Rookie398476049358670

Rookie398476049358670

Chart says it all.

Rookie398476049358670 Updated 

Friday was a very bearish day for MSFT. It gapped up, but the traders came out of the booth and started to sell right away. This is partially due to QT and weakness in QQQ. After the spectecular short squeeze, we could see a healthy pullback back to 7250 or even as low as 7150 area. Failure to hold that area opens 6600 for NQ. Should NQ continues its bearish trend...

Rookie398476049358670 Updated 

If this plays out then above 700 easily opens up 8500, 9500 and even higher. But first need to get back into the blue box.

Rookie398476049358670 Updated 

Gold is putting in the second positive week together with the last bounce at 1240. Closing above 50% of the weekly candle, but sellers are at 1236. Looking to retest the low next week before ripping.

Rookie398476049358670

Above 7000 will be super bullish. Below 6200 and fails to hold low could send us back to sub 5k.

Rookie398476049358670

This is a dummy chart. I actually want to link ppl looking at QQQ to my previous chart on QQQE (click pic below to go to idea). The main idea is that if you exclude FANG by looking at QQQE and exclude tech by looking at SPXT, the market is not that strong as you might think. Hourly weakness could be shorting opportunity.

Rookie398476049358670 Updated 

Look at how small that volume bar is! You know who are lifting QQQ up. Unless QQQE breaks out impulsively with convincing volume, I do not buy this breakout and I'm holding on to my shorts at the moment.

Rookie398476049358670 Updated 

ALK continues to show interesting development on the hourly chart, as it edges toward the apex of a very large bullish falling wedge. Earlier this week, we saw price broke down from a bearish rising wedge in an attempt to take out the downward trend line of the larger bullish wedge. The price bounced off a support level yesterday, before reaching the bottom of the...

Rookie398476049358670 Updated 

Gold has cooled off from a $20 bounce off a $60 drop, and has been consolidating at around 1258 area. If we look closely at the 4h chart, an inside bar was formed after the initial move to 1260 level, and price was pretty much faking both directions, showing that bulls cannot establish a higher high, while bears cannot establish a lower low. From technical point...

Rookie398476049358670 Updated 

A review of the SPY daily price action last Friday firms up my belief that more downside is coming. 1. 9 day moving average: When price is in an uptrend, price stays above 9 day moving average. However on June 15th when SPY gapped below 9 day moving average and failed to reclaim it, price has been tagging it from below and has been capped by it. Now 9 day moving...

Rookie398476049358670

MSFT has had another bad day, after Tuesday's rally into the close. Price was pushed down again from the 9 day moving average, rejecting a potentially inverse H&S pattern, however with low volume. Very soon MSFT will be facing a intersection of 9/50 day moving average, together with the primary upward trend line. Reclaiming the trend line would cause MSFT to go at...

Rookie398476049358670 Updated 

Very near term short, or wait for pullback as price cannot get through 1258 level. Could go as low as 1245, which should provide a good long entry. However, if price fails there, the momentum could carry us lower than Tuesday's low and that will send gold down to 1200.

Rookie398476049358670

1.1541 area has proved to be a strong support for Euro. We have quite a few taps around this area, and we have seen strong price action from the bulls. 9 day moving average is flattening, suggesting a near term bottom, but 50 day moving average is coming down, and would likely cap recent bounce for Euro. Notice that 1. Hourly price action seems exhausted, with...

Rookie398476049358670 Updated 

Half serious half joking call for a topping pattern.

Rookie398476049358670 Updated 

Chart says it all.

Rookie398476049358670 Updated 

As I have observed yesterday, the bull trap scenario on QQQ continues to play out. On the daily chart, the action today is now capped to the tick by the 9 day moving average, which was trending down, suggesting that the downward trend is intact. Notice when 9 day moving average was up, the trend was bullish, and every pullback to it has been bought. When trend is...

Rookie398476049358670 Updated 

QQQ put on an impressive rally today. However technicals on the chart suggest that this rally could be a dumb money rally, and what faces the bulls could be a hard trap. This argument is mainly based on the hourly chart. Key take aways: (1) Notice how a bullish divergence developed at the key support level at 7000, and a hidden bearish divergence at 7100...