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Volatility in Consumer Discretionary driven by AMZN and TSLA.The heavy presence of AMZN and TSLA in Consumer Discretionary makes the sector more volatile. However, I don't see an issue with the trend. Buyers may view levels up to $192.55 as a buying opportunity, especially with AMZN’s high potential from its broad range of innovative ventures. Although TSLA raises some concerns, AMZN could act as a balancing force, or TSLA might follow AMZN’s lead. My price target for the fund is around $212.55, aligning with the 1.618 Fibonacci level, and AMZN could reach Wall Street's $220 target, which I find reasonable.
AMEX:XLYLong
by Tolgaun6
Index struggles at Fibonacci resistance amid concerns.The index appears unable to break through its Fibonacci resistance, which is expected given the prolonged impulsive trend and upcoming elections, alongside rising 'no landing' fears. Earnings reports are solid, and with financials (XLF) looking strong, I'm not concerned. The financial sector often serves as a leading indicator for the broader index, so I view the current 2-3 week stagnation as normal. I still see the biggest opportunity in the AI narrative, and will look to buy during pullbacks.
AMEX:SPYLong
by Tolgaun6
SHORT $VOO (I'm buying SPXU SQQQ & TZA)MODs have suggested that I provide more detail about the picks I make. Sorry. I'm not as verbose as y'all, and I don't like things to be complicated. My trading plan is very simple. I buy or sell at top & bottom of parallel channels. I confirm when price hits Fibonacci levels. Bonus if a TTM Squeeze in in play. I hold until target is reached or end of year, when I can book a loss. So... Here's why I'm picking this symbol to do the thing. Price at top of channel (period 52 39 & 26) Stochastic Momentum Index (SMI) at overbought level VBSM is spiked positive Impulse MACD is extreme high Price at Fibonacci level In at $536.19 Target is $526 or channel bottom Stop loss is $537
AMEX:VOOShort
by chancethepug
A Slow & Choppy Week!This week has been soo choppy and I am tired of looking at it! Its not yet clear if we want to fall past 577 towards 574 and find support there on SPY, or if we want to continue to form a new order block and then break out to continue our bullish run. Based on the candlesticks thus far and looking at the fair value gaps (FVGs) formed on the daily and weekly, I believe that price action has the potential to continue to drop to as low as 563 on SPY. It could take us a few weeks to get there but its possible. We are only a few weeks away from election and officially naming our new US President! Due to the anticipation of the results, we could see fear being pumped into the market as near closer to Nov 5. As of right now I am waiting to see what how we close this week. Trading the chop can be challenging, but also possible with the correct strategy.
AMEX:SPY
by RandiMichelle
TLT - Risk Off Is Dead (For Now At Least)As risk on gravy train continues post FED interest rate cut 🚞, it is certainly worth noting that risk off bonds are becoming significantly bearish. Notice that TLT 20 year bond ETF has seen a significant failure printing a 3 wave pattern with a slightly higher high to then collapse back down. Also notice that it is a failure through the 20 month MA. And this is printing a very bearish Evening Star Pattern. I say "very" because the current candle is printing a significant bearish engulf of previous bullish candles. Overall this is a very bearish look and I think this has a reasonable chance of re-testing the lows to print a Wyckoff ST Secondary Test. Its not impossible that there could be another wave down if US government debt falls further out of market favour. That is less likely I would suggest but never say never 🧐. Not advice
NASDAQ:TLTShort
by dRends35
6
SPY/QQQ Plan Your Trade For 10-23 : Gap/Breakaway PatternToday's Pattern suggests the SPY will attempt to move higher in a potential Gap/Breakaway mode. I read this as a potential for an opening price gap (likely higher) and trending upward throughout most of today. I will point out that I believe the QQQ will not follow this same pattern. The expectation I drew earlier with my SPY Cycle Patterns suggests the QQQ will attempt to consolidate today - possibly moving slightly downward. This can, and often does, happen when we get a divergence between the SPY & QQQ. Gold & Silver appear to be moving into my expected Rally phase over the next 4+ trading days. I believe Gold and Silver will attempt to rally about 2.5% to 3.5% higher before reaching a peak near 10-29~10-30. Bitcoin is consolidating in the Phase #4 Excess Phase peak pattern - just as I suggested. Watch for support to form near 65,600 or slightly higher. I believe this congestion phase will last until after November 2-4 - be aware. Get some. #trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
AMEX:SPYLong
by BradMatheny
26
$DIA Analysis, Key Levels & Targets for 10.23.24The implied move for DIA tomorrow is between 424 and 434, while the implied move for the week remains between 427 and 438. Anything below 427 is considered very oversold for the week. To the upside, the 35 EMA is right at where we closed today, and it’s the first level we need to pay attention to. If we get above that, the next resistance level is around 431, where a pivot resistance-turned-support lies. If we break through that, the next target will be the all-time highs at 433.20, with 434 as the top of the implied move for tomorrow. On the downside, 427 is the bottom of the implied move for the week. We bounced off that level today, and it’s been a key support level on October 16, 15, and even had some action on October 14. So, 427 is our current support. Underneath that, we have the 30-minute 200 moving average. If we break below the 30-minute moving average, there’s still some of the trading range left below us. We also have the gap from PPI data back on October 11, with the bottom of that gap aligning with the implied move bottom at 424. Below that, we have the one-hour 200 moving average, providing additional support at the very bottom of tomorrow’s trading range.
AMEX:DIA
by SPYder_QQQueen_Trading
$IWM Analysis, Key Levels & Targets for 10.23.24IWM is currently sitting just above the 30-minute 200 moving average and right above the bottom of the implied move for the week. With that being said, The implied move for tomorrow is between 219 and 224, based on options. The 30-day average volatility is almost aligned with this, giving a range of 218 to 224. On Thursday’s contract, the implied move is slightly wider, from 218 to 225. To the upside, we have a down gap from today, paired with the 35 EMA, which could offer resistance tomorrow. If we manage to break through those levels, the next target would be the top of the implied move at 224. Above that, 225 is the top of the implied move for Thursday’s contract. Below us, we have the 30-minute 200 moving average, which we bounced off of today, though it wasn’t a strong bounce—just a small technical move. We could test that level again tomorrow. Below that, we have the one-hour 200 moving average. Keep in mind that we’re in oversold territory, sitting outside the implied move for the week, so the combination of the 30-minute 200 moving average and the one-hour 200 moving average could offer support and keep us within range for the week. However, if we break those two levels tomorrow, the bottom of the implied move is 219, with 218 as the bottom for Thursday’s contract. The 50-day moving average is further below, but that would be our next true support level.
AMEX:IWM
by SPYder_QQQueen_Trading
$QQQ - Analysis, Key Levels & Targets for 10.23.24In QQQ, the implied move for tomorrow is between 492 and 500, based on options data. The 30-day average daily volatility adds a dollar to each direction, giving a range of 491 to 501. On Thursday’s contract, the range is a dollar wider, from 490 to 502. Tesla’s earnings report tomorrow could explain the wider range on Thursday. The 35 EMA is below us, and though it has been a bit sloppy, it has held as support so far this week. If we continue to hold this level and see it as support, the next target is 499, where we saw resistance last week. Last Monday, we gapped up above the previous bear gap, hit 499, and then met resistance. We haven’t returned to that level since. 499 is just below the top of tomorrow’s implied move at 500, while the top of Thursday’s implied move is at 502. If we break below the 35 EMA tomorrow, the next target is 492, which is the bottom of the implied move. 490 is the bottom of the implied move on Thursday’s contract. Between these levels, we also have the 30-minute 200 MA and support at 491, which we saw last Thursday and again this Monday. This creates a solid trading range. If we drop tomorrow, the 492/491 bull spreads look good, and a slightly safer option would be the 491/490 bull spreads, as the 30-minute 200 MA would provide additional support.
NASDAQ:QQQ
by SPYder_QQQueen_Trading
3
$SPY Analysis, Key Levels & Targets for 10.23.24Alright guys, so tomorrow’s implied move is between 580 and 587, with the 35 EMA just underneath us. That’s definitely an important level to watch right away. Looking at where futures are at the moment, that level could be to the upside at open, so keep an eye on that 35 EMA. If we can get above that, our first level of resistance is 585. Aside from a quick pop to make all-time highs last week, we’ve seen 585 as a key resistance both before and after making all-time highs. If we can break above 585, the all-time high is at 612, and 587 is the top of the implied move. 588 is the top of the implied move on Thursday’s contract. To the downside, we have 580 as the bottom of the implied move, which lines up with where we’ve seen support on both Monday and Tuesday. 578 is the bottom of the implied move for Thursday’s contract, and underneath both day’s trading ranges, we have the 30-minute 200 MA waiting to catch us if we drop. Just one more level below that, we have 579.5, another support level we saw last week. So if we do drop, I’d likely be looking at 579-578 for bull spreads.
AMEX:SPY
by SPYder_QQQueen_Trading
SPY Technical Analysis for Oct. 23, 2024Trend Overview: The price action shows a descending wedge pattern. This pattern generally signals a potential bullish reversal, especially if the price breaks out from the upper resistance trendline. Support and Resistance Levels: Immediate resistance is around 583.63 and 585.35. If SPY pushes past these levels, 586.30 would be the next upside target. Strong support levels are at 580.30 and 578.51. If the price falls through 580.30, it might test the lower boundary of 578.51, which could lead to further downside if broken. Momentum: The momentum indicator shows some choppy behavior, indicating indecision in the market. Keep an eye on any shifts here for confirming any breakouts. Volume: The volume is not unusually high, which suggests that a significant move may still require a volume increase. Trading Strategy: Bullish: Watch for a break above the wedge’s upper resistance with strong volume. Entry around 583.63 targeting 585.35 and 586.30. Bearish: A failure to break 583.63 or a breakdown below 580.30 could signal downside momentum, with targets of 578.51 and potentially lower levels. Short Disclaimer: This analysis is for educational purposes and not financial advice. Market conditions can change rapidly, and all trades should be conducted with proper risk management. Always perform your own analysis or consult with a financial advisor.
AMEX:SPY
by BullBearInsights
URA eyes on $31.44: Major Support to hold for $37 final targetFollowup to my plot looking for $31 break (click). URA broke above a major zone with ease. Likely to be retested for possible late longs. Or look for Break-n-Retest of zones above. $ 31.43 - 31.66 is Major Support that must hold. $ 34.37 - 34.55 is the proven immediate hurdle. $ 36.26 - 37.07 is the final target for this wave. . Previous Analysis: . See "Related Publications" below for other Uranium stocks ================================================================== .
AMEX:URA
by EuroMotif
Trading Plan for Tomorrow (October 23, 2024)Trading Plan for Tomorrow (October 23, 2024): 1. Bias: Neutral-to-Bullish The overall bias is neutral-to-bullish, with the 60-minute chart showing a continuation of the upward trend, despite potential near-term weakness in momentum. Expect some consolidation between 583 and 585, with the potential for upside breakouts if SPY manages to hold above 583. 2. Entry Strategy: Preferred Buy Zones: On pullbacks near 581-582, you can look for a reversal pattern on the 5-minute or 30-minute chart. A confirmed buy signal in these areas, supported by a cross-up in the MACD, will be ideal for entering a long position. If SPY pulls back to the 578-580 range, this would offer a better risk-to-reward entry point, especially if support holds near these levels. Breakout Buy: If SPY closes above 585, you may consider a breakout buy, especially if confirmed by strong momentum indicators (e.g., positive MACD histogram on the 5-minute chart and strong volume). 3. Exit Strategy: Profit-Taking: For a long position entered around 581-582, consider taking partial profits near 585 or scaling out if resistance appears strong at this level. If SPY breaks above 585, trail your stops to lock in gains around 586-587. Stop-Loss: Use a stop-loss slightly below the nearest support, around 580, if entering a long position around 581-582. This keeps the risk tight while allowing for volatility. For more aggressive entries, like breakouts above 585, place stops near 583 to protect against false breakouts. 4. Indicators to Watch: MACD Crossovers on the 5-minute and 30-minute charts will provide timely buy/sell signals, especially for short-term entries. Volume and Volatility: If volume increases on a breakout above 585, it will confirm a bullish continuation. RSI: Watch for divergences on the 5-minute chart. If the RSI dips into oversold levels (below 30), it could signal a strong rebound opportunity. Conclusion: The strategy for tomorrow should focus on watching key levels: 583 (current price action), 585 (resistance), and 580 (support). Positioning should favor the upside unless key support levels break, but be prepared for volatility around these levels. Use the 5-minute chart for refined entry and exit points, while the 30-minute and 60-minute charts guide the overall trend and momentum.
AMEX:SPYLong
by pythianscope