Looking to be holding true to my last post, expecting to continue downward mainly for the last hour. But we will see.
Looking at the spy. Where are we headed Consolidation slightly lower if you ask me. Increasing the overall potential profit opportunity.
Looking like we might see this double top drop us to the bottom of this trend IMO
Price is approaching a major resistance line. Support and resistance levels were made to be broken. I am curious to see price reaction when it hits this line. No recommendation. ABC patterns are common moves in the market. The target is D. Price will reverse when it finds D. D can be 100% of leg AB (AB=CD), or it can be lesser or greater than leg AB (the...
When $SPY was recovering from Covid sell-off, weekly MACD crossed above the zero line around Jul 2020; weekly RSI was already above 50 and stayed above that level until early Jan 2022. When weekly RSI is above 50 and MACD above the zero line, generally we see higher prices. Currently, weekly RSI is above 50 and MACD is heading towards a cross above the zero line.
Comments: The one rung I couldn't strike improve very much with duration, so opted to let this rung go to assignment. I collected a total of 10.46 in credits (See Post Below), so the way I generally look at assignments is that the credits collected of10.46 ($1046) represent a realized gain. Unfortunately, the difference between the strike price (300.00) and...
... for a 183.77 debit. Comments: Since I still have broad market short delta hedges on in IWM, QQQ, and SPY, replacing a lot of the long delta I took off yesterday in one fell swoop here with covered calls. Here, I'm selling the short call paying around 1% of the strike price in credit. The 193 is paying 2.10 ($210) at the moment, and I'll look to roll it at...
$ARKK has broken out of a long base here and on big volume. It has a run rate today that is on track to be 3-times average daily volume. I have a ½ size position in this as I think it’s a big player if 1. $TSLA continues it’s run, 2. Small Caps continue to run and 3. If Mid-Caps continue to run. I expect if those things are true, ARKK may have some out sized moves...
Headed back to trendline support ... Between 405 and 407 Nasdaq up 20% in one month Main culprit for that is SMH and XLC. XLC (Google, Meta) most overbought I've ever seem a sector go! They might buy it up at trendline support so stay nimble. Is this a pullback/Slash profit taking or a bearish reversal? IMO we'll need to see VIX break and hold over...
SPY weekly reached pitchfork resistance levels and it's RSI as well. While a breakthrough on the upside is possible I find it more likely that SPY will fall.
SLV consolidating at this level and waiting for GLD for the next move. SLV did a cool price by consolidating just below 2 trend lines which could be very bullish if break them. However, the issue could be as GLD is way overbought and likely will drop. With a drop-in GLD, it would be hard for SLV not to drop too but in the stock market, everything is possible. SLV...
USO was in a huge bullish pattern falling wedge. It break out of it several days ago but it simply can't move up further. If it drops inside the pattern it will be a dead hook or fake breakout and could be very bearish and fast. Volume on the drop confirmed price action which could be bearish for oil. RSI is dropping but is still in a neutral area. MOCD drop...
Look for confirmation in following candles to come for a short entry
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QQQ has a major pump-up on hype from great earnings from AAPL, GOOG, and AMZN plus driver by META news they will be buying back stocks. QQQ gapped higher and continue the whole day driving up. Volume was huge, just a real one when capitulation is in progress. Just before the close market start to sell buy but retail traders came in in the last 3 weeks. It's way...
I thinkw we may see a bug drop soon but this doesn't mean that I will short it
If you split the bear market decline in 4 equal parts (highlighted in yellow bar), you notice a significant reaction at the bottom of each of the bars. The Mar 2022 rally failed at the bottom of the first bar; Aug rally at the bottom of the second bar, Nov rally at the bottom of the third bar, the Oct low at the bottom of the fourth bar. After forming a low in...