This is not investment advice. Do you own research and due diligence.
Things not mentioned in the video:
SPY has held its feb 24th low into close on Friday, May 6th. We lost ground intra-day, but overall support held and closed with a bullish indecisive candle.
QQQ's close ended with a more bearish indecisive candle, but with the potential of developing a doji morning star type set up (with confirmation Monday)
On Thursday, the VIX predicted an up day on Friday or Monday. We now only have one more chance for that to be proven true.
VIX decreased on Friday - as did most things. This is not normal behavior and something to note.
Bitcoin has been crushed into the weekend. With BTC's correlation to the indicies, is it catching up or leading the way? Monday will decide that.
Monday is going to be a very important day. In fact, it's so important I think it will determine whether we go red or green for the week. I feel this is the last attempt of bulls to rally for a counter trend. If the bulls fail this week, we will be heading for our next leg down, and hopefully a true bottom to rally from. If we do go bullish this week, I do not think it will be a major rally. I absolutely believe this bear trend is not over, and there will be a next leg down.
To be clear of where I stand personally. I am not a bull nor a bear, I swing trade.
Things not mentioned in the video:
SPY has held its feb 24th low into close on Friday, May 6th. We lost ground intra-day, but overall support held and closed with a bullish indecisive candle.
QQQ's close ended with a more bearish indecisive candle, but with the potential of developing a doji morning star type set up (with confirmation Monday)
On Thursday, the VIX predicted an up day on Friday or Monday. We now only have one more chance for that to be proven true.
VIX decreased on Friday - as did most things. This is not normal behavior and something to note.
Bitcoin has been crushed into the weekend. With BTC's correlation to the indicies, is it catching up or leading the way? Monday will decide that.
Monday is going to be a very important day. In fact, it's so important I think it will determine whether we go red or green for the week. I feel this is the last attempt of bulls to rally for a counter trend. If the bulls fail this week, we will be heading for our next leg down, and hopefully a true bottom to rally from. If we do go bullish this week, I do not think it will be a major rally. I absolutely believe this bear trend is not over, and there will be a next leg down.
To be clear of where I stand personally. I am not a bull nor a bear, I swing trade.
Note
I mentioned "yesterday," I should have said "the last video" - which was on May 5th.Note
Also, I mentioned there was a wedge (from May 5th - last video), it was actually a channel on the 15 minutes chart, not a wedge. We currently have a short term wedge developing.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.