ContraryTrader

ContraryTrader

As you can see the weekly resistance (Yellow) from 2023 has turned into support.. Breaks 820 and price heads back to monthly support (White) around 700.. Bounces on earnings and we retest 880-900... 700 will come though, either Q1 or Q2... When ever this wedge breaks you'll be able to get NFLX for 400-500 bucks

ContraryTrader

Upside target this week is 602.50 - 603.00 Spy Over 599 and 603 comes .I think there will be push back around 602.. pullback targets at 602 is 599 and below that 595. Max downside is 590 (20sma) below 590 and this was a dead cat . 10year gapped below 20sma Friday. Looks like it wants a pullback to support and 50sma.. I'll be watching 10yr at 50sma . If it...

ContraryTrader Updated 

When I look at this I have to fight my Bearish Bias of the market to lol.. What I mean by that is that I expect NASDAQ and Qqq to go lower but this looks like a good setup for a long. A good setup doesn't necessarily mean bullish, just means the stock is at strong support and approaching oversold. Msft is showing a falling wedge here at support .. 4 hour...

ContraryTrader

Banking sector is Correcting and the big banks will correct with it. Monthly Money flow lit up on GS for only the 3rd time in 10years.. last 2 the mes this has happen GS crashed 30% or more.. Using weekly chart log scale You can see GS has hit the top of a 14 year bull resistance Daily chart you can see GS has gapped outside channel on trump election and...

ContraryTrader

It's been a while since I've covered Cyclicals.. since we are heading into earnings next week let's kick it off. Monthly chart here on NYA looks like we've topped a 15yr wedge after the Trump election Squeeze.. Weekly chart is showing price is holding secondary trendline (Yellow). But it's stuck beneath weekly 20sma ... q Daily chart As you can see we are...

ContraryTrader

From July to December Qqq traded inside a rising wedge.. That rising wedge was broken and retested The target here would be 480-486. But a trip down to daily 200sma or weekly 50sma is most likely So what has been the hold up.. I looked at this from a few angles and I think Qqq is creating a Bearish Descending triangle that will be broken late this...

ContraryTrader

ADP and Minutes out tomorrow... I'm thinking a pop if ADP comes in good followed by a mid day flush with a hawk minutes H&S maybe but I've connected some supporting trends If 576-580 holds then This H&S will turn into a Wedge triangle Zoom in at the last 2 day price action Small broadening wedge is forming here in white. If we pop tomorrow I'm looking at...

ContraryTrader

Interesting here ... In the next few days we will either Tag 204 or 175 gap close.. A drop below 186 or 20sma would pretty much confirm 175 gap close incoming Even if it pops to 204-208 I'm expecting a correction like the previous rising wedge A push above 196 and 204 is incoming

ContraryTrader Updated 

I'll be going over QQQ Es Nq NYA And. A few major tech sectors Soxx (Chips) XLK (AAPL , Msft) XLC (Meta, Googl) Let's start with the TVC:NYA So if you've , notice for the entire month of Dec , anything other than tech stocks straight nose dived . With Earnings season 2 weeks away and a new presidency let's see how things stand Here's the weekly chart...

ContraryTrader

First Weekly chart Weekly candles here says a reversal is on the way back down Shooting star followed by a long leg doji.. But that's not even the worst.. Monthly candle is completely extended outside it Bbands.. it wasn't even this extended in 2020- 2021.. When you see technicals this extended , one bad news story comes out and a 15-20% correction can come...

ContraryTrader

Daily technicals overbought and extended with Bad timing of this crash news i expect Boeing to pullback and and retest 170 or 200sma.. below 170 and 165 comes.. Bearish below 165.. below 165 and 157 gap close incoming . Boeing holds 170 and it will push to 200 in Q1

ContraryTrader Updated 

Holiday update.. This should cover some levels into the next few weeks.. I'll be going over SPY IWM DJI QQQ Market goes no where without tech So let's start with Q's Back inside wedge here Upside of the Wedge is 533ish.. Next few days - 531 is resistance.. over 531.50 and QQQ pushes back up to 533.. over 534 and it melts up to close gap 538. 527.50 -...

ContraryTrader

Health sector has gotten demolished in the last month with RFK jr. Appointment.. Didn't help that this company has had some bad news the last 2weeks.. Technically, UNH tagged it's weekly 200sma at 470.. UNH hasnt broken it's weekly 200sma since 2008-09 crash.. Also the double top that added fire to this sell is completed .. I think healthcare sector and...

ContraryTrader Updated 

Its looking like 566 will come .. I talked about this sell on Dow,NYA and Iwm in my spy post (See link).. its happening.. once QQQ breaks below 514 spy will target 575 20sma and it may dead cat bounce but the full target is 566... All you have to do is watch QQQ , once 514 goes, its Good night.. I wont go into the technicals because you can go over my previous...

ContraryTrader

Slow sell back to trendline support .. should fall anywhere between 87-95 Stock has broken beneath its monthly 20sma... Has a gap at 116 thats next up and below that is is the weekly 50sma at 112.. so 112-120 will be the range .. below 110 and i feel its about a 80% chance this is headed to 95.. Chips sectors have been broken down.. Soxx has a death cross...

ContraryTrader

Tagged trendline resistance here at 230... overbought like all the other big tech.. Wont go into every overbought indicator because they are all lighting up. Stock price hit 8% above 20sma... anything over 6 % is due for a rubberband snap back I think in the next 2 weeks we get a pullback to 212 gap close and 20sma. I expect a bounce at 20sma.. then a...

ContraryTrader

Simple chart. Gap at 230 Fib support at 230 50ema at 230 Wait for price to tag 230 Then long to 235 (21ema) Dont know if it can break above 235 But if it does it will most likely come on Core PCE on Friday. Above 235 and 240 comes.. I think small caps and cylicals outshine the next 2 weeks but only if Iwm breaks above 235

ContraryTrader Updated 

So there is 4 major sectors that Drive the QQQ and tech overall.. I like to know what the sectors are doing/showing to get an edge on where QQQ is headed. Imagine QQQ being a car, and each sector is important part to that car (Transmission, Engine) Here are the 4 sectors and 2 of the biggest names in each sector XLK -Msft , Aapl XLC - Meta, Googl, Nflx SMH -...