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Broadermarkets

trend changing in vixUVXY is demonstrating higher lows and higher highs. the current pullback is likely a bounce in SPX, but if that fades we should see new low in indices with a new daily high vix keeping UVXY trending up. if were stronger in indices overnight and tuesday we should form a lower high and roll over UVXY. upper or lower horizontals are price targets, and dashed line is pivot. bottom or top of envelope are areas to close. over all the trend in vix remains bull until we breech new lows in uvxy, setting a lower high and demonstrating bear momentum.
CBOE:UVXYLong
by cerealpatterns
3
has tech retraced enough off this bottom to hold?if we get support over this pivot and the 0.5 retracement level id imagine we would have a bull pull up to a sell the rip level. if we get resistance to this pivot i see that well have a continued selloff to lower horizontals. if we have resistance to upper horizontals i think were at a sell the rip level. if we support along lower horizontals i see that were at a buy the dip level. if we start to breech lower horizontals with volume tech is bearish, and if we start to breech upper horizontals tech is bullish. the red or green ghost feed is a path the nasdaq could follow.trama sinking and resisting is bearish. trama rising and supporting is bullish. qqe and sss red or green is long or short. if we stay short qqe and red sss it s bearish if we turn green sss and long qqe its bullish.
CME_MINI:NQ1!Long
by cerealpatterns
is this daily rejection from resistance or a bear trap?SPY and emini es1! futures have signaled the start of daily consolidation for the S&P500, and a rejection from the monthly trendline. this idea is simple. if we confirm a lower monthly high, and the beginning of a reversal by remaining below the pivot i would aim for sss supports and lower horizontals. if we remain rangebound, and break out above pivot i would aim for upper horizontals. this resistance is stiff, and it would not be surprising to see SPXL a good 4-8% lower here. im tracking the underlying index with SPY, but the instrument i would use is SPXL. if we gap up id wager intraday turns bearish, and if we gap down i would look to close that gap with bearish activity to follow.
AMEX:SPYShort
by cerealpatterns
one minor hickup for broader marketssemiconductors have been a lead bear in this downturn since december, and a lead bull on the monthly bounce from the lows since july. if we roll over here setting a lower high on this etf around the first upper horizontal i would look for broader markets to consolidate on the daily. if we treat pivot as support i would target the upper horizontal and look for continuation in broader markets. most likely scenario is a gap down followed by a rally to close with price action after to be determined.
AMEX:SOXL
by cerealpatterns
a couple scenarios for critical resistancethere are a couple scenarios for the critical resistance weve just about come up to on the l nasdaq. i think were above pivot, and where we start out friday will define next weeks activity. if we hit that resistance sss moving average, and we fall beneath the pivot forming bearish divergence daily rsi i think were headed for daily consolidation. if we breech that first upper horizontal embedding bolinger bands and treating the crucial area as support i think were in for continuation until rsi comes out of overbought.
NASDAQ:TQQQ
by cerealpatterns