VIX Inverse Head And Shoulders.Likely will reach 1.618. S&P500 will likely print between $3920-$3850. Always, long VIX with caution.
SOX
SOX Update (daily chart)SOX has been diverging from SPY last couple of days, which is unusual. SOX had 50/200 EMA xover Friday. SOX is extended, could pull back to prior swing high at 2913 (-3.25%) where there is good support. Watch these tech stocks with earnings coming up next 10 days, all daily charts look bullish (except CSCO, which is debatable). All also have positive point & figure price targets (from Stockcharts.com). ADI (2/15), ADSK (2/13), AMAT(2/16), ANET (2/13), CDNS (2/13), CSCO(2/15), KEYS (2/21), NVDA(2/22).
RSI(9) has been trending up since 1/9. As long as daily RSI(9) stays above 50%, trend may continue.
Possible Price Movement For S&P500 Week Of 2/13/2023...Major bounce on Monday is likely and a major price drop on Tuesday is also likely... Happy trading!
Significantly Over Valued Nvidia.. Nvidia along with many other stocks were pumped up over 100% from the recent October low. I believe this is a bull trap and a bear market rally in a really big down trend. I am not biased but I just believe stocks are running up towards a cliff. Right now there are on the edge IMO.
SOX Semiconductors Daily chart updateJust took out prior swing high (point B). Headed for target (D) of 3041.85.
SOX has successfully reversed downtrend channel, sits above Ichimoku cloud, and will aim toward Gann confluence at 3105 (red Line).
SOX UpdateI have no problem with bold predictions, reversals I do well. SOX has historically led out of the gates on reversals. SOX has broken the downtrend, and successfully tested a Gartley retrace. While we still have an Ichy cloud resistance overhhead, I believe the market bottom is in. Will there be another selloff? Likely. However, I believe a new market bottom lower than the October low in SPY is unlikely. We also have financials (XLF) and Industrials (XLI) showing a similar trend reversal. So lets pull for more green shoots.
October rally ready to resume?If you have been anticipating a resumption in the October rally, this may be the trigger. The SMH/SOX is the (I believe) the last of the major indicies to still have a gap left unfilled. If it closes today (or this week), then maybe we can get going to the upside. Some resource stocks have already started their ascent (GDX, SILJ, UUUU, UEC, NXE, etc.)
SOX Valiant effort but a little more downside. 75% retrace upward from A to C, but there is much resistance at the 50% to 38% Fib, as well as 200 MA. However, there is a solid flag forming, which could spring an upward surprise.
SP 500 CORRECTION AT OR NEAR THE END NOW I am moving back into a net short the sp 500 using at or out of the money puts for DEC . as well as PUTS IN QQQ AND SMH .The US $ correction is near its end and should see a very strong advance to above 116 now as the sp now starts wave 3 OF C DOWN INTO NOV 23/DEC 10 .WE should now see the next target of 3160 plus or minus 70 . I will be more detailed as the structure unfolds . BEST OF TRADES WAVETIMER
𝗡𝗮𝘀𝗱𝗮𝗾 𝗨𝗽𝗱𝗮𝘁𝗲: $QQQ Daily. Bullish divergence Bullish divergence and looks like we got a full 5 waves down complete. Move similar to July may be starting. 267 key support
$NQ_F $NDX $AAPL $MSFT $AMZN $SOX $ES_F $SPY $SPX $TLT $TNX $VIX #Stocks 📈
𝗧𝗲𝘀𝗹𝗮 𝗨𝗽𝗱𝗮𝘁𝗲: $TSLA Daily. Bearish Divergence Blue pill or red pill? 💊 First time with bearish divergence on the daily in ~2 years
$QQQ $NQ_F $NDX $AAPL $MSFT $SOX $ES_F $SPY $SPX $TLT $TNX $VIX #Stocks 📉
THE TOP WAVE STRUCTURE AND CYCLE PEAK DUE NOWTHIS is the Top wave structure as stated back about 10 days ago a cycle peak due sept 10/12 I would now look for another drop into the 9/15 /16 and then the LAST RALLY BEFORE THE CRASH Panic cycle as stated in 12/28/ 2021 forecast OCT 4TH TO THE 20TH FOCUS 10/10 PANIC AND ???
SOX IS AT .786 AND AX 1.618 TODAY LOW THE CHART POSTED is that of the sox index if there was support this would be it for a wave B LOW
SOX INDEX BOTTOMED MOVE TO 75% PLUS NET LONG MARKET We now have an invented head n shoulder bottom and a wave 4 pullback look for a rally DO NOT BE SHORT ANYTHING
𝗡𝗮𝘀𝗱𝗮𝗾 𝗨𝗽𝗱𝗮𝘁𝗲: $QQQ Daily. Bounce time?Got a full 5-wave move to the downside as forecasted. Now it looks like we may be turning for a bounce (similar to March)
$NQ_F $NDX $SOX $ES_F $SPY $SPX $TLT $TNX $GLD $DXY $VIX #Trading #Stocks 📉
$SOX Looking at a long term Bear$SOX has long been the growth engine of the $SPY. It has now entered a bear phase, being well below the 12 month SMA on the monthly chart, which now serves as resistance. We may be witnessing a paradigm shift in the market, where commodities, precious metals, and staples lead the market and the old growth stocks, lag. I hold no hope out for semiconductors at the moment.
TSM will breach support and continue lowerThere is no better crystal ball to predict the future performance of an asset than its own chart.
Keeping it simple, TSM broke bellow a 15-month lateral range, and several days later failed to reconquer the lost grounds. It's been under distribution, and the last candle is the most bearish.
TSM won't be able to hold at support and will continue lower.
LOOK for the EXIT NOW All indexes have now rallied back to drop the put/call and to peak in the time cycle peak march 25thn I maintain we are going to drop very hard into april 7/10
𝗡𝗮𝘀𝗱𝗮𝗾 𝗨𝗽𝗱𝗮𝘁𝗲: $QQQ Daily. Squeezing HigherStrong rally this week w/ March FOMC behind us. Can we clear the death cross? Folks on the sideline may have to chase soon
$NQ_F $NDX $SOX $ES_F $SPY $SPX $TLT $TNX $GLD $DXY $VIX #Trading #Stocks 📈
LQD CORP GRADE DEBT MUST HOLD 117/118 I am seeing a collapse in high grade Corp debt based on fib relationships the focus point is all at 117/118 if we break this then I think the whole thing comes apart for everything .
$SOX will continue to trend lower toward a target of 2975SOX continues to set lower lows. Two scenarios, one (green zig zag) is a reversal into cloud resistance to 3544. This would be a 78% extension from low point C. The other scenario (red zig zag) would be a 1.78% extension from point B. The RSI is in a solid downtrend, and the point & figure chart on the daily has a target of 3001. If I were waging bets, I would go with the 2975 target. The trend is your friend, until it ain't.
