Pre-Market - Powell Speaks Today at Jackson HoleNo bias really on the market but currently holding NYSE:JPM Calls
SPY trade ideas
SPY/QQQ Plan Your Trade For 8-23 : Harami Inside PatternToday's SPY Cycle Pattern is a Harami-Inside pattern. This suggests the SPY will stay rather muted today - trading sideways and likely staying between 557-560. I believe the SPY will trend upward a bit and try to close near 560.
I don't believe we'll see any big trends today - mostly just sideways consolidation.
Gold will likely attempt to move above $2450 - attempting to regain support above $2535.
Bitcoin will stay somewhat flat - probably below $61.5k as the big move won't happen till next week.
Today may be more of a "go golfing" day.
Literally, the SPY/QQQ/Gold/Bitcoin will probably stay in a very narrow range today - moving into a bigger trend next week.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
When FED pivots..
Almost every time in history when interest is pivoting down, markets go down aswell. Something whihc is contrairy with what you have learned in school. But these graphs don't lie.
What do you think?
Thanks to Alessio for this idea.
$SPY Tomorrow's Trading Range for SPY 8.23.24AMEX:SPY Tomorrow's Trading Range for SPY 8.23.24
Tomorrow's Trading range for Friday the 23rd and Jerome Powell is speaking at Jackson Hole. . .
The full walkthrough is on tonight's video.
I love how the market tests powell every time now... LOL...
GL, y'all.
Mag 7 Drags Down Large Cap - Potential Index Wedge FormationsThanks for checking out the video today. It was a reasonably nice selloff today, led mostly by the Mag 7 stocks. All US Indexes were in red, Nasdaq taking the worst of it around -1.60% lower.
Powell on tap for Friday with Day 2 at Jackson Hole. The market is oh so curious if the FED will cut 25 or 50 bps in September and we have plenty of news to digest prior to the official September 18 FOMC Meeting and Press Conference.
If Friday Aug 23's trading day pushes lower and helps balance out the aggressive bull moves from August 5's bottom, we could see a nice wedge pattern in the works - lower highs / higher lows.
Watch the S&P Daily 200 SMA or 200 EMA for some dynamic support. It will be interesting to see if the bulls and bears both get what they want with prices on the move through September with volatility returning to elevated levels > 20 perhaps.
Thanks for watching!!!
Lesson from my WINS August 22 2024I go over my trades from today I made $50. I started off with a bad trade but started using the 10 and 15min charts to confirm with the 5min more and it paid off and I had some good trades. I still need to be more aware about when to hold or let my runners run. Over all I am happy with today I felt a lot more patient and disciplined while waiting for my levels and confirmations with volume.
$SPY BULL/BEARAs you can see, the yen carry trade resulted in a huge drop breaking the AMEX:SPY out of the channel it was trading in. AMEX:SPY then recovered exponentially fast and brought price back into the prior channel. IF bulls can pump this tomorrow we could potentially be seeing our way to new highs. If bears pull this back out of this channel we could be entering a down trend with a double top being established on the daily time frame. If bulls win, I will be targeting $575 and if bears win I will be targeting $540 as my first PT. Best of luck, Not trading advice but will upublish my trade once it is open.
SPY Local Short! Sell!
Hello,Traders!
SPY has hit a horizontal
Resistance level of 563$
And we are already seeing a
Bearish reaction so we will
Be expecting a further
Bearish correction
Sell!
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Check out other forecasts below too!
Expired SPY Weekly outlook. 3rd WK AUG 2024Expired SPY Weekly outlook. 3rd WK AUG 2024
> BULLISH 📈 CORRECT
Prior Week Closed Price: 554.31
This Week Target Price: 559.79
Strike Price: 562.72 on AUG 22, 2024
Upper Range: 569.59
Lower Range: 549.99
$SPY Massive M shape double top AMEX:SPY is approaching a massive M-shaped double top. lf happens could be a long-term short.
How to Use Fibonacci Retracements with Supply and Demand on SPYI go through an A+ setup that made me some money today on SPY. I love this strategy because it is simple and easy to learn you can also manage your risk well. Let me know how your trading day went in the comments and let me know if you have any questions.
Job revisions and tomorrow expectationsLots of short seller were hoping for a much more negative reaction to jobs revisions. While the revision is large, it ultimately doesn't derail expectations much. More likely, smart money will use the opportunity to squeeze short sellers into a pop upwards tomorrow and break through the current resistance level on indices. Keep an eye on overnight behavior, it'll give us a strong indication on where the indices will be headed.
Ideally, once indices breaks thru resistance, it can take a small breather again and consolidate sideways, before moving upward more.
August 24, 2024 ES/SPY Analysis UpdateToday we did a lot of chopping. There is liquidity left to be grabbed (above) on SPY, from the 2HR perspective, at 564. Keep in mind we are nearing a strong resistance level at 565. ES has a daily FVG close at 5672, with a weekly candle body top at 5681 (major resistance level). Of course we are not going to neglect the support side. ES has a daily support FVG at 5607 (SPY 557). But SPY chart shows a wick penetrating the 555 price level, which would indicate potential bull rise to close the SPY gap before pulling back down to retest the 560 price level again at a different time.
SPY RISKY SHORT FROM RESISTANCE|
✅SPY is going up now
But a strong resistance level is ahead at 565.44$
Thus I am expecting a pullback
And a move down towards the target at 556.00$
SHORT🔥
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Crash Incoming ??Not trying to scare anyone but as you can see the upward trend is now in a a rising wedge.... Proceed with caution. 558.50 break and we can fall to 554
SPY/QQQ Plan Your Trade Update 8-21 : Markets Top & StallAs I suggested in Monday's video, the SPY Cycle Patterns predicted today's TOP more than six months ago. Tomorrow's inside/harami pattern suggests the markets will stall out the rest of this week.
I urged traders to prepare to wait out this week and sit on the sidelines. When the markets stall like this, it is best to avoid trying to trade in tight ranges. Wait it out and maybe pick out a few great swing trades for next week's rally phase.
This update shows you why Bitcoin, Gold, and the SPY/QQQ will continue to stall and stay in a sideways price trend.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
Preparing For A Potential Double-Top HereTraders,
As you all know, the SPY has been moving EXACTLY as anticipated by me the last two years. And that worries me. Don't get me wrong, I have thoroughly enjoy the profits that have come with getting it right, but what we have to be careful about when doing so well is over-confidence. Because if we don't take a couple of steps back and say to ourselves, "I could get it wrong this time", then we could likely get it wrong. The market loves to humble cocky traders. And that is why I have sold half of my longs once again ...just in case I could be wrong.
So, you can all read my previous posts and calls on the SPY, but for new readers, let me just catch you up with a brief summary to give you some context.
About 2 years ago, after the market had dropped and many investors thought it would continue down, I came under the persuasion that it would soon reverse. Though, I am a rookie when it comes to Elliot Wave, I had noticed some other contrarian traders and chartists had begun to explain from a fundamental basis why it would move up soon. These same investors began plotting a likely blow-off top scenario based on fundamentals, market psychology, and Elliot Wave theory. It made sense to me but I was hesitant to go full in based on this information alone.
I began reading more about market fundamentals and psychology and learned that most of what I read actually supported the idea of a blow-off top. Then I spotted another pattern on the daily chart (an inverse head and shoulders pattern) which strengthened the theory even more. This pattern gave me my SPY target of 570. You can still see that Previous Target outlined here on my chart. We nearly reached that target. Missed it by a few dollars. It was there that I sold half. And right on time. The Japanese carry trade flash crashed the markets and down we went. As we were nearing the 200 DMA, I spotted a new bullish pattern on the weekly chart. This was a Cup and Handle. I bought back in near the bottom recognizing that this blow-off top was probably not at an end ...yet.
Fast forward to today.
We are once again nearing my Previous Target of SPY 570 and though we could move even higher (and I honestly believe we will), I want to prepare for a scenario where I could be wrong. You can see from the chart here that we may also be forming a bearish double-top or M-Pattern. If this is the case, it is wise for me to prepare for another drop soon. Thus, I have once again, sold half. Should the M-Pattern play out, I will likely buy back in around the 200 DMA (wherever this happens to be at the time) because I still believe that Cup and Handle pattern on the 2-week chart will play out and that the blow-off top will not end until we reach 650-700 on the SPY.
Obviously, this forcast could change based upon significant geo-political/global events. But for now, this is how I see it going.
Scenario 2: If we do not drop and that M-Pattern becomes invalidated. I will also buy back in should we exceed my previous target on the chart. In either case, updates will follow.
Retesting the Channel for a Major Drop in SPY After Reaching 570The SPDR S&P 500 ETF Trust (SPY) is nearing the upper resistance of a long-term ascending channel. As the price approaches the key level of 570.20, we anticipate a retest of this channel, followed by a significant drop. This level could signal the start of a substantial correction, given the previous resistance and current macroeconomic factors. Keep an eye out for reversal signs at this critical level.
SPY - double top on the yearly chart? Do we get a double top or major breakthrough? I just don't see a breakthrough with all the uncertainty and election around the corner.
I expect volatility.
I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information contained in this post is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.
8/21 SPY ATR and LevelsATR For SPY is now creeping up to 7.42, nice and juicey range. Fear and Greed on the lower end of Neutral at 45. Jackhole minutes and pending discussion on rate cuts are being spread around like MPOX, .50 or .25, will there be one at all?
Geopolitical atmosphere is hearing up, Xi is in Moscow.
Putin is Puntin and Star Wars Outlaws gets released next week.
Observing 2 gaps on the downside that is a hole that needs filled everntually, if we dont get the news the market is expecting we could visit 548-544 to fill and even further below at 536-533 thas a crazy range, and not thinking it will happen anytime soon, but we got those there. however we did hit a low of 530 LAST WEEK.
For the ranges above the 559.84 8:45 am Close range I have
SCALP
SR2 562.73 (this is a level of interest)
If we can get 1 hour of volume to exceed 4.5 million, I think we go higher into Standard pop level (563.55)
SR1 561.77 (this is a level of interest)
I see we need volume over 6.1 million on the 1 hour to go into SR2 of the scalp
SPOP 560.80 (1 hour average volume I se is above 3.5 million)
R2 569.49
R1 565.78
POP 563.55
If we cant get to or exceed those volumes on the 1 hour range, the below scalp levels from the 8:45 range are:
SBREAK 558.88 (1 hour 5.2million to push past, I think if we hit this price level and not exceeding 5.2 million on the 1 hour we could see SS1)
SS1 557.91 (1 hour 4.3million to push back to SBREAK, I think if we hit this price level and not exceeding 4.3million on the 1 hour we could see SS2)
SS2 556.95 (1 hour 4.9million to push past, I think if we hit this price level and not exceeding 4.9million on the 1 hour we could see the Standard levels)
BREAK 556.17
(1 hour 4.9 million)
S1 553.24
(1 hour 6.9m)
S2 551.28
(1 hour 6.4m)
Main Focus List Review 8-21-24 EXTGoing over our Main Focus list EXT times looking for clues as to what the market wants to do and setting up a game plan for each of our focus stocks/indexes. always know where you'll get out if you're wrong. dont be a counter trader. Just Don't Do It
SPY/QQQ Plan Your Trade For 8-21 : Top Pattern Today.I expect the SPY to move into a moderate bullish price phase, attempting to peak somewhere below 561-563, then roll into a moderate downward price trend - possibly ending the day near 553-556.
Why do I expect the SPY to roll to the downside after peaking today? My SPY Cycle Pattern shows a TOP pattern today.
Top patterns usually start with a moderate uptrend, leading to a peak in price, followed by a moderately sustained pullback/downtrend.
The 553-556 level is the nearest moderate support level.
The 561-563 level is just above yesterday's high and well into the SPY upper GAP window, which will likely act as resistance.
Buckle up because we are moving into at least 2~3 days of trending sideways before transitioning back into the rally phase.
Gold may attempt to move above $2570 today.
Bitcoin needs to find support, otherwise a breakdown in price in likely over the next 3+ days.
It should be fun to see how things play out this week.
SPY Trading Day TNRTThis reading day about spy in a girl who likes to toast and Rita's and get money while she's mine of her business having margaritas, and say what up to the squad game/
