MikeSpy

MikeSpy

I was just dawning and saw some patterns showing up, there are some possible catalysts if there is recessed earnings and a late fed pivot . There are also some people talking about budget concerns and debt ceiling. all over reddit people are saying the bull market is back on. I think it may be a trap. I am watching if we can confidently break above the red line...

MikeSpy

I have been watching SPY for a bit trying to figure what it is doing. A lot of money from retail has started pouring in to various stocks. We see that with the pumping of Carvana, Bed Bath, AMC etc. The McLellan Oscillator can be an interesting and sometimes confusing tool for seeing how the breadth of the rally is. To simply how it works It essentially is...

MikeSpy

TSLA has been absolutely destroyed over the past month breaking support structure much faster than I personally expected. I have a feeling we may be seeing the possibility of a dead cat bounce from this position. We are extremely oversold and the idea of shorting TSLA has become mainstream on the famous WallstreetBets. I think that we are a bit too sold off...

MikeSpy

SPY is creating a diamond pattern on the 1 hour. It is looking like we may break to the upside and meet the overhead resistance but we could always drop and make a higher low. I think the consensus is that the fed will deflate the market in mid December with more rate hikes and tampering the pivot expectation. It is possible if the consensus is too strong that...

MikeSpy

I drew this neon blue channel that I felt we were headed down last week. The fed meeting caused us to crash right through it as Powell really laid it on thick with the talk of rate hikes and future demand destruction. We broke the yellow support lines on that news, which to me is bearish since it forecasts that the market is willing to make another leg lower if...

MikeSpy

It looks like we rolled over today. I saw this blue channel forming from the top we made a few days back. It looks like we are currently sliding down it and today we managed to test both the top and bottom of the range but the top side gave us a strong rejection (This also painted a Head and Shoulders on the SNP500). I feel like there is a good chance we follow...

MikeSpy

We got some big resistances up ahead at 4000-4100, I think we may be able to reach those levels or at least we can test the upper target I initially placed. I expanded yellow channel and the resistance is drawn in red indicating the overhead. We can run into horizontal resistance and get stalled by a 75 pt rate hike next wednesday, Overall I don't think we will...

MikeSpy

I am building off the idea I had previously about a diamond bottom forming. It looks like we cracked out of the diamond and broke most resistance only to be forced back down, we did not go too far though and buyers were persistent. We broke out of the diamond and broke most resistances again this time closing strongly. Still we are not out of the woods. I see a...

MikeSpy

What a few weeks of wild price action. It looks like we may be forming a diamond bottom. I would be looking for a relief rally to come on with fear at an all time high and retail buying record number of puts. Long term I am more bearish. Yellow lines represent support and resistance zones. Just my opinions. good luck out there!

MikeSpy

I am just late night said, hey Tesla is it finally time for the bell to get rung? I think it is looking like an ugly head and shoulders, the public response to elon has been poor lately and I think the magic has worn off. Usually these things lead to overcorrections , or maybe corrections in some minds. Anyway the chart looks bad for Tesla, huge descending...

MikeSpy

I was thinking we might bounce at the prior low but based on the four hour candles I am seeing something starkly different from June lows. We are unable to climb past 368 before getting a large sell off. This to me shows a pretty strong sign for a drop.

MikeSpy

It seems like a spiraling whipsaw motion has jostled us continuously downward. I think we will have some bullishness but after the rate hike I feel we continues the downward path to a retest of the lows. Just my artsy rambling.

MikeSpy

We ended today bullish after a solid retest of the bottom. I think we will go up, but rate hike fears should taper the advance around the mid 400s. Ultimately I think we go down after rate hikes. I charted based on the max pain and this new to me cloud indicator.

MikeSpy

I am adding a few new indicators to my arsenal. I want to love the Ichimoku cloud, there is just so much data displayed on the screen that I feel once the eye adapts to it there is great value in the indicator. Anyway today was a very bullish ending to a long brutal sell off. We tested the gap and then we smashed through it to end the day. Way to go bulls!. I...

MikeSpy

Will we follow the Blue road into the bull market? I was just drawing for fun and started getting artistic. I think we will take the middle of the road up for a bit and then probably continue down the red water slide. The Yellow lines are a good place for support to keep us on our journey. Today we failed to gap up, but bulls still got some energy. Just Artwork

MikeSpy

I am taking a more long-term look at where I see the index and at what prices I think would be too good an opportunity to pass up given the future interest rate hikes and unknowns with regards to oil prices & supply chains. I personally feel the 325-350 range represents a good outlook on the economy overall. It would represent an acknowledgement of the problems...

MikeSpy

Tesla had a tripple top on the most recent run up, it also made 3 attempts to cross the 200 MA and got knocked back under it 3 times. I think there is actually some chance that we sell off heavily next week. I don't think another stock split is going to encourage retail to pile into Tesla. "Fool me once shame on you... Fool me don't get fooled again".

MikeSpy

Yesterday was a wild one and gave me some pause, there was so much bullishness towards the end of the day we actually ended up having a false breakout to the upside that stalled right at the gap resistance around 420. In retrospect it is clear that the market was really giddy about something, probably the announcement about student loan forgiveness combined with...