AdvancedPlays

AdvancedPlays

VX is near all time lows, had a nice rejection today off the 14.05 level which has sparked a rally. I wouldn't want to be shorting SPY or anything else until this gains some more strength. It had been slowly grinding down in a stair stepping manner which usually means it's going to continue.

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SPY has been ripping through all resistance levels since bottoming out in April. VX continues to decay. We're not getting much volume and conditions have been choppy, but if SPY can break yesterday's high and hold on a retest, we could see a rally back to $520.

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TNX has been rising, but it's forming an ascending channel that could lead to a bearish break below. Currently sitting near the bottom end of the channel. The jobless claims from today should push this lower as traders anticipate rate cuts starting in September.

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ES has broken above a bearish ascending wedge pattern on the 4hr. It failed to sustain above yesterday, but has recovered today so far. If it manages to keep going, I'll be looking to long on any pullbacks that tap the top end of the wedge.

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ARM had a big gap down after earnings, but has managed to hold above the bottom end of the bear flag so far.

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NQ has been chopping as of late with ES, but looks like it has a chance to breakout soon. I have to expect the range will hold until it doesn't, but here's some paths if it happens.

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I'd expect ES to be relatively flat after we didn't get much of a reaction to jobless claims. It's been chopping for several days and I have no reason to believe it will break today, but if it does breakout here are some paths.

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QM has been trading in a descending channel since breaking down below its previous ascending channel. There's too much speculation about tensions in the middle east and elsewhere to take any big chances on this IMO, so it's best to wait for a break and retest, whether it is to the downside or the upside.

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There's a lot of bears out there right now calling for a crash, and I thought we'd have continued downside as well after seeing VX break out of its major downtrend it has been in since 2022. However, in classic fashion VX hard failed within a few days and ES has already recovered a lot of the losses within a few weeks. VX has continued to weaken since the market...

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In addition to my 1D bull flag chart, here's my 4hr chart. Trendline galore.

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ES had a nice looking bear flag, but it has resulted in a bullish breakout above. ES has room to run up to 5300 and I'd expect the top end of that bear flag to act as support on any retests.

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HOOD recently broke out of a bull flag during a pre-earnings rally.

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BTC is forming a bull flag on the 1D chart. It has shown some weakness after rejecting off the top end of the flag recently, but given that the halving has just completed and after seeing it hold on a fakeout below GETTEX:59K , it looks primed to go on another extended bull run up towards $100k.

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SPY is looking quite bullish for now, just broke above a bear flag it had been forming and filled a gap near $517 today, I'm expecting a push up to the $520 area if this and VX weakness continues. I'll be looking for it to retest that bear flag for an entry.

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AMZN sold off along with most stocks after it broke below a major ascending wedge it had been forming for months. It has already failed once on a retest of this level and tried again today. It looked good to reclaim the wedge, but ultimately sold off and closed nearly right on the trendline. This will be a critical area to watch. I would normally always expect...

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NQ is setting up well for a long or a short opportunity. Looking for NQ to fail at supply and retest the trendline it just broke above for a long or for it to fall back below that trendline and fail on a retest for a short.

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NQ 4hr chart showing multiple trend lines and supply/demand zones.