SPY/QQQ Plan Your Trade For 6-19: GAP Reversal Counter TrendToday's pattern is a GAP Reversal in Counter Trend mode. I believe this could represent a breakdown in the ES/NQ as the US stock market is closed for the Juneteenth holiday.
Obviously, after the Fed comments yesterday (stating "uncertainty") and with the continued Israel/Iran conflict playing out,
ETF market
SPY: What's Next After the Resistance Retest?
The price action of SPY, shows a significant decline from early February highs, followed by a strong recovery and an established uptrend from mid-April.
Price is currently testing the "Previous Flip Zone" (indicated by the purple shaded area), a level that previously acted as support before the
Small Caps about to get SlammedThe IWM has been trading inside this upward sloping wedge/bear flag for a few months. It just broke the bear flag this week and then tested the underside of it as resistance before getting rejected. This area also happens to be a golden pocket retracement zone from a Fibonacci I have drawn from the
Preponderance of (or Preposterous?) Evidence
I was just proposing yesterday staying neutral in SPY (the S&P 500 ETF). The FOMC meeting today (Jun 18th) was a big-nothing burger (so far), which supports my (non)position, but we'll see. I will update that post when the time is right (ATH, 200dma, or bust).
Today, though, the IWM (the Russell
Rising Geopolitical Tension (Iran Conflict) Signals Market RiskMoving Partially to Cash (VEA, QQQ, TQQQ, SPY, TECL, SOXL)
The global market is entering a high-risk environment. Geopolitical escalation, particularly the growing threat of direct US involvement in a military conflict with Iran, is pushing global uncertainty to new highs. Tensions in the Middle Ea
Bullish pattern morphing into existence for OilWhat a beautifully bullish pattern morphing into existence for crude oil !!!
With price being contained for over 3 years below that continuation breakout line, the 12 quarter moving average is squeezing, putting upwards pressure.
Oh boy, this could explode anytime soon ;-)
SMH BREAKOUT: Semiconductor ETF Explodes Higher After 13-Month VanEck Semiconductor ETF (SMH) - 1Y Chart Analysis
THE SETUP:
After 13 months of sideways chop between $180-$240, SMH has finally broken out with real conviction. This lengthy accumulation phase built a massive foundation for what could be the next major leg higher.
KEY LEVELS:
Breakout Level: $24
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