PrestigeWorldwideTradingCo

PrestigeWorldwideTradingCo

Fed days are never without fireworks, but wow! What a setup we have going into tomorrow. - Bear flag on the hourly - Trading within upward channel from 2022 low. - Broke rising wedge today - Nearing bearish 9EMA/20EMA crossover (The open will dictate) - Demand zone & 23.6% Fib retracement level 379-381 (Could be a nasty bear trap for those playing the break of...

PrestigeWorldwideTradingCo

Fibonacci channel levels for the week of 10/16 to consider. Note: 2 channels have been drawn; One encapsulating the entire 2022 downtrend, and another capturing the current leg down from the August peak. - 364.64 - Current 50% retracement of downtrend from August peak. The bottom was confirmed last Thursday. - 359.96 - 61.8 level, just above the 200 week at...

PrestigeWorldwideTradingCo Updated 

While most analysts and stock gurus seem to be looking to 390 as the end-point for this little bear market rally we are seeing, I am looking for resistance the 50% channel retracement level ( dotted green line - 379.5 and falling) of the 2022 macro move to the downside (all-containing 2022 downtrend channel), and resistance at the 381 level (ascending red channel,...

PrestigeWorldwideTradingCo

This obviously could go either way, but the lower orange trendline is a level to watch closely for both bounce trades, and possible short entries, should the price fall below. We could realistically see a continuation of today's bullish trend in the next couple of days, prior to the orange trendline being tested as Wall Street positions itself for what happens...

PrestigeWorldwideTradingCo

$SPY, in my eyes, may be trading in a falling wedge pattern, with prices getting very tight by tomorrow. RSI divergence is apparent as the price has faded lower and lower. With plenty of bears piling into short positions, I am watching for a possible upside breakout and squeeze back to 401 (and possibly beyond) in the next two days.

PrestigeWorldwideTradingCo

$AMZN is trading under red trendline which is around 131 today and falling(4/27 low to 7/29 low). Has a support zone down to 129 before becoming even weaker.

PrestigeWorldwideTradingCo

61.8% retracement of the 2022 move on from all-time highs on $AAPL is 162.35. Bulls would like to get the price back above this level to get momentum back in their favor. It will be an interesting level to watch, and it will likely play a critical role in determining the direction of the overall market.

PrestigeWorldwideTradingCo

Not an optimal situation for $NVDA longs. The price has now pushed below the 50% retracement level from its current move from the bottom and is trading just below a key support zone in aftermarket trading hours. This one may get bought up, but those numbers were bad. I think the 166.65 level may be tough to overcome, even if it can open above 165.

PrestigeWorldwideTradingCo

One Hour Chart shows RSI SMA exiting oversold territory as early as tomorrow morning with a strong open. This price action would likely push the $SPY back over the 23.6% retracement level of the move from the 2022 bottom (06/17/22), to the August 16th Top. Price is currently above a confirmed trendline from June 17th bottom, with multiple pivots along the way.

PrestigeWorldwideTradingCo

Thought this was an interesting look at the $SPY from a long-term perspective. Very simple idea: Draw support channels from the pandemic low, containing all price action. It was interesting to see how the support channels have meant less and less to $SPY as we get deeper and deeper into this correction. Near the top, there is a great reverence for the...

PrestigeWorldwideTradingCo

Just something I am looking at for a possible long entry on $SPY in the coming weeks. We may go lower between now and the end of June, followed by a nice rally to the upside in July.

PrestigeWorldwideTradingCo

Bearish Argument: Below all major daily moving averages Obvious macro-downtrend Ugly daily candle on 05/09... Bears in control. Bullish Argument: Trading near bottom of downward channel (259.75 & falling) 100-Week SMA entering the channel from below, offers second layer of support (around 261). Price closed above Spring 2021 Highs, offering third layer of...

PrestigeWorldwideTradingCo Updated 

Walmart is sitting at an obvious support level from 04/12, while a descending trendline from the ATH-to-lower-highs and 9-day EMA are all catching up to the price. Wacky price action around the fed meeting may foil any plans I may have around shoring this at the top of the channel to the 4/12 low, or from the 4/12 low if it becomes obvious resistance once we get...