Measured pull back, it'll be more interesting if Thu and Fri has good economy numbers.
If QQQ could try around 260.5 once more time and stay, it'd be healthier. Mostly likely would accur if tomorrow's CPI surprises us again (It doesn't mean QQQ has to go lower after re-touching 260.5). Otherwise, none of the high can stay. So far there were 284 last week and 272 this week, both failed sadly (or happily if you short it).
If it keeps diving, there's a hollow till around 406ish (marked in the blue box in the chart). That's a hollow created in last Spring. Enjoy the speedy ride down!
We haven't seen any capitulation yet but the market is cheering. I see negative divergence from the 4H chart and if it persists when we get to 4080 to 4100 (SPY probably 407ish), I'd expect a nice pull back. Good luck Q2 & Q3.
Before the end of May, we might need to take a break. It's not an analysis but only based on how much VIX has pumped up in April and early May. If this pattern becomes true, there could be a bearish June; or otherwise sit and wait.
Not an advice but to share thoughts~ On mid-March I thought, "Oh, I found a head-n-shoulder pattern under daily view (yellow dot lines)" and expected SPY to fall harder. I died like a fool. Now under weekly view, it seems like there is bigger head-n-shoulder so SPY may get into a chronical problem. Yet, it doesn't seem to reach any important resistance such as the...
VIX appears mid-term/long-term bullish to me and I'm expecting it to reach 40+ in May. If lucky traders get their profit now and in early April, 200EMA in daily view forms a strong support which could be a place to take the profit and get some SPY puts.
QQQ is at mid-way. If Friday (tomorrow) starts high, it may get riskier to chase with a call. If it starts low..., will there be a bounce back next week? I doubt, I guess it depends on the trading volume. I see a small head n' shoulder, a bigger month-long head n' shoulder and a mini megaphone. Good luck to everyone!
I see several possibilities thru Q2 2022: - a mini megaphone pattern since June 2021. If so, QQQ will bounce and reach the top of the phone, maybe? - a few resistance lines above it, 200ema, 50ema and etc, noticing that 50ema is about to cross a trending line at 385; could it be a chance to....? - a few support lines below it, which support it from last March and...
Published an idea in August. Gold cooled down a little but I see it as a technical pull-back. Watch closely and good luck!
There are fewer bears and bulls left in the ballroom. The last few bears are struggling hard to survive since the SPY price is breaking record everyday but VIX does not fall quite much. In the chart, there are lower resisting points but VIX/UVXY are trying hard not to touch them. RSI has higher lows no matter which timeframe you're looking from. and VIX ETFs all...
Gold may remain high as long as Dollar is cheap. Today it pulled back to a nice supporting level. Will it break down further? Let's see. Good luck with everyone's trades. Interesting things: - The dollar is up today; - The market is also ok. Does it mean the economy is recovering well? - Multiple current events are still in place.
How low can you go? There seems to be more room for you. Why don't you take a break and then dive deeper if you really want to? For us, we can have a sip of water too to get ready for the next cardio... -_-
I know this is still bullish, but how optimistic are you when you see the indication shown in the RSI field? Feel free to share any thoughts.
Make a wish to catch this train before the end of 2020. My highest order has been $190 since May, still missed.
With a mix of current events and different backgrounds of shareholders, it'd better not be too optimistic. Always save some bullets for later.