Workday closed below the head and shoulders neckline this week so I definitely would expect a move lower, potentially filling the gap from November. It's oversold now though, so maybe a move similar to the ghost pattern- could totally keep sinking though.
Sitting on my hands for the time being, but my plan is to short once it's not oversold complemented with weak...
SPY looks set to close below the SMA 20 with an RSI < 50, which isn't great. Just getting an overall toppy feeling and expect a correction to the $486-495 mark if there's a break of the highlighted volume node.
CPI was also hot so that weakens any idea of a rate cut this year.
Anything can happen and I'm not looking for a short yet, but if there's some more...
PYPL broke out of long-term channel two weeks ago, but I'm not confident it will get past $68.21 (for now). Looking for a fall-back to the $64ish area next week. The run up has had some strength, however. Will close short position if there's a close over $68.21.
GL
XRX (Not entirely even sure what they even do anymore) hit a multi-year support level that's been strong since '82.
Dead stock or will it bounce back? Time will tell
XLP hit a level that has served as a strong support line since November 2020. Not sure if it will hold this time, but getting pretty oversold here. Costco also beat earnings, I'll play the 10/14 $69.5c. Not expecting much but hopefully a small bounce before more downside. GL
NET broke out of the ascending channel in August and fell right back in as soon as September hit. Interesting to see where this one will go. No position.
I think we can see some downside in the SPY for 4 reasons:
1) SMA 200 looks like it'll be a potentially tough resistance for price to break.
2) Price failed to close over a key resistance level (R2).
3) Another resistance level (R1) seems to be a potentially tough one to break.
4) RSI still high, however not technically overbought anymore.
Also, it's been a...
On the weekly, AMD currently sitting at strong support line established as of Oct 26, 2020. Price has not broken since. That being said, not sure how confident I am that it will not break due to the current market, but the stock has gotten hammered this past week. Still bearish short/medium term but started a small position in hopes for a bounce play. Good luck to all!
