ContraryTrader

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...

ContraryTrader

First Weekly chart Weekly candles here says a reversal is on the way back down Shooting star followed by a long leg doji.. But that's not even the worst.. Monthly candle is completely extended outside it Bbands.. it wasn't even this extended in 2020- 2021.. When you see technicals this extended , one bad news story comes out and a 15-20% correction can come...

ContraryTrader

Daily technicals overbought and extended with Bad timing of this crash news i expect Boeing to pullback and and retest 170 or 200sma.. below 170 and 165 comes.. Bearish below 165.. below 165 and 157 gap close incoming . Boeing holds 170 and it will push to 200 in Q1

ContraryTrader Updated 

Holiday update.. This should cover some levels into the next few weeks.. I'll be going over SPY IWM DJI QQQ Market goes no where without tech So let's start with Q's Back inside wedge here Upside of the Wedge is 533ish.. Next few days - 531 is resistance.. over 531.50 and QQQ pushes back up to 533.. over 534 and it melts up to close gap 538. 527.50 -...

ContraryTrader

Health sector has gotten demolished in the last month with RFK jr. Appointment.. Didn't help that this company has had some bad news the last 2weeks.. Technically, UNH tagged it's weekly 200sma at 470.. UNH hasnt broken it's weekly 200sma since 2008-09 crash.. Also the double top that added fire to this sell is completed .. I think healthcare sector and...

ContraryTrader Updated 

Its looking like 566 will come .. I talked about this sell on Dow,NYA and Iwm in my spy post (See link).. its happening.. once QQQ breaks below 514 spy will target 575 20sma and it may dead cat bounce but the full target is 566... All you have to do is watch QQQ , once 514 goes, its Good night.. I wont go into the technicals because you can go over my previous...

ContraryTrader

Slow sell back to trendline support .. should fall anywhere between 87-95 Stock has broken beneath its monthly 20sma... Has a gap at 116 thats next up and below that is is the weekly 50sma at 112.. so 112-120 will be the range .. below 110 and i feel its about a 80% chance this is headed to 95.. Chips sectors have been broken down.. Soxx has a death cross...

ContraryTrader

Tagged trendline resistance here at 230... overbought like all the other big tech.. Wont go into every overbought indicator because they are all lighting up. Stock price hit 8% above 20sma... anything over 6 % is due for a rubberband snap back I think in the next 2 weeks we get a pullback to 212 gap close and 20sma. I expect a bounce at 20sma.. then a...

ContraryTrader

Simple chart. Gap at 230 Fib support at 230 50ema at 230 Wait for price to tag 230 Then long to 235 (21ema) Dont know if it can break above 235 But if it does it will most likely come on Core PCE on Friday. Above 235 and 240 comes.. I think small caps and cylicals outshine the next 2 weeks but only if Iwm breaks above 235

ContraryTrader Updated 

So there is 4 major sectors that Drive the QQQ and tech overall.. I like to know what the sectors are doing/showing to get an edge on where QQQ is headed. Imagine QQQ being a car, and each sector is important part to that car (Transmission, Engine) Here are the 4 sectors and 2 of the biggest names in each sector XLK -Msft , Aapl XLC - Meta, Googl, Nflx SMH -...

ContraryTrader

Tagging upper boundary here near 608-610... Smaller time frame and you'll see the rising wedge here spy has been trading inside last week. The wedge narrowness is responsible for the chop melt up... I'm expecting a break down either tomorrow on Job numbers or Monday Take in the overbought conditions and I spy should pullback to close gap at 598...

ContraryTrader

Dead cat bounce is over .. short back down here to 23.00 .. Took lots of volume to break over the 35$ range in back in Jan.. took similar volume to break back below it in Oct Brick wall trendline at 39.. closes above 40$ and this setup is negated

ContraryTrader

100k next week then a pullback to 80-85k before another leg up... most likely the last leg before a steep correction comes in around 110-120k

ContraryTrader

Headed to 900 next stop. And then I expect a correction back to trendline support or 750.. Rising wedge here and extended is an overstatement. I think the only stock more over at this point is $Pltr. After we tag support again we'll either correct back down to 450 or bounce and rally up to 1000.. So 1st. Push to 900 2nd . Pullback to 700-750 3. Either...

ContraryTrader

This post here analysis is more about the longer term picture (Months).. It's been awhile, so here we go. Lets start with TVC:NYA This represents 3000 stocks and gives a better picture of the market then S&P which is heavily weight tech. Weekly chart - We are at the top of a 15year resistance. Price slightly broke above it but was slammed back inside last...

ContraryTrader

Price tagged upper trend monday... I highlighted last 2 times price went this overbought and tagged uppertrend. The first tag was after the August sell off. We reached the uppertrend and chopped for 2 weeks before dumping The second tag was mid Sept, we again chopped for 2 weeks but afterwards we bounced off the 20sma and grinded up another 2% or 90...

ContraryTrader

Top watch here on WFC.. approaching 25 year trend line 🚩 Outside weekly Bollinger band 🚩 Outside monthly Bollinger band 🚩 AMEX:XLF banking sector near resistance 🚩 The cup and handle that sent WFC from 50 to 75 is completed Expect a correction back to 60$ from here .. price shouldn't close above 75.00$

ContraryTrader

Looking for 2 targets this week... My low end target is 565 support . Despite the early week movements price should start to fulfill the weekly bearish by early or late Wed. My upside target would be 580 once we break back over 576.. Seasonality belongs to small caps and the bulls , the only difference this year is we are coming into November near...