPtaco_32

ChrisPtaco_32

Nvidia had a perfect bounce off of the 50 day MA which was also the 61.8 fib level from the last time it tapped the lower trendline. As of right now, this still looks pretty good to me and could potentially setup a nice risk/reward trade in the near future. If it breaks the lower trendline, I will be looking for a deeper pullback and will have to watch price...

ChrisPtaco_32

It looks like SLV broke down and closed below the 50 day MA. This is exactly why you always wait for confirmation. I think this could setup a really good buying opportunity in the near future but we will need to wait and see where the price action takes us. Good Luck!

ChrisPtaco_32

Silver is coiling and I think we will see a very nice risk reward of about 3:1 here very soon. The MACD is gaining some good momentum in positive territory and the RSI is in a good entry point range. The 50 Day MA is coming up right to the price point and I expect it to hold as support as we've seen across the market (so far). This entire setup relys on...

ChrisPtaco_32

The Nasdaq held the 200 day MA from April until September on the hourly chart. Dynamic support is now acting as dynamic resistance. Ahead of the FOMC meeting, it is make or break time. We have a death cross on the hourly chart which hasn't happened since February. Although, the daily chart is showing support at the 50 MA and resistance at the 20 MA. We are stuck...

ChrisPtaco_32

The VIX is holding the 20 MA as support right now which is a little worrying to me. Momentum is waning but it is in positive territory now. It almost looks like it is forming a bull flag? A break in either direction is crucial next week. As always, I am not a financial advisor and this is not financial advice. Do your own research and formulate your own...

ChrisPtaco_32

Target is setting up with a nice bull flag before the holiday season. It has a little bit more of a gap to fill which is sitting right at the 61.8 fib level measured from the June pullback. I think we will see a little bit more downside next week and I am hoping for a nice bounce and break of the upper trendline with strong volume. As always, I am not a...

ChrisPtaco_32

Coca-Cola is looking really good for a long opportunity. We had a nice break of an ascending triangle formation and it is holding the 200 MA. Positive momentum and the RSI is in a good range. As the tech sector pulls back, I think we will see a nice rotation back into value equities and Coca-Cola is an excellent pick heading into the holiday seasons. As always, I...

ChrisPtaco_32

We are seeing growing momentum in the dollar lately. This is NOT what the Fed wants and I believe they will do anything in their power to bring it down for continued inflation. As much as everyone thinks the Fed has full control over the markets, I think everyone needs to remember that if this was true then we would NEVER see any type of market crash or major...

ChrisPtaco_32

The put/call ratio is at extreme lows and investors are becoming overly bullish while the S&P 500 hits all time highs. The VIX is still elevated and certain stocks look extremely overbought and overvalued while others are still down 10%-20% for the year. I think we are witnessing one of the biggest bubbles in history and it is just a matter of time before it...

ChrisPtaco_32

The S&P 500 is getting extremely close to the top of the megaphone pattern. There is little to no breadth in the market with Apple, Tesla, Nvidia, Amazon, and a few others keeping this market afloat. Here are some things to think about before everyone gets excited about new all time highs. 1. Schiller PE Ratio: 31.69 2. Price to Sales Ratio: 2.44 3. Buffet...

ChrisPtaco_32

The Vix can't seem to break below 20 and that is a worrying sign to me. We haven't had a broader market rally with only a few stocks holding up wall street. It is gaining momentum and I would expect a small spike like we saw back in June. I am expecting a 10%-15% correction here very soon and I have been trimming my positions accordingly. Good Luck!

ChrisPtaco_32

Shopify is finally starting to show signs of weakness. Decreasing volume, Potential MACD weekly bearish crossover, and major RSI divergence/overbought signals would suggest that it is time for a pullback. I was hoping for one last impulse up, which may still happen, but is looking unlikely at the moment. As always, I am not a financial advisor and this is not...

ChrisPtaco_32

There is still no sell signal on the QQQ. We are coming up to the 1.618 retracement level and most of the large cap tech stocks that have led to this rally are overextended. RSI Divergence and waning momentum is telling me we may start to see a breakdown soon. Next week will be an important week to see what happens.

ChrisPtaco_32

Baba has been tapping strong resistance the last few weeks. I am looking for a nice big green candle to break the trendline with strong volume. I don't see a lot of selling pressure and I think it has some room to run before it is well overbought. If it starts to breakdown, I will be looking for the gap too be filled around $223 before going long. Chinese stocks...

ChrisPtaco_32

Fedex has broken out of its downtrend from 2018 and has had a MACD crossover on the monthly chart. Volume looks strong but is waning now that it is in overbought territory on the RSI. A rejection off of the 1.618 retracement level and a retest of a strong support level may give a good entry point for a long position. I will be patiently waiting for the pullback...

ChrisPtaco_32

Well, I don't really have much to say other than I hope everyone is being careful right now. If you switch apple to a monthly chart, it gets even more ridiculous. It took 38 years to reach a 1 trillion market cap but just two years to reach a 2 trillion market cap. I think we will see apple go to the 2.618 retracement level of $515 before the pullback starts. We...

ChrisPtaco_32

Tesla just announced it is going to do a 5:1 split which has now propelled the stock 6% in after-hours. Even though this really doesn't matter, it has been seen as a positive for retail investors to buy more shares at what they consider a more affordable price (even though it has the same valuation). Tesla was forming a bull-flag prior to this news, was trading...

ChrisPtaco_32

Okta has been on a tear since the March lows and has finally started to pull back like the rest of the tech sector. The real question is, can it sustain this rally? I would expect a pullback to at least around $175.00 at the minimum. There is clearly RSI and MACD Divergence. Maybe a good short opportunity if it breaks the $196.00 level. As always, I am not a...