We'll most likely hit 2900+ today regardless of news. 2961 would fill a small gap on futures.
Under the red trendline would make me feel comfortable adding more shorts to my position as that red trendline should be support. If we break below, it will be resistance. That may not happen until next week
I notice some traders are getting more hopeful the bear market is over. "V bottoms" and "all time high's" are now being discussed on CNBC. Again, I have to point out this is typical in the early stages of a bear market "back to normal" phase - images.app.goo.gl/baHHvt19U5xvnNvL6.
Good luck to all and have a great weekend
Sunship
Under the red trendline would make me feel comfortable adding more shorts to my position as that red trendline should be support. If we break below, it will be resistance. That may not happen until next week
I notice some traders are getting more hopeful the bear market is over. "V bottoms" and "all time high's" are now being discussed on CNBC. Again, I have to point out this is typical in the early stages of a bear market "back to normal" phase - images.app.goo.gl/baHHvt19U5xvnNvL6.
Good luck to all and have a great weekend
Sunship
코멘트:
images.app.goo.gl/baHHvt19U5xvnNvL6
코멘트:
A few exmples of "return to normal" phase. Some take longer than others.
Silver
Bitcoin
Nasdaq - 2000 bubble
OIl
Silver
Bitcoin
Nasdaq - 2000 bubble
OIl
코멘트:
Spy, lower channel may get tested before any more move up, It may also just crack. Worth a watch
코멘트:
longterm trendline backtest on QQQ is about 221-222
코멘트:
Spy testing trendline area
코멘트:
Hourly close under the trendline on SPY would be a good signal (for me) to add shorts
코멘트:
Hourly close below trendline, will add a few more shorts slowly. Trendline may get tested. if we get over it, we could still rally.
코멘트:
So far test has failed, could rally 2nd half of the day. Trendline seems valid for support/resistance.
코멘트:
Got over the trendline, but faltering right now. Hourly close in 30 minutes may help deicide how they want to close the day.
코멘트:
QQQ also with a trendline to watch
코멘트:
Another break on 2nd trendline. Still no volume on selling so nothing is confirmed but it's looking better for the sell side as of now.
코멘트:
Still no volume on selling, this could easily pump till 4 and get to either trendline to create an ambiguous close. Just keep it in mind
코멘트:
QQQ "benefit of the doubt" trendline. Will be interesting to see how price ends the day with this.
코멘트:
So there it is - pump to close to end ambiguously. Expecting the trendline to be hit by 4.
코멘트:
trendline area reached
코멘트:
if they close the day above the trendline - it's bullish. Could be they want to reach for 2900 early next week. Anyway, going home with a few shorts and mostly cash. Good luck to all and have a great weekend
