UnclePennybagss

UnclePennybagss

SPY formed an insider bar and is now gapping to the upper PD high. Likely in the midst of a daily flag forming so not putting too much weigh on the insider bar. EQNR - earnings miss PD day but lifted up by strength in the sector. Today, posting they have discovered a new oil field. Gapping over the key 31.60 pivot on elevated RVOL, above the monthly range, with...

UnclePennybagss

SPY had an atypical session yesterday ranging only 0.7% as the market awaits Powell's planned speech today at 12:40 ET. No bias for today until the market digests the contents of the speak and chooses a direction. In the grand scheme, we are amidst a healthy low volume pullback still above key levels. Capitulation trades: TAL, ATVI, CHGG TAL - Capitulation...

UnclePennybagss

SPY started Friday with some incredible bullish momo off the open, held for the better part of the afternoon before failing to follow through and then completely reversing. Gapping down this morning showing weakness. Now that we are below the 410 area, if we have a stuff move in the morning, 406, then 402 is the next area of support. Expecting another type of...

UnclePennybagss

SPY came very close to reaching 420 resistance yesterday. But failed at 418. If the bullish momo continues we need to hold 413.46, some early fake outs below might be enough to flush some longs. However, if we get below and stay below, the bias is short until we form type of inverse H&S on the 5, 10, or 15 min. Payroll expected number 187K, actual ~500K, negative...

UnclePennybagss

SPY had a shallow pullback after the Fed announcement and continued the day will insane bullish momentum. key indicator before the meeting was spy calls and puts 100 points out. Typically before these meetings, pouts have a premium, but yesterday longs had an 0.80 cents premium. Then, after the announcement there was a quick flush that held the key 402 support....

UnclePennybagss

SPY had an impressive hold of the 400 level PD, making sure to fake out any early longs in the morning, allowing it to grind higher for the rest of the day. The focus today in FED decision. The fed funds tool is pointing to a 99% chance of a 0.25 point hike coming from the Fed so most attention will be on the comments from Fed Chair Powell on any indication of...

UnclePennybagss

SPY failed at the 404 level yesterday and continued to grind lower, but without a spike in VIX. Still making higher highs and lows so the overall strength is still present, we are just looking for support on the daily. Next key weekly level is 398, then 395.80 - a weekly support and a high vol node. BIDU - new regarding chatbot was sold early on, recovered...

UnclePennybagss

SPY gapping below PD open, putting any Friday longs underwater. I think it tests the convergence of the balance are top and the descending trendline around 400 - 401.50. From there, look to see if pops are sold are if they hold, that will tell if we had enough fuel to continue higher or if we need a larger flush out before approaching the 410 area. BIDU -...

UnclePennybagss

SPY started yesterday with a fakeout at the key 404 level. Swiped lower until finding support at 400. From there, it was a grind higher all day to close above 404. An inverse H&S in the afternoon signaled that we were going to close near the highs. Today we are gapping lower. Technically we broke all the key resistance levels so the next stop is 412. However,...

UnclePennybagss

SPY found support early in yesterday's session at the important 393.66 level. Then shorts failed to keep control for the remainder of the day. Key pivot level today is 402.63. After that, there is little resistance to the last CPI high at 410.20 from Oct 13. Bias Is high but the market loves fadeouts so be sure to watch for high volume reversals after breaking key...

UnclePennybagss Updated 

Market started with a rest day yesterday, faking everyone out left right and center. However, a late day squeeze flushed a good deal of shorts out so they could drop it in the PM, falling 1.23% at the time. Bias is short today. Looking for retests of key levels. Value area from prior day is 400 - indicated by the grey box and volume profile on the right. Retest...

UnclePennybagss Updated 

Market had an impressive rally yesterday. Will need to see some support levels tests and confirm before thinking about any new longs. 397.95, 397, 395. 80. If we get below and stay below without a reaction prior to 10:30 AM, looking for pullback VWAP tests in tech names to sell. MMM - Poor earnings, laying off workforce. Down 1.7 ATRs in the PM. Ideal is less...

UnclePennybagss Updated 

$TSLA - Over 136.34 if market is showing strength $MU - At or above 58.60 target 60.30 at 200 EMA. Chips get upgraded with China's continued reopening play. MU has ~42% of sales in mainland. Also watching AMD, NVDA. $PTON - Over 11.12 if it can stay there for first 15min. Lots of room to 12.12. $IAA - cash deal from rickie bros valued at $44.40. 10/10 Daily buy...

UnclePennybagss

KOSS creating bullish activity on the daily, M bottom and putting in another Lower Low. Looking for a pullback or consolidation in the grey box in anticipation of the next higher high. Must be at least two lower lows. Enter on the break of the daily bar high of the last lowest low bar, risk is bottom of bar. KOSS tends to run so if it can break and hold above...

UnclePennybagss

Looking to Add to AEON at less than .00030. It's respected this channel for the last 30 days.

UnclePennybagss

Looking back at Trends I Built - strictly for personal development as a Beginner -Trend lines predicted price movement - I didn't combine them with indicators like MA cross to take the proper action What I learnt: - BTC forks can now be priced earlier - stick to gut feeling - originally placed bids at 7100 but didn't fill because QuardicaCX trades at a premium...