PrestigeWorldwideTradingCo

PrestigeWorldwideTradingCo

Price channel captures the overall trend of the S&P 500 across time, with three parallel lines outlining the upper, middle, and lower bounds of the price action. The channel effectively contains most of the historical price movement within its boundaries, showing long-term upward growth with corrections. Significant Historical Points: 1929: Marked near the top...

PrestigeWorldwideTradingCo

ES1! showing signs of heavy resistance to price movement, AKA liquidity in this rarified air. The daily ranges for the previous two trading days will be monumental in the market deciding its direction, as there is a lot of interest packing in at these levels. 5287 to 5349 are the outer limits with 5318-to-5323 also being important inflection points as this plays...

PrestigeWorldwideTradingCo

If we expand the 2022 downtrend by 100% - That is, we treat the 2022 swing highs as the 50% channel level, AMEX:SPY has reached overbought levels as of last week.

PrestigeWorldwideTradingCo

$NVDA is having trouble getting back to the initial overbought trendline on the ascending channel it has been in for all of 2023, resulting in the formation of a bearish rising wedge formation. It has run into heavy selling at the lower range of the highest volume trading day of the past 2+ years (11/04/2021). This level is marked by a purple rectangle. We may...

PrestigeWorldwideTradingCo

Looking like a reversal is possible up here, likely, with a possible fake-out to the 398-399 range. Tons of volume (effort) went into locking up the price in a tight range (result) to close trading on 3/16. Result of recent price action is the formation of two separate, distinct rising wedged formations that can entice breakout traders to go long at the same...

PrestigeWorldwideTradingCo

SPY is currently trading just above the exact middle of the 2023 price range (398.07). This will be an important level to watch tomorrow as we close the second month of the trading year. Something else to consider is support from 396.75 to 397.25, which would correspond with the 50-day SMA (Red SMA)and the top of the range for the highest volume trading day of...

PrestigeWorldwideTradingCo

Heading into Tuesday, Friday's closing 15- Minute range on $WMT is worth watching. There should be strong support/resistance at 146, however, I favor the downside from a risk-reward standpoint. Secondary support can be found at 144.50, giving a fairly clean shot at a 1.50 move to the downside off a rejection at 146.

PrestigeWorldwideTradingCo

$TSLA closed today's session within pennies of the HOD established during the second highest trading day since December 2020 (Green zone), and the LOD established on THE highest volume trading day of the past 2+ years (gold zone). Opening above this level could see a retest of 209, and a run to 231, which would correspond with top of the gold zone (HOD for...

PrestigeWorldwideTradingCo

The C&H pattern doesn't capture my attention very often, but this one was hard to miss on the 15 minute timeframe. We'll find out which direction offers the least amount of resistance for smart money tomorrow, when CPI data gives them the catalyst they need to move the market convincingly in their favor.

PrestigeWorldwideTradingCo

13 days in the box for the $SPY. 3.5% range from top to bottom. Should all come to an end within 6 trading days, but probably much sooner. Watching 382 closely for direction on 01/05, as this is weekly VWAP (Yellow line). Price closed the day below the 9-EMA, which should result in a bearish daily 9EMA/VWAP crossover by tomorrow morning.... UNLESS we open...

PrestigeWorldwideTradingCo

META is trading in a rising wedge, just below December VWAP, which will be intersected by a downtrend line containing all price action since the December high. Could be an "interesting" week with hedge funds adjusting their year end portfolios, but this looks like a decent short setup... at least at this moment.

PrestigeWorldwideTradingCo

$META ready to test upward channel from November lows. Next support at 113-114 if 115 breaks. Could bounce at 115 if overall market strengthens.

PrestigeWorldwideTradingCo

$SPY rejection off the 2022 VP poc (Purple line / Arrow), followed by a high volume break under the support channel drawn from the 2020 low to the June 2022 Low (Red line), and a beautiful retest and rejection of the level (Red arrow). Now we’re trading in a falling wedge. Watching for possible breakout back to 390.

PrestigeWorldwideTradingCo

Watching this setup for a possible breakdown on $NFLX. Rising wedge within upward channel. Still has room to go up before Approaching resistance from 323-335

PrestigeWorldwideTradingCo

A bit arbitrary, but the last two times the $SPY 12 month EMA crossed the 18 month EMA to the downside was in May 2001 and June 2008. The 12 month crossed back over the 18 month in May 2010 and has been bullish ever since... Until now.

PrestigeWorldwideTradingCo

$ES in a precarious position tonight with #PPI numbers looming. Rising wedge/bear flag pattern on 15-minute. 9&20 EMA cloud shown on chart. Price trading between.

PrestigeWorldwideTradingCo

Quarterly VWAP and Point of Control (Volume Profile) shown on chart. Below 131, pretty bearish until 127.50 or so, IMO. Above 133, could maybe get a quick move to 135 (Upward channel resistance.

PrestigeWorldwideTradingCo

Not only did $SPY race down to Anchored-VWAP (Decade) today, we also find that the 50% channel retracement level of the entire move to the downside just happened to be intersecting it, today. Fancy seeing price meet both at the same exact time. The line in the sand is 374. - I can see the $SPY opening above 374 and possibly make a move towards 380 before...