MMOTA_

MMOTA_

Good morning! Batteries are recharged for this week, as we have a very important day on Wednesday. THE FED SPEAKS. Not gonna lie, but Friday's action caught me off guard. As I watched the action, I still wasn't convinced. It still had the feeling of a hope rally. Now look, we can still push to about 3970ish to complete the ABC correction before rolling over. And...

MMOTA_

To recap how the market's ended yesterday, we had the DOW close at 0.61%, the S&P -0.61%, and the NASDAQ -1.63% (I think this even went positive at some point during trading hours). Something is holding this market up. You would think with all these bad tech earnings, the market would be coming down substantially more. But it's not. So is this market rally going...

MMOTA_

You know, I usually don't follow the DOW as much. I mean, I'll glance at it every day but I think the surge we've seen can't go unnoticed. The question is: Is this surge over? I mean, this thing blew right through the 50, through a resistance level and now it's looking like it wants to go touch the 200 day! Hey, if it does....it does. Two possible outcomes here...

MMOTA_

Yesterday, we finished with a nice green Bullish candle ahead of Google and Microsoft's earnings. Shortly afer the bell, Google fell about 6% and Microsoft around 2%. That's not catastrophic in any way, but it will be difficult for the markets to continue to rally without their participation. And that was only two out of the five large tech companies that make up...

MMOTA_ Updated 

If we push to 3860 or even 3900, I will consider entering a short position in this area. That yellow uptrend line is 10/13 low. So I'm thinking within the next couple hours we can jump above that upward trend line from the 10/13 low and then start to roll over before the end of the day. If we close today with a bullish candle, I'm going to continue to sit on my...

MMOTA_ Updated 

We got to 3800 yesterday and it's really testing resistances at this level. So do we move higher from here? If you look at the DOW, it's actually above it's 50 MA and at resistance as well. And yet, 74% of stock are still trading below their 50 MA. We are still in a Bear Market, so we have to remain Bearish. Did you look at the volume we had yesterday compared...

MMOTA_

I hope everyone had a nice weekend. Stepped away from the markets on Friday as I went to Ensenada Mexico to celebrate my grandfathers 90th birthday. Dude is still going strong and showing no signs of stopping! Always important to spend time with your family, be present in the moment and not always think about the markets. Now, let's get into it. Interesting week...

MMOTA_

After yesterday's candle, downside is looking more probable now. Bulls had a chance to stay above the 20 EMA, but were not successful. At the time of writing, Futures are trading at about 3645ish down 0.82%. Do we visit 3600 today? May 3580? We could dip down to 3570 and recover by EOD to finish back at 3645 or 3600. That would tell me that the market wants to...

MMOTA_

Hello 3700. We've been hanging out in this area for about a month now it feels like. And based on what I said yesterday, looks like the market needs more time to decide which way to go. So let's think about some things. We are technically still in a bear market and this also has the feel of a bear rally. Why? The day the CPI report came out, we gapped lower and...

MMOTA_

Yesterday I said I would sit on my hands if we closed above the 20 day moving average because that would make me a little more bullish. And, well, we did. So now what? This has been a great traders market with all the volatility we've had for a few months now. All we can do as traders, is trade the market in front of us. We are still in a Bear Market and below the...

MMOTA_ Updated 

We are now back at the levels we were at October 6th with Futures trading at 3776 at the time of writing. After yesterdays action I still wasn't convinced that we are going to continue higher. Take into consideration that we didn't close above Fridays high. The last couple weeks I was saying we were forming a cup and handle pattern. And look. Is it a perfect cup...

MMOTA_ Updated 

About and week and a half ago, I published an idea saying that we could be forming a cup and handle pattern. Jobs report came out October 7th and we gapped down. To be honest, I was still expecting a little more upside to about 3850 or just base at 3800 for a couple more days to complete the cup and handle pattern I was looking for. So that gap down wasn't ideal...

MMOTA_

Roller coaster day today. We opened in the morning with a gap down, pushed a little lower and recovered by EOD. 20 day as was my anticipated target for today and we are now basing in in this general area. Cup and Handle pattern looks like it's forming, especially if we hang out here tomorrow and Friday. Might just be tomorrow and then Friday could set the tone for...

MMOTA_

Impressive day today with a strong close. As of last week, we were forming a low base pattern, signaling more down side to come. I was anticipating more selling to happen at the start of this week. And......Well..... Here we are blowing 3800 a kiss before tomorrow. However, last week, I did have in mind a cup and handle pattern forming before making its way lower....