upslidedown

upslidedown

Voodoo levels tip: When low volatility is expected (like over the weekend), price on an intraday basis will most likely range between DH1 and DL1 levels. Exceptions can always happen. But expecting low volatility and mean reversion at the CME open on Sunday is something I continue to bet on. Enjoy your weekend!

upslidedown

Yesterday's idea on with the 200 day ema prediction/DOL zone was definitely the right zone for a key interaction. If oscillator momentum can keep up, I think we should be targeting a gap fill in the 430 zone today. Momentum is down. If we're really going to bounce and long we should see some kind of bottoming pattern/interaction that provides us with...

upslidedown Updated 

Unfortunately, yesterday led to continued downside. Oscillator is crossing back down and threatening its headed into oversold territory. We now have multiple gaps above acting as resistance. I think we'll see a "breakdown zone" retest (430-436) but at this point the 200 day EMA and the old draw on liquidity is closer and thus much more likely to happen...

upslidedown

Rate news last week really destroyed this index. SPY has a lot of work to do in order to go higher. For the time being I remain cautiously optimistic and think we pause and seek higher liquidity. Oscillator looks to be bottoming but there's no strong confluence of support in this 430 zone. The "strong support" zone is going to be around 422 where the 200 day ema...

upslidedown Updated 

Gaps, gaps, and more gaps! Let's talk about that "holy moly gap." Bulls keep defending it. Every wick is being bought right up. That said, the bulls have failed to close into the gap above completely for 2 days straight. Time is running out for the upside (leave that gap above unfilled long enough and it'll become resistance) and CPI is tomorrow. Anything could...

upslidedown

TSLA has by far been one of my favorite stocks to trade in 2023. Scalping is still rewarding but from a swing perspective it's giving us nothing right now. The gap from 6/9 remains strong support. Bears have barely been able to get price into there. Check out the oscillator consolidating into a tight pattern with an upwards movement, while the price action is...

upslidedown

Earnings brought forth a pretty big sell off. In hindsight, the oscillator cross yesterday was initial indication a short was the right play, but ER could have gone any which way making that a signal lacking confidence. What happens now is the question. We've cleaned up this chart a bit: My long trade was wrapped up on 7/17 2 gaps are gone 3 larger gaps...

upslidedown

Still long only. SPY continues to run past every single level. Gaps everywhere providing support. PLUS that diagonal supply/demand zone should now be support. At some point these gaps should get cleaned up. But until there's a topping pattern or a signal of some sort, there's nothing to do but follow the trend up.

upslidedown

CAT made this beautiful iH&S and we are approaching the measured move that also just happens to be the Jan 2023 high. No trade at this time, but pretty enough (I love horizontal necklines the most) I just *had* to post it!

upslidedown Updated 

TSLA finally broke out of the prior gap zone on the second candle today! This gives easy way to the 290 zone. My gut on a stop for refuel (oscillator arrow) continues to look correct and most importantly , healthy. I expect the 259 level to be great support at this point. I still think that sniper entries and day trades (0dte) are the best way to approach...

upslidedown Updated 

I'd like to point out the diagonal supply/demand (yellowish upward sloping) zone that I've been tracking since January. If you clone the chart or zoom out on past, interactions have been very interesting. s3.tradingview.com At this point, buyers have all the support in the world for a continued run. There are multiple gaps below offering support over and over...

upslidedown

Is this the end? Nah I don't think so. Not yet anyway. A bold prediction drawn in black. Sweep the lows, then shoot up after finding some buyers. But SPY also needs to hold and SPY sure looks alarming. Today was nothing but selling for TSLA though so bulls need to show some life early tomorrow and get that momentum going back up. Otherwise, that gap void at the...

upslidedown

Ouch! That doesn't look good. Today opened with a gap down that bulls failed to completely close. Now here we are after close threatening a particularly nasty looking head and shoulders topping pattern right off my diagonal supply zone. I don't like this at all! That gap above at 437.25 is going to be problematic for the bulls after the failed fill today. Fill...

upslidedown Updated 

TSLA continues to consolidate in prior gap zone with no break below. Oscillator momentum is slowing down meaning... building up buyers for the next leg up . While I still expect a reaction at 267, it's looking to me like the next push could go up even more. Watch your oscillators for early signs of crossover and bullish momentum in the oversold zone. Obviously a...

upslidedown

SPY had a minor setback today almost closing on its low (bearish) and tapping the 20ema on my chart. With quad witching behind us, we should expect to see a bit more volatility and movement next week. The pale yellow diagonal supply/demand zone I have on my chart has been long respected and I was surprised when price broke above it. Now that we're in it, I expect...

upslidedown Updated 

Bulls stopped to refuel after the blow off top. Note the trendline from June 7th drawn on the oscillator still remains intact and looks like it wants to cross up again. On a strictly chart basis, I would say an early oscillator cross in the AM would support a move even higher. Next target: 265. I'd give this a >50% chance. But... What will inflation data and CPI...

upslidedown

Wow! That blow off top I mentioned last time around sure hit much sooner than I expected. Now we're basing right on top of the trendline from prior tops. For me this is a no trade situation. I'm out of my long and I don't see any reason to go short yet. Breaching below the trendline could mark the top but you have to be super careful because it could just be a...

upslidedown

Boss bears finally showed up in their control zone located at 230-237. The initial reaction was a rejection from the zone. Long term boss bear control zone: Now we wait for the reaction. Will TSLA break down or will the gap support remain and allow us to climb higher? I expect neutral-to-bearish price action in this area for the next few days while bulls...