AdvancedPlays

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RTY is my favorite short setup at the moment. Had a nice break of this ascending wedge and failed on a retest. I expect further downside, but being cautious with shorts while NQ and NVDA are this strong.

08:25

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A recap for today's action and trades. I had a decent winner on IWM puts, but chose to hold rather than taking profit. I'm expecting some more downside tomorrow but we'll see how it goes.

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GME has some strong momentum for the first time since they announced the share offering. Had a nice gap up, but it looks fairly weak to me. I may look for an entry if it comes back into the $20 area.

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BTC had a strong start to the day, but has given up a decent amount of its gains after breaking above $70k. The current trend is bullish, but if it fails to hold this uptrend, it may be time for some downside. I still think $100k is inevitable, it's just a matter of when.

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Some potential paths for QQQ early this week. I'm leaning bullish, but will be ready to capitalize on downside if it happens.

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I'm leaning bullish, but there will be equal opportunity on either side unless we chop all week.

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RTY is looking good for a short if the market doesn't keep rallying. It'll be one of my top watches for short setups. I included a path for longs as well, but this chart is bearish for now so I'd expect the bearish path.

11:03

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Weekly analysis of the broader market and what I'm looking for this week.

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Silver failed hard today, had a small short term position get wrecked. Still don't think it's over, but that pennant break the downside is rough. I'll be watching for a retest of the major trend line it broke for another long on it.

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I became pretty bearish on Thursday after.yields.apiked and the fed fund futures changed rate cut expectations again. TNX was on a good run and had a bull flag breakout on the 15m, but ultimately failed. I'll look for TNX.to continue to weaken if I consider opening new longs.

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Elon's.X.announced plans to create a super computer with Oracle. I've been watching ORCL.for a while now expecting a breakout, but every attempt to.make.a new ATH.has.gotten stuffed quickly. Not sure if this news will have a big impact on ORCL or not, but it's worth watching if it does breakout here after several hard rejections.

06:26

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A quick recap of this week's action and my progress on the $50k challenge.

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Chewy has been pretty weak for a while now. It has a nice head and shoulders followed by a sell off earlier in the year. Currently bear flagging.

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VX has broken out above a descending wedge it was forming for a little over a month. There's also a bull flag on the 15m when you zoom in. Here's a path I'd expect to see if VX continues the breakout. The theme for the past year has always been for VX to fail, so we'll see if his time is any different or not. Key level is 14.15, if it breaks above that things...

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DXY will be an important watch moving forward along with TNX. DXY had been weakening for a while but looks ready to come roaring back. This will put a lot of pressure on stocks and other things such as the Yen. Bank of Japan will have to intervene again eventually if this is a real sell off.

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We got a nice volatility spike today and more pressure from the ever rising treasury yields. We coukd see a higher VIX spike soon if it doesn't get shut down at resistance shortly above. I typically prefer to use VX instead of VIX, but VIZ can be good sometimes. People say you can't use TA on VIX and I disagree. However, TA on VX is typically better than on VIX....

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This goes against my current thoughts on the market, I have short bias for the near term, but this is an interesting chart. TSLA forming a bull flag, but also threatening to drop below major trendline support. I like this chart.

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TNX has a short term bull flag and had a big gain today. Looks like it is ready to breakout and head for trendline resistance above. If that trendline gives, things actually get really scary.