Price has formed a rising wedge.
Similar wedge can be found on QQQ
Spy finished yesterday's close trading inside this tight channel that some bears would say was a bear flag. Resistance is around 412.10.
I would like to see it break out or down and not trade in this channel the eilntire session leading up to FOMC like so
I think the will kick off its correction either by EOW or next week.
Trendline support sits around 409.00
White trend line resistance - around 414
Over 414 and its about an 80% chance we tag 418.50
To the down side, if spy breaks below 409 , there is 408, and 407.50.
I wouldn't short unless 407.50 is broken.
I think if 407 goes, we head to 395 this time.
And here's the Dow jones. It's has about another 2% upside and it's finished . Spy has 2% to 418 and QQQ has another 2½% to 330. It's not that much more upside in my opinion before a correction that will take us into June; They blame it on the Rate or Debt ceiling but the rising wedge pattern was already there.
If you are thinking of shorting this early and not waiting to see if spy will tag 418 PLS grab some time , I'm talking like 3weeks+.
Vix 2 and 3 hour CCI still favors a pullback.
IMO , Spy tags 418 either today or tomorrow, but let's see what happens .
Similar wedge can be found on QQQ
Spy finished yesterday's close trading inside this tight channel that some bears would say was a bear flag. Resistance is around 412.10.
I would like to see it break out or down and not trade in this channel the eilntire session leading up to FOMC like so
I think the will kick off its correction either by EOW or next week.
Trendline support sits around 409.00
White trend line resistance - around 414
Over 414 and its about an 80% chance we tag 418.50
To the down side, if spy breaks below 409 , there is 408, and 407.50.
I wouldn't short unless 407.50 is broken.
I think if 407 goes, we head to 395 this time.
And here's the Dow jones. It's has about another 2% upside and it's finished . Spy has 2% to 418 and QQQ has another 2½% to 330. It's not that much more upside in my opinion before a correction that will take us into June; They blame it on the Rate or Debt ceiling but the rising wedge pattern was already there.
If you are thinking of shorting this early and not waiting to see if spy will tag 418 PLS grab some time , I'm talking like 3weeks+.
Vix 2 and 3 hour CCI still favors a pullback.
IMO , Spy tags 418 either today or tomorrow, but let's see what happens .
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Iwm going for that 175.40 gap close
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Like I said.. it's just grinding in this range. Same channel with the dow..
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Bought more XOM
110c
5/12
Still holding original 111c
110c
5/12
Still holding original 111c
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Bearish setup forming on the ES.. if things go south at FOMC , spy will really flush sub 408
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Like i said yesterday, I don't believe in a V shape recovery.
We may test 409.30 before FOMC.. from there it's either do or die..
XOM never got the bounc either wanted but I'm expecting to profit here... if spy drops to 409 XOM could close the gap at 107... from there I'll add again..
OIL futures are way oversold, due for a big bounce
We may test 409.30 before FOMC.. from there it's either do or die..
XOM never got the bounc either wanted but I'm expecting to profit here... if spy drops to 409 XOM could close the gap at 107... from there I'll add again..
OIL futures are way oversold, due for a big bounce
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You see the MFI for dow jones futures on 1,2 , and 3 hour? Getting oversold.
Dow wants to pop soon
Dow wants to pop soon
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Now XOM kicks it in gear.. possible double bottom on 15min to close today's gap
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416 next stop if Powell pops this.. holding support so far.. bearish below 409
416 next stop if Powell pops this.. holding support so far.. bearish below 409
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Es needs to hold 4118 or it gets bearish... Unless 4118 goes, it's chop
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Cut all calls
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Double top on everything.
Aapl
Qqq
Dow.
Spy
Aapl
Qqq
Dow.
Spy
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Es closing.. either falling wedge or H&S
NQ. Same thing
If we gap down tomorrow, things will get ugly..
Not swinging anything
NQ. Same thing
If we gap down tomorrow, things will get ugly..
Not swinging anything
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I'm looking at
the Vix almost at 20....
Aapl about to close its gap at 164.
Watch spy for the bouncebat 406- 406.50
The futures are all holding support.
Tech doesn't look week, just aapl.
That pac west fiasco is dragging down banks and cyclicals but Iwm is hovering at 170 again..
I want to sit and wait..
the Vix almost at 20....
Aapl about to close its gap at 164.
Watch spy for the bouncebat 406- 406.50
The futures are all holding support.
Tech doesn't look week, just aapl.
That pac west fiasco is dragging down banks and cyclicals but Iwm is hovering at 170 again..
I want to sit and wait..
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Spy 1hour..
Qqq 1hour
I showed you a falling wedge on the ES and NQ... sometimes the Spy will have the same pattern, so I went looking..
If 406.60 holds then this is valid
Qqq
I'm not a permabull but when the Vix can break over 20.00 I smell fawkery
Qqq 1hour
I showed you a falling wedge on the ES and NQ... sometimes the Spy will have the same pattern, so I went looking..
If 406.60 holds then this is valid
Qqq
I'm not a permabull but when the Vix can break over 20.00 I smell fawkery
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Games .. careful staying short here
.
.
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Yeah that banking situation is ugly. FIRST PAC WEST NOW WAL.
We might see 401 today. Risk off
We might see 401 today. Risk off
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I'm glad I sat today out..
Technicals all oversold.. normally I would go buy the dip But there's an obvious
Major Double top on the Dow and SPY playing out now. Double bottom on The VIX and SPXU...
Remember how in April indicators would go overbought and market would still melt up? That's how its looking right now..
If the indexes closes with red candles, that would indicate 3 black crows which is a bearish continuation candle..
That doesn't mean we open red, but there's a high chance we close red again tomorrow.
Vix is the opposite with 3 white soilder candles..
So far QQQ has held 315 .. but if it breaks 315 then 311 gap is on the table
Same with spy holding 404.. if it bounces, it'll retest 408 max before heading lower
Technicals all oversold.. normally I would go buy the dip But there's an obvious
Major Double top on the Dow and SPY playing out now. Double bottom on The VIX and SPXU...
Remember how in April indicators would go overbought and market would still melt up? That's how its looking right now..
If the indexes closes with red candles, that would indicate 3 black crows which is a bearish continuation candle..
That doesn't mean we open red, but there's a high chance we close red again tomorrow.
Vix is the opposite with 3 white soilder candles..
So far QQQ has held 315 .. but if it breaks 315 then 311 gap is on the table
Same with spy holding 404.. if it bounces, it'll retest 408 max before heading lower
It's Down Premarket, will be the second gap below bbands.
Oil inventory releases at 10est
Xom could go for that 107 gap close but I think that's it. 1hour rsi in the 20's.
I'll buy more calls today,..