ZM still under Massive Selling PressureToday we have ZM (ZOOM) on the daily chart
With the huge sell offs in the market we still see much more downside on the table especially for growth and tech stocks like ZM.
We offered a bullish outlook that would have an inverse Head & Shoulders forming
However to complete the right shoulder we would still need to sell down into the low High 90s
We do have some news coming out tomorrow so ideal would be to see a pump in the market back into the 108s-110 area before the selling continues.
We are prepared go see even higher prices to make a true daily retest or Double top back at 112-115 area
Not unless we break above and close above 117 will our bearish bias be removed.
With that being said.. we DO NOT think we are forming a bullish Inverse Head and Shoulders and will likely close this week towards the lows of 90
ARKK
ARKK: TRENDSI ATS CONFIRMATION: READY TO BOUNCE UPTicker Symbol: $ARKK
️Timeframe: 4H
️AT THE SUPPORT, READY TO BOUNCE UP.
️Investment Strategy: LONG
TECHNICAL ANALYSIS:
TRENDSI ATS MONEY MOVEMENT SHIFTING UP : BULLISH
LINEAR REGRESSION + TRENDSI: AT THE BOTTOM, WHICH IS AT THE SUPPORT
RSI AND STOCHASTIC BOTH SHOWING BULLISH MOVEMENT.
CONFIRMATION I AM WAITING: TRENDSI ATS GREEN LINE WITH GREEN DOT
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ARKK taking a breather after a 50% rally off its lowsThat high volume outside reversal session on Thursday 8/11/22 has kept control over ARKK over the past few sessions. The intermediate uptrend from June is still in tact, but near-term we're in pullback mode waiting to see if dip buyers arrive in the upper 40s to save this uptrend.
ARKK is a great proxy for growth and risk appetite in long-duration tech.
BTC - ARKK OverlayHere's what I mean when I say Bitcoin is tracking garbage stocks, the overlay is ARKK, Cathie Wood's garbage ETF.
This is an hourly chart, that's how close BTC has been tracking garbage.
BTW, Cathie Wood tends to chase after garbage, whatever you do don't buy her fund. You'd be better off randomly picking stocks yourself. Look at her portfolio before you buy that junk. ARKK is a sinking ship, lol.
Sinking ARKKI'm convinced this collection of garbage stocks has further downside, trying to figure out the timing on this, it could happen as early as next week, but if wave 4 = wave 2 then the collapse doesn't happen until we get a H&S pattern shoulder in Nov.
Kinda make sense, by then we should know that the Fed isn't going to cut interest rates next year, which is priced in right now.
Also see my ARKK overlay on top of BTC. All garbage moves together, lol. BTC is worthless and so are half the companies in ARKK.
$ARKK Finally a buy ? ARKK - The bearish sentiment and hate against miss Cathie Wood is pretty strong as her flagship ARKK fund has gone from a high of $160 to low $35 this past week, nearly erasing ALL gains and now total 5 year return in line with the market at 13.8%. If you're a contrarian, you love the idea of going long here.
I prefer technical and price action which as of now I think ARKK has a good R/R and am looking for a trade to $55 price target in the near term.
- Huge volume last week as sellers appear to be exhausting and a bullish hammer candle
- Currently at FOUR year support line
- RSI in over sold zone
- PT 55 coincides nicely with 10weeklyMA at 56
- Even in bear markets we see upside rallies (another opportunity to short)
This is a trade idea, as a longer term investor I'd be waiting for a solid base and breakout above 30wkMA, and I still see any bull rally in this name as another opportunity to go short.
Further downside is limited and favor the risk return down here.
Let's see :)
A bullish scenario for Bitcoin ARKKTake profit level: $64.00
ARKK is an actively managed fund that seeks long-term capital growth from companies globally involved with, or that benefit from, disruptive innovation.
ARK Investment Management LLC is an American investment management firm based in St. Petersburg, Florida, that manages several actively managed exchange-traded funds (ETFs).
The firm aims to provide broad exposure to disruptive innovation. ARK believes innovations centered around artificial intelligence, robotics, energy storage, DNA sequencing, and blockchain technology will change the way the world works and deliver outsized growth as industries transform.
NIO - The Top is in. Lower Prices AheadTo no surprise NIO like most of equities is vulnerable to the increasing pressures of inflation and the feds responsibility interest rate hikes.
Technically we see NIO is a BEAR FLAG structure right at the $20 Key Level
Making NIO more interesting is that this structure is formed with LESS participation on the second attempt at $20
Meaning NIO made a HH (Higher High) with LESS participation, So... we have a M top inside a bear flag
We love seeing these patterns as it brings confluence to much lower prices.
Ideally we would like to see the market open Tuesday Strong then position in NIO for additional confirmation however NIO is a sell NOW.
We have positions open and running so we are going to wait on ideal to enter.
Price targets on NIO would be a 3 Month contract down to $10/11 or 50% off.
A bullish idea for ARKK(July 26th) Park Avenue Securities LLC increased its position in shares of ARK Innovation ETF (NYSEARCA:ARKK – Get Rating) by 72.2% in the 1st quarter, HoldingsChannel reports. The firm owned 5,911 shares of the company’s stock after purchasing an additional 2,479 shares during the period. Park Avenue Securities LLC’s holdings in ARK Innovation ETF were worth $392,000 as of its most recent filing with the Securities & Exchange Commission.
The Sinking ARKKMore of a social commentary than stock analysis....
The Fed created a bubble and now it's collapsed. I hope all of those Fed morons, especially Powell, appreciate the fact that they've destroyed the life savings of a lot of morons who can't identify a bubble. Powell is absolutely the biggest moron in the world and never should have become Fed chair, now the moron in chief has decided to give him another term. Look out for more disasters to come, Powell is an incompetent dipshit. I've been saying it for at least 3 years now.
As for ARKK, I thought it might head and shoulder, but looking at the holdings, there are waaaay too many COVID stocks. this looks like a technical bounce off previous support, but support will fail because the holdings are different. Cathy is also a dipshit, lol.
cathiesark.com
Bitcoin (BTCUSD) More Huge Selling Coming What we are looking on Bitcoin are more continuation patterns
The outlook suggest a breakdown to 18k now or a pullback into the 35k range first to suck in more liquidity then sell down to 18k
20k is the Key Level or real trading range but we expect an overshoot into the mid 18k before popping above 20k
Macro view we have our super obvious head and shoulders with a huge Bear flag asking for lower prices.
The Bearish Pennant forming at the 30k isnt a strong probability pattern so nothing to get excited about and hence why we still have 35k on the map, but the rug pull is most likely still coming and what were planning for.
Price has struggled with the 30k level for a while. Not a good sign for the bulls.
Note: 18k/20k is NOT a strong level. Dont expect that level to hold very long when we reach there. 8-12k is the next real region for BTC. As we move into this recession/depression Its not going to favor tech stocks and crypto. However we are excited to accumulate at the bottom to begin the eventual new cycle.
Do not fade the growth (risk on) trade above this levelThe ARK Innovation ETF (ARKK) is the poster child for growth appetite in this market environment. It's been left for dead in a cascade of selling throughout 2022, but most recently, it's been showing some relative strength, bottoming price action, and is in the process of breaking out to 2-month highs.
As long as ARKK is > 46.50, the growth (risk on) trade is on and should not be faded.