Are financials topping? XLF hitting major resistance.
JPM hitting major resistance.
Financial have been putting a very strong bid under the SPY & IWM
If financials are topping here i do think it will be a major headwind for the market.
I'm watching to see if the Fed rate cut becomes buy the rumor sell the news!
XLF
Stock Market Analysis - Bullish & Bearish Sectors Heavy selling observed across the S&P500: Financials & Real Estate hit hard.
S&P500 hitting the 50 day MA...technical daily support.
Some breakout sectors are seeing there first pullback in a bullish trend.
The sectors that have had breakouts will likely see dip buyers.
Health Care & Utilities are into some interesting support levels. This is where bulls step in.
Megacap Tech still saw some flight to safety money! Lets see if this holds.
AAPL Earnings Beat $170 Key Level | Bank Fears | QQQ Analysis- AAPL short under 170 long over 170
- Regular trading hour for AAPL will be key to the direction, lots of calls bought for 170
- SPY double bottom today key level of support
- QQQ bounced off key support at 315
- AMEX:KRE made new lows XLF still weak
FOMC Summary | QQQ & SPY Analysis | KRE & PACW Bust | QCOM ER- FOMC Summary: 0.25bps hike today, Powell saying no cuts this year may made the market a bit red but he said that last time too. I personally think it was because market participants this time wanting to hear a pause due to it being so price in but he didnt say any of that so market went down.
- QQQ bounce off of Key support yesterday but broke below today
- NASDAQ:QQQ and AMEX:SPY both below 12 EMA
- NASDAQ:PACW NEWS wanting to sell its entire bank AH, causing market to drop
- NASDAQ:QCOM ER saying lower demand on phones made NASDAQ:AAPL drop
$AAPL $XLF, $QQQ future Outlook Super Tight Range about to Break- NASDAQ:AAPL trading right under resistance, about to break out of the tightening range
- AAPL earnings date May 4th
- NASDAQ:QQQ super tight tons of inside bar, big tech earnings next week, NASDAQ:TSLA this Wednesday and NASDAQ:NFLX tomorrow
- Money rotating around the market, when QQQ consolidates money flowing into AMEX:SPY like sectors in AMEX:XLF vice versa.
$QQQ BULLS Continue but at KEY Resistance, PCE Data tomorrow- SPY QQQ gapped up again but ended up closing within todays trading range, unlike yesterday bulls have a strong follow through after open.
- PCE Data tomorrow morning 5:30am PST
- QQQ closed around key daily resistance.
- End of the quarter and month rebalancing tomorrow will bring lots of volatility
- Will XLF / KRE join team bull or QQQ / SMH join team Bear?
- i am slightly more bearish at this level but so far theres no red flags for the bulls at all for QQQ SMH SOXX
Daily $QQQ Market Breakdown, Potential Bull flags in Tech Sector- SPY and QQQ have been very choppy due to sectors rotating around may potentially continue unless we start seeing XLF forming daily uptrends and joining team bull.
- Or we see XLF / KRE go sideways and QQQ and SOXX/ SMH join team Bear.
As of now there are zero red flags for QQQ and SMH daily time frame so i am slightly more bullish in my intra-day scalp trades. Wont be holding anything overnight until we get a clear direction in the market i am open to both bearish or bullish trades just want a clear direction.
$QQQ $SPY BEAR LACK Follow Through, Key Levels to Watch- $SPY $QQQ bear had all its chances to bring QQQ down after a bear break this morning out of the tightening range we had in the last 4 days but bears couldn't follow through.
- Want to see QQQ Bulls gain back its hourly uptrend and break above 308 area of resistance.
- want to see XLF / KRE bounce for SPY & SPX to break out of its equilibrium bull. of course vice versa for the bears.
- zero red flags on the daily time frame for SOXX / SMH / QQQ
$TSLA Price Action Breakdown, $QQQ Future Price Outlook- $QQQ about to break its tightening range, this will be very important for TSLA,
- currently TSLA does not have enough relative strength to hold up if QQQ breaks bear. so it will likely break bear with it.
- Bullish pattern: Daily Inverse H&S Weekly Cup & Handle
- XLF / KRE gapped up nicely but bear took over after cash open.
$QQQ Equilibrium In Play till Monday. $SPY need 1h trend change- QQQ Equailibirum key break will be Monday which will determine which way SPY is going to move.
- SOXX / SMH turning from lead bull into lead bear today, weakest sector since Dec 2022. May drag down QQQ if it continues. Will short this sector if it continues on SOXS.
- SPY bulls want to see a hourly uptrend form, Bears want to see QQQ bear break Equilibrium and drag SPY down.
- XLF / KRE gapped down and bounced all day, big enough bounce now for bulls to try to form an hourly uptrend, but before that bulls has changed nothing on the daily timeframe.
KEY TOP WATCH $QQQ Equilibrium Pattern Tomorrow - QQQ equilibrium pattern is going to be key break for which direction market is going the next couple days,
- XLF KRE bear break to new lows will break QQQ equilibrium bear and then drag SPY down even more.
- Yellen flip flop - no deposit guarantee yesterday to today it will be. (the more they flip flop back and forth the more we see them as less confident)
- SOXX / SMH semi sector also helping QQQ with such a strong move up, QQQ bear break will likely mark a temporary top on this sector. need to see NVDA drop too.
FOMC Price Reaction Analysis, Support & Resistance, $SPY/$QQQ- Looking for a hourly Bear flag on SPY and QQQ after this huge move down.
- XLF and KRE top watch to see if we break fear lows/52 week low. Fear would likely come back in if we do break the lows
- looking for SOXX/SMH to go from lead bull turning into lead bear
- Rate hikes is a head wind more for QQQ then SPY, so after Powell saying no rate cuts this year, we would likely see QQQ lead to the down side as well just like it lead to the upside.
- FOMC reaction day after is always the real move, so tomorrow we need to see if bears can follow through or todays just a small reaction move.
$NASDAQ $QQQ $SPY closed near key resistance, FOMC 2pm EST- NASDAQ QQQ and SPY closed near resistance QQQ im looking at $311 daily time frame triple top.
- FOMC 25BPS tomorrow 80% chance, need to see in Powell's speech if this is our last hike or we get a pause, also information on the banking situation too.
- XLF is going to be key factor tomorrow for SPY's direction, went completely sideways today will break strongly in a direction tomorrow.
- i am slightly bearish here since we are right at key resistance but FOMC can change that in an instant, for ex we get a pause after this hike then we are very likely breaking that resistance if that happens i am bullish and going long.
KRE / XLF / QQQ / SPY Triple Top Resistance into Wednesday FOMC- KRE and XLF still in a bear flag territory, Both are closing in on their tightening range and will break very soon either tomorrow or Wednesday. we will get a lot of volume and volatility once this breaks.
- QQQ & SPY have a Triple top resistance, if XLF break bull SPY will very likely break that resistance, so will watching all 4 closely.
- FOMC Wednesday 0.25BPS is still around 70% chance, what bulls want to see is Powell saying we are pausing after this hike, Bears want to see more 0.25BPS hikes.
XLF Triple Bottom Support for SPY Bulls, QQQ Daily Bull Flag, - XLF holding triple bottom support 15m, holding above yeseterdays low bounce off of it 3 times today, first initial sign for the bulls. Now bulls need the hourly trend change for XLF back to an uptrend to help SPY
- QQQ's drop may seem a lot today due to how fast we pulled back from the morning but we are still way above 0.386 fib retracement on daily therefore QQQ is still in a bull flag zone.
- if XLF starts bouncing and changing trends i am likely going to swing some short term bull positions in the leverage 3x SPXL TQQQ TNA
AAPL/MFST Key Resistance for $QQQ. XLF Houly Bullflag, 25BPS- 7.5% move on QQQ/NASDAQ in 4 days. AAPL and MSFT now hitting key resistance, will be watching to see if it can break above or not for QQQ to continue.
- likely a slight pullback hourly consolidation for QQQ before attempting another leg up.
- after ECB hiked 0.5% this morning our rate hike of 25Bps increased to 80% chance this morning.
- XLF hourly bullflag still possible need to see bulls show up and hold above 0.382 fib
- as long as hourly trend is intact for the bulls on QQQ / SPY / SPX there is no red flag at all for the bulls.
PPI, XLF No Bear follow through, Rate Hikes, QQQ Lead Bull- PPI data came in better then expected increasing the likelihood of a pause to 50-60%
- XLF gapped down new lows but closed around cash open area, meaning there wasnt a lot of bear follow through after the gap down. The first sign bulls want to see is XLF holding its lows and start to bounce or even just going sideways is good for tech bulls. Bears want to see new lows.
- QQQ lead bull held up the SPY. making 15m higher lows each time while SPY was making new lows in the end afternoon once XLF started bouncing just even a little bit you saw both SPY and NASDAQ had a nice rip higher.
- Looking for SPY to form its daily uptrend then i would be playing on the bull side for swings on TQQQ or SPXL, for now im still scalping day trades and going all cash before end of the day.
- Next FOMC meeting is going to be a lot more key then any other previous ones to see if Powell actually pauses or hike 0.25BPS even if he hikes 0.25 we still want to see what he say in his speeches is he going to say this is the last hike and we are pausing after this 0.25.
PPI Data, Rate Hikes, QQQ / SPX Support and Resistance- CPI data came in expected today, excpet core is 0.1% hotter market didn't really care since we need something really hot to not get a 0.25bps
- PPI data likely will come in expected as well today, since CPI was pretty aligned so technical matter more now
- SPX came close to 200 MA today rejected the 3940 area but QQQ is above 200 MA
- QQQ and SPX reject resistance at the same time
- QQQ broke 294.5 support (yesterdays triple top resistance) in the afternoon and bears didn't follow through bulls V shaped into close
- KRE and XLF both still in daily bear flag territory.
KEY QQQ & SPX BOTH is still under resistance even though we V shaped we closed right under it, so still in the chop range, I am neutral now yesterday i was bull lean and played the bull move this morning as i mentioned when we broke the triple top resistance at 294.5 QQQ I am going long. Now at this range its anyone's game since there are both bear thesis and bull thesis that are both correct at these levels. currently all cash took profit this morning likely scalping depending on which side we break tomorrow.