Ticker: $SPY
SPY dropped down to lower lows WITHOUT any follow through. This gives bulls the chance to get some sort of bounce going to start next week. Like always, volume will be key if this is indeed a bounce or "significant" bounce.
Bulls have to break 331.20 resistance to start the week in order for us to say our weekly lower high (319.80) is set. The $NDX...
TICKER: $SPY
Huge pull back last Thursday and Friday, breaking the weekly HL of every candlestick pattern. We dumped significantly and have bounce before labor day weekend.
I will be looking for a SHORT entry on a LH bounce if there's a low risk high reward setup. Keep in mind if the market is dumping like we've seen in March, things could get extreme.
Panic...
Ticker: $ROKU
$ROKU dumped 20% in the last five trading days, all with a lower close than the day prior. Bears are in a great position especially with the help of the overall market weaknesss. A HUGE support ($116.26) is coming possibly on Monday, but definitely this upcoming week.
Break that level and short is going to run with it. If we down to the extremes...
Ticker: $TSLA
Date: 2/23/2020
$TSLA is holding on extremely well amid market weakness on Thursday and Friday. Potential cup and handle pattern that could play out in these upcoming days.
We closed with an inside bar on Friday, with the HOD of 913.03 and LOD of 880.45. Those price will be crucial in making my entries for long or short, depending on how we...
TICKER: $CRON
CRON is basically the same as CGC. Huge bear volume on Friday with a 10%+ pull back. Bull flag has been negated and we are looking for a daily higher low compared to 6.38.
Watch for $SPY correlation as it will have a factor in the timing of the bounce. Also watch correlation with CGC and other canadian MJ names. Remember, RSI levels could get to...
Ticker: $CGC
CGC had a huge bear day, closing near the LOD on Friday. It was very correlated to $SPY on Friday and I won't be surprised that it will continue to be that way if the market dumps. Hourly time frame is in the oversold area, but I will be patient to enter if the market is dumping. I will look for a potential entry this coming Monday if we dump...
TICKER: $XLF
Financial sector is the clear lead bears for the market. We rejected hard at 31.10ish level and broke key support level of 30.46. In my opinion, this is the reason why $SPY pulled back hard.
We had huge bear volume on Friday and if we break the low of Friday (30.20), look for a continue dump to fill the gap under 30.13.
Can the bears dethrone the...
TICKER: $QQQ
Huge bear volume on Friday and a close near the LOD. Next week is key as we have tech earnings.
If we break the low of Friday (221.67), I expect further pullback. RSI on the hourly time frame is down in the over sold category but keep in mind that with earnings and potential news, RSI levels could get extreme. Volume will be a key indicator for...
TICKER:$SPY
We closed friday with a big red day; Largest red day since October 1st of 2019. This is due to the financial sector (XLF) topping out at the all time high.
Next week is a very important week for the market. FOMC is on Wednesday in addition to tech earnings ($AAPL, $AMZN, $FB, $MSFT, etc...). I expect high volatility this coming week and depending on...
Ticker: $TSLA
TSLA been skyrocketing to ALL TIME HIGHS!! Great volatility, and excellent for day trading.
Friday formed a daily inside bar/harami. It is evident by the tight price range and low volume.
If bears break support 473.70, this confirms that daily consolidation is on its way. (I will be planning to short if this level breaks).
If bulls hold or...
TICKER: $CGC
Will history repeat itself?
Just like last time, CGC is again a daily inside bar with resistance of $20.28 and support of $19.65. I do expect high volume on Monday, but the break is uncertain until it happens. Don't be bias and watch the charts because price action is KING.
I will be watching CGC closely next week and again, will either go long or...
TICKER: $XBI
XBI will be testing daily resistance $97.00. The nasdaq biotech $IBB already broke its daily resistance so can XBI follow along?
Again, dividend distribution was this week and it has an impact on the price.
However, I would still be caution because the weeky RSI is pretty extended. RSI is @ 71ish and historic pullback RSI level is around...
Ticker: $IIPR
Can IIPR gain any traction and break weekly resistance of $87.20 these upcoming weeks to confirm the inverse head and shoulders?
Remember, Inverse head and shoulders is a pattern that signifies a trend change from bear to bulls. If bulls can break this weekly inside bar bullish, than the possibility is there.
I need to see an increase in bull...
AMD weekly inside bar watch.
Resistance: 40.17
Support: 38.81
Note volume for this week was very low. This could be because of thanksgiving holiday on Thursday and half-day on Friday. Give me an increased in volume and a clear break of this inside bar to give clear direction.
ALSO NOTE every weekly candlestick has been a HL as noted with the green arrows....
Ticker: $XBI
The biotech sector have been on absolute fire these couple of weeks. Check out the weekly chart with higher lows every candlestick.
The daily chart is getting toppy with somewhat of a double top at $96.61.
Break $94.08 this upcoming week and that will signal weekly consolidation. I will be scouting for a bearish play with LABD this upcoming...
TICKER: $XLF
Unlike SPY and QQQ, XLF confirmed its daily bull flag. However, we did see a red candlestick on Friday 12/13 to close out the week.
Could this be the first indication of consolidation for the market? Keep in mind the financial sector is one of the top three section in the market.
Also keep in mind that we closed green for ten weeks straight (see...
TICKER: $QQQ
Just like SPY, QQQ also confirmed its daily cup and handle pattern. Bulls in full control at the ALL TIME HIGH.
Weekly RSI is at 70, the highest since the top of the V shape bounce of April 2019.
"The trend is your friend" they say and its true, don't doubt the bulls.
Anything above $203.44 on the daily time frame is a high lower.
