AMD looking to correct and retraceAMD wicked right off of the 100% fib extension after 3 consecutive days of insane bullish momentum... This is also the exact height and price range from the May 13 (bottom of cup) low to July 7 (upper lip of cup) high. Textbook target price of a cup and handle breakout has been reached.. This extension level is most likely the end of this breakout move in the short term. If showing signs of weakness or overall bloody market, puts can pay here but be cautious as it can always keep pushing higher considering the recent volume of price action. Short term 🐻
Puts
JPMorgan to $80 by October 2022NYSE:JPM
Jamie Dimon and his army of minion traders at $JPM are printing the classic bear pattern of a H&S top (green). Measuring that formation, that should put us at a local bottom sometime in October.
From there I would expect the Santa Rally to be our retest of the neckline, before creating the base of the much larger H&S pattern in yellow. Measuring that pattern out gives me my price target of $80 when it is all said and done by October 2022.
And yes that is a price gap at $110 (purple box) that I expect to be filled in these moves.
- Penny
The Nasdaq Can Give Up Gains QuicklyNASDAQ:QQQ
Overall, there are a lot of bearish technicals in this market. The Q's put in a weaker bullish engulfing after bearish engulfing which is showing weaker bulls than bears at the moment. Bears could see a big opportunity here. It's still hard to bet against this market.
This Might Be Difficult to Stomach for TSLA BullsSymbol: NASDAQ:TSLA
Indicators
Laguerre RSI
Multi-Time Frame EMA x2
Thoughts: This is really showing weakness on every part of the chart. The view is in log scale which brings into perspective the downside risk.
My fear is for the loyal TSLA shareholders. These would be the last to sell.
Big Earnings Might Not Be Enough for AAPLSymbol: NASDAQ:AAPL
Indicators
Laguerre RSI
Multi-Time Frame EMA x2
Thoughts: The technicals are holding up strong despite earnings coming out. The Laguerre RSI is starting to slope down which could be a sell signal. Watching this over the coming days to see how this indicator trends.
Is SPY Trying to Tell Us Something?AMEX:SPY
This chart is analogous to a kid in a candy store where the store manager keeps slipping this kid bags of candy after school, the manager is a nice guy and oblivious to the situation, his intention is to make the kid happy so he will be on his merry way and wont bring up tapering in the next FED meeting.
The Chart Shows Concern for IWMSymbol: AMEX:IWM
Indicators
Laguerre RSI
Multi-Time Frame EMA x2
Thoughts: This chart looks very bearish but I'm hesitant to sound the alarm due to how many topping patterns we seem top gap above. The bullish case for the IWM would be the LagRSI crosses above this bearish zone with a close above the rounded top and confirm the violated trendline as support. Without that, this stock is at risk for falling sharply.
MARKET ALPHA VACCINE UPDATE - NVAXNASDAQ:NVAX
We got our pop higher on NVAX but we hit right into resistance. We still have bullish momentum trying to get through this level but if that weakens this could be another trap. This stock has the tendency to be extremely volatile so take your gains when you got them and don't stay in based off hopes and dreams.
S&P Futures Still UncertainAMEX:SPY
S&P futures are rebounding very strong after a huge sell off to start the week.
This has likely caught a lot of people off guard but really shouldn't have with the liquidity flowing into the markets.
We will be watching closely at the next FED meeting to see where we as we discuss further tapering.
MARKET ALPHA OPTIONS WATCHLIST - APRENASDAQ:APRE
Very unusual options activity came in on this one at 4.79 with the assumption the stock would continue higher by August 8th.
Currently the option play is down but that doesn't mean we haven't found support here and may bounce higher catching some off guard. If not the support level is clearly defined.
MARKET ALPHA OPTIONS WATCHLIST - AAPLNASDAQ:AAPL
As usual a large bullish options trade came in for aapl so I thought I would update the chart.
The trade assumes it's going run higher but that by no means is for certain. We have some bullish context here showing from the lagRSI and coming up on resistance here so it may be enough power to get through and test higher levels.
Options are extremely risky and I am not recommending to buy or sell any product. This is my analysis and does not completely indicate my opinion towards this company.