$SPY (weekly) Hanging man ((reversal candle) prior week… and as anticipated the channel resistance held with bearish confirmation. Is it a guarantee that we topped? no guarantees in life and trading but its a setup you take with set risk/stop in place.
$SPX (daily) how to catch a top reversal. Look for the a breakout that fails and reverses back below. Same with bottom reversals where we trap shorts that chased the breakdown, here we have longs that have either stopped out on the reversal back below resistance or holding a bag hoping to get lucky. Market “normally” punishes greed chasing ATH breakouts and not respecting stops. If you have been following my trades, you should have some runners ($SPY jul30 420 puts) to ride this setup into next week.
$IWM (weekly) showing major weakness with possible consolidation breakdown. Closed below weekly 20ema with 5/9ema converged so if it decided to catch momentum downward it has alot of firepower considering the 6 month sideways consolidation which we are breaking down from with the lowest weekly close during that time with a full bearish candle. So what does all this tell us? its a change in character after a long consolidation… And that usually leads to strong movement on breakout
IF the market pulls back, it wont be without opportunities to daytrade long tactically at demand levels on the way down. One risk is possibility of going long when the market is having a major correction day after recent rejection at ATHs. Just watch the indices before deciding entry to make sure things are not bleeding out and also size down if taking a countertrend trade and wait for more confirmation.. or if unsure, you can always choose NOT to trade. Better to protect capital than get into uncomfortable trades. There is always another day and plenty of setups
$ES_F (daily) long setup at 4239 and 3965 both levels are breakout backtest levels as well. Remember these support levels can be broken leading to failed breakout reversal which is what bears will be waiting for. BIG picture as Ive said, I remain bearish and expect alot lower.
$NQ_F (daily) Long setup at 14365 and 13911
Earnings this week. Make sure you are aware of the stocks that are reporting and best not to hold anything into ER release as results are unpredictable and complete gamble – charts and TA only matter before and after which is the only times I play the names. Best to wait till after ER when IV and option prices are back to normal.
Remember if we gap below the trigger level or passes deep into it, its a pass until proven otherwise with higher TF reversal. It get choppy and more difficult to determine entry. Make sure to read over the FAQ section if you are new
$AAL (daily) long setup at 17.83 and 12.80 *** ER 7/22 BMO
$AAPL (daily) long setup at 133.46
$AMZN (daily) long setup at 3435
$ATVI (daily) long setup at 83.50
$BA (daily) long setup at 196 with .618fib at 193.91
$BIDU (daily) long setup at 164.80 and 146.61
$BP (daily) long setup at 22.86
$BYND (daily) long setup at 108.60
$BZUN (4h) long setup at 26.10
$CAT (daily) long setup at 201.55
$COST (daily) long setup at 399.84
$CRWD (4H) long setup at 237.85 and 215.69
$CVS (daily) long setup at 76.44
$DAL (daily) long setup at 38.35
$DKS (daily) long setup at 85.57
$DOCU (daily) long setup at 241 and 197.85
$EBAY (daily) long setup at 61.52
$F (4H) long setup at 12.95
$GS (daily) long setup at 334.62
$IBM (daily) long setup at 133.60
$JMIA (daily) long setup at 13.61
$MSFT (daily) long setup at 266.23
$MU (daily) long setup at 64.56
$NVDA (daily) long setup at 650.58
$ROKU (daily) long setup at 340.89
$SBUX (daily) Long setup at 112.34
$STX (daily) long setup at 60.51. ***ER 7/21 before market open. Ideal situation would be a huge selloff after ER all the way down to the demand level.
$TLRY (daily) long setup at 11.38
$TSLA (daily) long setup at 498 and 439.50
$TWLO (daily) long setup at 335.24
$UAA (daily) long setup at 17.66
any insight on Qcom ?the 5G gaint, from waveform,it was about to break-out but seems failed as whole market is dark,any future on it or I am just wrong ?