Just the SPX and my thoughts on what may happen this week. FOMC on wednesday and PCE on friday so please be cautious before events like that.
Kommentera:
nasdaq close to an hourly trendline and already showing bull divergenve on the hourly. another low and then bounce seems to make sense for overnight
Kommentera:
Good morning, no sell off overnight. Looks like we may push up and then fall. It might be very choppy until FOMC so a scalping market might be the way to play it.
Kommentera:
a break down at open would probably be a trap
Kommentera:
right now this looks like an ABC, if so, target 4500 area....
Kommentera:
tech can come down more, but the gap may be support. 2hr rsi is very low.
Kommentera:
yes, tech is likely going to bounce hard, probably outperform. The market is going to get squeezed today
Kommentera:
15 minute rsi pointing to one more low.
Kommentera:
selling may get intense, but I see this - qqq
Kommentera:
still looks fine for one more low. A premature break of the upper red trendline would be bullish.
Kommentera:
watching this lower trendline for a breakdown - qqq
Kommentera:
objective short for qqq, could be a false breakdown so stops closeby
Kommentera:
at the apex of both lines
Kommentera:
redline broke, but orange hasn't. I think it's trap but we'll see if buyers can push it.
Kommentera:
SPX nothing has changed, still looks like B with C next.
Kommentera:
SPX will likely close at the highs today but I believe it's a bull trap.
Kommentera:
QQQ broke wedge and retested it. It's an objective long entry. I thought it was a false breakout, but it certainly can be this sell off is a bear trap and tomorrow we gap up esp on tech.
Kommentera:
nq popped up overnight, but a move down before a larger move up looks possible, same with spx
Kommentera:
spx at horizontal support. Small time frame rsi quite oversold, expecting a bounce and/or rally at open.
Kommentera:
could be ABC on QQQ -
Kommentera:
watch for possible head and shoulders here -
Kommentera:
NQ structure I'm watching. Still thinking we're in B with C next. Tech should outperform some more.
Kommentera:
if it's a bear flag, the target is about 4550, then we'll see how the rsi looks.
Kommentera:
this could be wrong, but smaller RSI needs to be reset. Part of the larger B wave before C. I will be away today, don't forget FOMC at 2pm.
Kommentera:
this is spx, but QQQ will move similar. THis is what "i think" is coming into and after fomc. Just an idea before I'm out for the day, fwiw -
Kommentera:
Good morning, the C wave on tech started overnight. Hard to say exactly where this ends, so be careful. I prefer collecting shorts slowly during the day. SPX also now near it's monthly BB target.
Kommentera:
Weakest index should be IWM, followed by SPX and NQ. TEch should stay strong for a little while longer, while IWM falls more than the others.
Kommentera:
C wave on SP -
Kommentera:
trendline break, looks like it's done. should bounce a little but I think it keeps going down. to 4500 area if correct
