SPX500- Weekly wrap and preview
Updated
All in the video. We are close to major support levels and I think while we may spike through them we have to be prepared for a rally coming in November. A spike through 4k on SPX would make the most headlines, but to me it would be a buy opportunity. Monthly 18ma is 4100 and price support is between 4050-4k. QQQ 200 daily ma is 5 dollars away. I was cautiously bullish yesterday but flipped bear when I saw the pattern was corrective and NQ was goading the bulls to get long.
I expect a little more selling next week but not too much longer.
I expect a little more selling next week but not too much longer.
Comment
i misspoke about "the covid lows" - we're near the weekly rsi bottom of the 2022 lows.Comment
alternative channel reached, but i think it spikes through (yellow) Comment
I'm seeing a LOT of bottom calling for next week, which bothers me and could mean we'll have further downside to the 200 weekly ma at 3940 or slightly below. I didn't think it would happen, but at this point - with no final selling climax, it's possible. If people start buying this week and the market still tanks under 4k, that would cause panic for sure. Also, the put call ratio is still completely subdued. Comment
put/call still very low - Comment
if the vix gets over the 200ma it could run very hard. I think I'm going to stay cautiously bearish for a little while longer. Comment
uvxy weekly bull divergences, something I've seen before panic selling. Comment
Looks like we started a correction late Friday, Up for C to 14300+ on NQ is probable, but I think it's a continued short after that. Will update if we get back to that level overnight. Comment
on NQ a rally up to 14500 makes more sense than selling right now. RSI needs resets on mid time frames. If correct we rally tomorrow but reverse by tuesday and things will start getting much uglier. Comment
gap up above trendline, it should hold and go higher. Comment
spx has an expanding flat look to it - two targets possible. 4187 and 4220. If they gap up, a lot of people will fomo in assuming the bottom is in. I don't think so just yet. Comment
good morning, looks like a pennant on NQ has formed. A break below the yellow line is bearish again. Comment
on spx futures, this channel high will probably will be touched, possible short entry there.... Comment
5 and 15 minute rsi looks like they need one more high Comment
at open if they sell it's likely a bear trap. Comment
collecting shorts very slowly, target is approx 4180-4185 on ES futures. Tech is outperforming Comment
target area reached, but can go higher to convince bulls...Comment
heavy resistance zone, taking shorts here. Comment
from here i think we sell rest of the day, If I'm wrong I will stop out at 4200 on ES futures. Going to hold this position until I see real panic. Comment
larger channel structure to watch Comment
vix over previous resistance, i think 29 is a conservative target here. Comment
it's rejecting, but they could play around with it as they usually do. Depends on the emotion of the day.... Comment
a little support here, but it looks like they will start selling hard today Comment
at this point i believe all bounces will be sold. stops now at breakeven, going to let it ride. Comment
nq having the same issue at the top of it's channel. Comment
15 minute rsi on futures, still quite low. Another move up to mess with everyone is certainly possible. Comment
yeah they've been doing this lately - lots of whipsaws before bigger selling...Comment
looks like this as of 11:04 Comment
buy the dippers loving this right now :)Comment
false recapture of support is bearish. No games today I think. Comment
right now it could go either way - one more high or that's it. I can't tell. One more high would be an excellent short entry. rsi can go either way as of 11:27Comment
DJI in a rising wedge. Comment
right now I'm suspicious of down moves because of the RSI. We could be in a B wave with a downmove being bought up hard tomorrow. I can't see it clearly today, so I'm putting this out there. I'll take profits and wait to see what comes. A nice bounce would convince bulls of the bottom, and convince me we've corrected fully, so I'd like to see that.... Comment
NQ should also have support at the yellow line, another reason I'm suspicious even though I think a down move today is likely. Comment
if this is playing out, the market will sell into the close but it will look like tomorrow into Wednesday we get a larger rally. Comment
one more high and then it should sell. This is a bull trap and then bear trap into close. Comment
trying shorts again here for a quick day trade, may not work so stops tight Comment
stops from this morning now likely taken out, Should make the way down quick if I'm correct. Comment
ok last one for today, i think this is what's coming for the next few days, one more pullback and then rally to 4260ish on ES. Comment
barely sold, but i think this will be overnight into tomorrow Comment
B may be complete already overnight with C up today into tomorrow. Dips will likely get bought today and we go to 4240 on ES before more selling. Tech should outperform today. Comment
NQ chart, similar Comment
NQ entry around 14400 + or -Comment
watch for a bear trap open , sell down quick and then reversal.Comment
target reached, that may be the dip before open, not sure. Comment
it's hard to say exactly what is happening. On one hand futures look to be ready to go up, on the other hand, QQQ looks like it could pullback to it's gap. I'm not sure what's going to happen. We may get a severe bear trap today followed by a rally. Comment
ok ES structure is pointing to downside first, then I think it rallies. Not sure about timing.... Comment
ok this looks better right now, going with this as the plan for today, if it gets a higher high, it will invalidate the move down. Comment
potential for whippy action at open.... Comment
on another chart, I have the spx futures at channel resistance. 2hr rsi has plenty of room to fall if it wants to. So I'm saying It's possible we drop for another low. I'm not totally convinced either way, but i do think it's a short today. A reversal at some point may or may not happen and so caution and attention is needed. I'll be watching..... Comment
ok little pump and selling, should keep goingComment
panic day? could be ....Comment
vix bouncing from strong support, this could be a surprising day/week if it takes off.... Comment
stops at breakeven now. I'm not going to touch it. If they stop me out I know the upmove is happening and I will reverse long. Good luck!Comment
sell rips like this one, tight stops in case it keeps going upComment
all the way back to the trendline, wow. Higher highs and the downtrend is invalid, but I think this may be a bull trap, holding for now, stops about 10 points away... Comment
IF (big IF) they break today's low it will definitely be bearish for the rest of the day.Comment
tricks and traps, this looks like the correct count as of now. Comment
lowered stops to cash session high, if they get over that high, it's bullish at least temporarily.Comment
stopped out, they are going higher, looks like C has started, but it won't go as far as I thought. Comment
going to try and reenter short at about 4190 one stops are taken out completely and everyone flips bull. They have been doing this kind of maneuver lately, I wonder if they will again.... Comment
this wedge structure looks more appropriate, gets us to around 4195-4200 for target area. Comment
crazy day, hard to see the ball. I'm waiting for one or two things to happen, otherwise it's too hard to figure out. Comment
looks like a pennant, when it breaks it should break hard one way or the other... Comment
pennant broke, but needs follow though, could be a false break. Comment
more traps, the russel just hit today's high and I shorted it, much clearer than this or NQ. Comment
almost there, probably punch it up into EOD Comment
they didn't want to wait, right now this is an objective short entry. I'll try a bit but I realize this could explode up. Comment
we're at a gap on futures, sometimes it's resistance sometimes it will get filled. I expect filled. Comment
also we're showing bear divergences on 30 min and hourly time frames.Comment
new video - i will update there. 
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