So although my idea of 411.40 continuing to hold as reistance wasn’t the right idea to start, we still are up towards
The symetrical trinagle I have drawn out reistance.
We do have a chance of this range of 418-380 to contiue being a range, but perosnly I’m looking for a lower high again but 418 isn’t out of the question.
Now I don’t personally think that we breakout through this 418 100ema also on the weekly. My thoughts are that tech is slowly starting to show weakness up at their high reistances
Tech has been holding spy up from dropping lower while banks caught the dip. We have now seen banks rally and tech show slowing down. If the banks are only on a relif rally and catch a short bid again, and tech contiues to remain weak, this will be a bad sign on spy going higher this year.
A strong reason for the rally in my veiw is speculation of FED pause, howverr banks did show decent earnings which to me can cancle to pause idea of rate hikes if banks aren’t getting as effected as it looks. If the banks arent going to be a big fear, and they are going to contiue up, and tech gets weak, the tech make up such a big percentage of the S&P that it could drag it down.
Obvisouly I don’t have a crystal ball, and Mabey this time spy does finally break to the upside, but for me and based off the charts It’s looking like we contiue the chop fest which would
Insinuate another pull back down. Spy hangs out longer at the low end of the range then the high end so shorting these higher levels should pay out. Over the course of the next few weeks
For the bullish case for me the key thing I see is the 200 weekly contiues to hold price up since we tapped it at the peak of inflation.
If this symetrical trinagke I have drawn out here does end up forming a reversal signal and it’s just bullish consolidation above the weekly 200 then we have outs on the shorts. Which would be a hold above 420 as new support again
Anyways I’m still remaining bearish as we climb into this upper range again and I’m starting to buy puts a few months out on big tech. Could this idea be wrong? Absolutly Howver the feds don’t seem to care about slowing rate hikes as long as banks don’t fail… if they remain showing strength on earnings they will contiue. The market might be feeling FOMO and obtomistic at these highs but from past performance these highs have been selling opertunitys this year and last. I’m going to contiue to get bearish as we reach these highs and play defensive
The symetrical trinagle I have drawn out reistance.
We do have a chance of this range of 418-380 to contiue being a range, but perosnly I’m looking for a lower high again but 418 isn’t out of the question.
Now I don’t personally think that we breakout through this 418 100ema also on the weekly. My thoughts are that tech is slowly starting to show weakness up at their high reistances
Tech has been holding spy up from dropping lower while banks caught the dip. We have now seen banks rally and tech show slowing down. If the banks are only on a relif rally and catch a short bid again, and tech contiues to remain weak, this will be a bad sign on spy going higher this year.
A strong reason for the rally in my veiw is speculation of FED pause, howverr banks did show decent earnings which to me can cancle to pause idea of rate hikes if banks aren’t getting as effected as it looks. If the banks arent going to be a big fear, and they are going to contiue up, and tech gets weak, the tech make up such a big percentage of the S&P that it could drag it down.
Obvisouly I don’t have a crystal ball, and Mabey this time spy does finally break to the upside, but for me and based off the charts It’s looking like we contiue the chop fest which would
Insinuate another pull back down. Spy hangs out longer at the low end of the range then the high end so shorting these higher levels should pay out. Over the course of the next few weeks
For the bullish case for me the key thing I see is the 200 weekly contiues to hold price up since we tapped it at the peak of inflation.
If this symetrical trinagke I have drawn out here does end up forming a reversal signal and it’s just bullish consolidation above the weekly 200 then we have outs on the shorts. Which would be a hold above 420 as new support again
Anyways I’m still remaining bearish as we climb into this upper range again and I’m starting to buy puts a few months out on big tech. Could this idea be wrong? Absolutly Howver the feds don’t seem to care about slowing rate hikes as long as banks don’t fail… if they remain showing strength on earnings they will contiue. The market might be feeling FOMO and obtomistic at these highs but from past performance these highs have been selling opertunitys this year and last. I’m going to contiue to get bearish as we reach these highs and play defensive
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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.