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PSX | Time to Short This | OverboughtPhillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
NYSE:PSXShort
by DivergenceSeeker
SPY / ES / SPX - Market Structure & PostureWeekly Engulfing Charts are clearly not a preferred look for the Buy Side and those riding the Bullish Tilt-O-Whirl - Bodies are being flung everywhere. The Dollar is doing its thing, it ran to our PO at 107.65 with a 107.67 print and reversed yet again. it's been a pattern as the EuroDollar continues the ties that bind, Dollar shortages create demand until the Dollar is dethroned. Sell Side has lifted the CBOE P/C to (.82). Please note after the brutal June 17th 4X - we reversed very hard the following Monday. For Roll out the Options Curve - it's muted Frankly. Traders took their Bags, packed up, and headed off to parts unknown. That said... Bulls may have a chance to hold and to have... "may" - as horrific as it looks, Wall Street may surprise with a short Countertrend to shake off the Late chasers. Again it is "may" not will - It is, however, exactly what I would do. There simply isn't enough Capital to transfer in the leveraged deep end of the Pool. It seems there is another attraction elsewhere for now - unaware of any real contests outside of the Lounge, but the lizards are somewhere, for certain. Sentiment everywhere is pure doom, gloom, and kaboom. Understandably so after Teton Jerry and CPI - it's been a brutal month for Buyers. Wrecked and Raked at every turn. ______________________________________________________________________________ Here's O/I for SPY into Month End by Expiry: SPY 9/19 Exp - Very Low Participation SPY 9/21 Exp - Moderate Participation (FOMC) / VIX Roll/Settle Complete 4 PN EST on 9/20) SPY 9/23 Exp - 360 Participation @ ~70K SPY 9/26 Exp - Very Low Participation SPY 9/28 Exp - Very Low Participation SPY 9/30 Exp - Very High Participation @ 390 @ 102K / 385 @ 134K / 370 @ 143K / 350 @ 120K October Monthly Expiry needs those traveling to parts unknown, requiring some time to re-engage. It is important to note the early & largest entry for October was 372 Puts. On to the Chart ______________________________________________________________________________ Charts are simple messy, mixed, and have the appearance of that "double bottom" in trade and quickly... which may be why it doesn't happen. The KEY Line in the Sand is not the Lows, it is the dip in below 3588 - that is a number so please commit it to memory, breaking it.. assure a return to far lower lows, but over time. We completed Day 21 of this downside Crush from Wall Street. The Financial Media has been abuzz about multiple contractions after spending weeks supporting "Pivot Chatter" and, surprise, "Multiple Expansion" - remarkable anyone listens. For "Time" we need a breather... soon. it's important to remember the ES defended the FHWB - all-time highs to lows @ 3849.50 @ 3853. Structurally - it looks bleak. I mean look at it... it's terrible. Longer Term, even worse - but that is for later, for now, it's interesting... and it is quite possible we get a larger counter-trend Squeeze developing this week. A very nasty one... quite possibly. RSI STO supports its development near term. Best to be agile and not be caught offsides, as fear is grinding lower - currently @ 36 as the September Vix settles on - Powell the 21st. Jerry's arrival Wednesday with 75BPS most likely, as 100BPS I was looking for may be split to the November FOMC as it appears to be 75BPS as well. The Ministry of Financial Truth was out early in the week touting100 only to hear JPM quash that with "The Fed isn't going to raise 100BPS, but 75BPS". We will see, I'm non-plussed with Forward Rates trading @ 4.5%. Yields have gone vertical... never a good thing, not ever. Institutions apparently now consider the 1 & 2-year pristine collateral. I had to laugh when Bloomberg touted - "Yes but the 30/90 Day are not inverted~!" Oh, Hooray for this - perhaps it's the fact Yellen curtailed issuance to non-existent and the Market for the very short end of the Curve... is not trading any real liquidity. Something is going to give - but in a most unusual way. Yes, valuations will be corrected further. Of this there is little doubt, it's how it occurs that traders seize. Wall Street enjoys a nice lift ahead of EPS Season... with Powell stuck squarely in the middle. ______________________________________________________________________________
AMEX:SPY
by HK_L61
14
ES - 1 Hour Micro Range / Full Range Weekly HWBBull Flags... from the Methaqualone Pranksters. Violent 1 PM EST News cycles continue to provide, sudden and violent drops. Giggle took its turn with a reduction in the Rate of Change of Hiring - aka LAYOFFS. Expect many more to come... they will. Wally World has its special brand of Agenda during the Summer Squeeze. SPY Put Bagholders continue to try to "Catch the next Collapse" - only to be squeezed on out again and again. Day 14 of this Junk Co Fraud. ECB rate decison @ 8:15 AM EST... DX VX Ahead. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ It's become a joke at this point after pointing out Tesla's financial rigging for years... but - surprise - another total game of hiding the Gorgonzola. Pathetic, the Inventory Parking lot... Disneyland for Fanbois. Tesla will head into the BK dumpster, patience on the Puts as the Riggers on the Trigger managed to unload a whopper and will again. $320 should be the next lower Range Extension - time is all as this Toxic Swill of a Tech Co deserves the bludgeoning it is going to receive. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ We got more to come, as they say, the Hunger Games for our Break Away Class has no shame, they want an outsized payday and they'll be damned if you interfere with pesky Sells, it's all about the Stimmies for Corp Co's and their Grant Writers. Corrupt to Core, but fighting it, for now, will cost you, they are hungry for "No Raegrets" +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Anticipate this BS continuing into July 28th and GDP . The BAd news is being propped heavily. Thus we should not and cannot deny.
CME_MINI:ES1!
by HK_L61
23
Phillips 66 (NYSE: $PSX) On Bottom Of Bullish Channel! 🔥Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
NYSE:PSXLong
by RedHotStocks
3
A golden cup and handle trading setup..!Entry: at the market opening price Stop loss: closing below 81 Reward/Risk: Target range: 94-115 Time Frame: 4-12 wks Possible gain:10-30 % Possible loss: 3.5-5% Position size: 5% of trading capital You can see the most important support(green line) and resistance (red line) levels. Best, Dr. Moshkelgosha M.D DISCLAIMER I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
NYSE:PSXLong
by Moshkelgosha
2
ES - Daily Structure / Count with LevelsEPS Season has been in line with our Projections for Q4, dismal would be Kind. As we move into Tech Reporting, it is important to remember Apple's guidance fro 10 Million iPhone Delivery was low, and share buybacks were to be halted into EPS during the Blackout Period. Money Center Banks began reporting and were Sold. Retail Sales missed by a large margin. ES closed flat Friday. 10 Year rose 8 basis points Friday. The BOE's 10 Yr and The Mid Bund rose 4 basis points as well. We are approaching the next FOMC on January 25/26th. FOMC Voting Members have become increasingly critical of Powell, suggesting the Federal Reserve is well behind the Curve in raising FED Funds and going so far as to suggest it may be necessary to increase the Dot Plot to 4 to 7 increases for 2022. Clarida departs next week. _____________________________________________________________________ Oil was up 2.7% Friday. Friday's Price action was one of indecision. Investors are not gaining confidence, they see FED FUNDS increases as a potential threat to Forward EPS. There has been an aggressive move down from All-Time Highs. ______________________________________________________________________ The Chart Structure is quite Clear, the only reservation is one of "B" and its potential for a retracement. The Value Line Index has diverged from the S&P500, this has historically been an important warning for further follow on the downside. Fear and Confidence have been shaken, the FED is no longer (Short Trem) able to gain the upper hand and turning on Policy... only compounds the Issues. Over the past 22 months, every Dip has been a buying opportunity. Of late this has not worked out. Lower Highers on VX with Higher Lows, it is wedging into a Break, a rather Large Break. _______________________________________________________________________ Many of the younger YouTubers and "Analyst" have been suing Short Term Technical Analysis to justify and unwarranted Bias. Peleton Pumper - "Meet Kevin" saw his #1 Tout lose 80% of its Price. Everyone is a genius in a Bull Market. ________________________________________________________________________ S&P Market BReadth is trending lower as the 711s have been the Go To trade. There are a number of Divergences, all very Negative. Retail will attempt to buy the 200 SMA Test. It resides @ 4420, it aligns nicely with .618 Calc @ 4426. As this develops, we will see IF Structure 4/5 completes 1/5 and how 2/5's ABC Replacement unfolds. __________________________________________________________________________ We would anticipate this to drag on into March into the completion of 4/5 after the 1-5 ABC. We see a Gap on the ES @ 401 being filled within this correction as a higher than usual Potential.
CME_MINI:ES1!
by HK_L61
8
ES - 4 Hour / An Extreme Range for Q1 2022This is the one Chart that provides the clear and very present Dangers ahead for Q1. We know Q4 was unwell for EPS. China was shut in the Majority of the Quarter and became increasingly bellicose to its Trade Partners. _______________________________________________________________ With 356 of 505 ES components in the Dumpster Fire which continues to be stoked with Geopolitical Risks and endless Vectors which provide concern in spades... The 711s continue to be the Prop - 28% of the ES weightings in the top 6. Underlying Equities have been wrecked already, which has proceeded every "Crash" prior... for Follow on Year, the magical month of December. We are not anticipating a traditional "Crash" but it will feel like it for the Endless Bulls / Dipper / Chippers / Meme Degens / Klepto Passive INV ETFs. ________________________________________________________________ Breadth must expand or it's more Gasoline on the Dumpster Fire. The range above shod is of concern.
CME_MINI:ES1!
by HK_L61
ES - 15 MIN / 3 Trendlines - VX CompressionMoving up on declining volumes again, each successive squeeze finding less participation. Yesterday's open find a swarm of Put buyers @ the CBOE. They became fuel for the Squeeze. ________________________________________________________ They attempted Revenge the remainder of the Day using Futures... And remained fuel. 2X the beating. ________________________________________________________ Micro / Daily / Weekly Trendlines extends from ~ 4813 to well over 5000 depending on the Slope. Viewing the 4813 as a ceiling, in all probability is unwise as the anticipated squeeze to overthrow, is a favored tool. What should have been a mild day, of ranging and consolidation into ALGO Tuesday.... arrived on Monday. The AI continues to mix it up into the Close of 2021. Run and Gun into Friday where final squaring may provide some relief from the relentless GRIND HIGHER. __________________________________________________________ Good Trading as we chop out new ATHs in the ES with the heavyweight Techs moving higher and higher.
CME_MINI:ES1!
by HK_L61
1
ES - WTFStop run on increased Momentum or Turn and Burn. The higher UTL resides at the 1.618 @ 4830 Breaking above would be a Long Term Trend Break. Probabilities. The Lower UTL resides at 4785/90ish depending on the Turn. Indictors flip flop - sell sell buy buy sell buy buy buy. ___________________________________________________ Where and when this begins matters, but Trend Lines have provided the Rejection for months on end. Lower High means Lower Low Higher High... 4 never began. Pattern - SELLOFF AM / PM Session Bid it back to up to new Highs. Early VX Chasers have been burned for a week running, they will be again. PAY.tience
CME_MINI:ES1!
by HK_L61
ES - 1Hr Structure / POsOne by one each PO is being met. Indications on ST TFs were deeply oversold. The Key will be the VX Compex and Curve as to how far this RT can run, it looks very similar to another point in time under precise conditions. We warned caution, wider ranges, and danger for SElLERs and have remained 100% Cash as the entries have arrived during Globex. Price is all within the VIX - how far this can move up. _____________________________________________ Analogue next
CME_MINI:ES1!
by HK_L61
9