ContraryTrader

ContraryTrader

Major ascending broadening wedge here .. this is a huge Bearish pattern that I think will take IWM back to 198 and possibly 165. The question is , do we tag upper boundary around 250 before it happens? Let's look closer at the last 2month price action... Bulls will say it's a pennant that will push IWM to 250 Bears see a bear flag What do I see ?...

ContraryTrader

Earnings this week.. long term channel (Yellow) Mid term channel (White) In my last Amzn post (See link) I said Amzn could grind at the top of it's long term channel after a pullback from 230, and it has.. from 218 - 237 and now we are at a crossroads this earnings.. Both scenarios will end in a massive correction but one scenario could give a 7% pop...

ContraryTrader

Now turn it around! 2 targets on Spy this week.. the first is 589 gap support.. Also the weekly 20sma is around 589-590 and if you look at your weekly chart fawkery abounds nears the weekly 20. If we break below weekly 20 which I would say is a 50/50 then price will double to back to 575 or lower trendline like so Looking at the charts you'll notice...

ContraryTrader

Retesting resistance here at 237.. I've outlined with circles .. also retesting 20sma... I don't think price breaks back over this area.. my target is 216 gap, maybe lower but the 200sma must be respected. Stop loss over 240 or 50sma If price breaks back above 242 then I was wrong and 250 is coming

ContraryTrader

🤨. Retest and rejected trendline last Wed and Friday As you can see. Remember Decembers monthly Candle? It sets the stage for a Bearish reversal but price would need to close below 510 for the month of January to confirm it!.. I think it's a very high chance 524 gap close comes. So much to go over I'll update more and even entertain upside scenarios 😂...

ContraryTrader

Looking like a good short setup here risk to reward . Currently price is sitting at a 7 year supply area.. monthly and weekly technicals are getting overbought and daily technicals are at extremes already... The short Entry would be below 81.00 with the first target being 78.00 2nd target 74.00 My final target would be 63-67 but I expect price to bounce...

ContraryTrader

Found support At 14.50 today 4hour CCI and RSI tells me look for a bounce to 18.50 and maybe higher over the next week

ContraryTrader

Short anything near 200.. stop loss above 205... Looking for that 175 gap close or wedge support by earnings or from earnings .. Rising wedge here And once support breaks you will see googl at 116

ContraryTrader

Obvious rising wedge here... short anything near 225.. stop loss over 230.. target 206 gap close or trendline support When this wedge finally breaks TSM will test 150

ContraryTrader

As you can see the weekly resistance (Yellow) from 2023 has turned into support.. Breaks 820 and price heads back to monthly support (White) around 700.. Bounces on earnings and we retest 880-900... 700 will come though, either Q1 or Q2... When ever this wedge breaks you'll be able to get NFLX for 400-500 bucks

ContraryTrader

Upside target this week is 602.50 - 603.00 Spy Over 599 and 603 comes .I think there will be push back around 602.. pullback targets at 602 is 599 and below that 595. Max downside is 590 (20sma) below 590 and this was a dead cat . 10year gapped below 20sma Friday. Looks like it wants a pullback to support and 50sma.. I'll be watching 10yr at 50sma . If it...

ContraryTrader Updated 

When I look at this I have to fight my Bearish Bias of the market to lol.. What I mean by that is that I expect NASDAQ and Qqq to go lower but this looks like a good setup for a long. A good setup doesn't necessarily mean bullish, just means the stock is at strong support and approaching oversold. Msft is showing a falling wedge here at support .. 4 hour...

ContraryTrader

Banking sector is Correcting and the big banks will correct with it. Monthly Money flow lit up on GS for only the 3rd time in 10years.. last 2 the mes this has happen GS crashed 30% or more.. Using weekly chart log scale You can see GS has hit the top of a 14 year bull resistance Daily chart you can see GS has gapped outside channel on trump election and...

ContraryTrader

It's been a while since I've covered Cyclicals.. since we are heading into earnings next week let's kick it off. Monthly chart here on NYA looks like we've topped a 15yr wedge after the Trump election Squeeze.. Weekly chart is showing price is holding secondary trendline (Yellow). But it's stuck beneath weekly 20sma ... q Daily chart As you can see we are...

ContraryTrader

From July to December Qqq traded inside a rising wedge.. That rising wedge was broken and retested The target here would be 480-486. But a trip down to daily 200sma or weekly 50sma is most likely So what has been the hold up.. I looked at this from a few angles and I think Qqq is creating a Bearish Descending triangle that will be broken late this...

ContraryTrader

ADP and Minutes out tomorrow... I'm thinking a pop if ADP comes in good followed by a mid day flush with a hawk minutes H&S maybe but I've connected some supporting trends If 576-580 holds then This H&S will turn into a Wedge triangle Zoom in at the last 2 day price action Small broadening wedge is forming here in white. If we pop tomorrow I'm looking at...

ContraryTrader

Interesting here ... In the next few days we will either Tag 204 or 175 gap close.. A drop below 186 or 20sma would pretty much confirm 175 gap close incoming Even if it pops to 204-208 I'm expecting a correction like the previous rising wedge A push above 196 and 204 is incoming

ContraryTrader Updated 

I'll be going over QQQ Es Nq NYA And. A few major tech sectors Soxx (Chips) XLK (AAPL , Msft) XLC (Meta, Googl) Let's start with the TVC:NYA So if you've , notice for the entire month of Dec , anything other than tech stocks straight nose dived . With Earnings season 2 weeks away and a new presidency let's see how things stand Here's the weekly chart...