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SPY Likely in Final Bottoming PhaseThis is a monthly chart of the SPDR S&P 500 ETF (SPY) with the Ichimoku Cloud indicator applied. Outside of the context of recessions, SPY has typically bottomed after finding support on the Base Line (red line) of the Ichimoku Cloud. Although SPY has currently fallen below this line, this does not necessarily mean the Base Line has failed, more likely SPY is simply in its final bottoming phase and is forming the tail, or lower wick, of the monthly candle. It is very conceivable that June will finish the month closer to the Base Line, which if the case could send SPY higher, in the months to come as the trend will continue. There are quite a few additional indicators and oscillators that suggest this may be the case. However, if SPY finishes the month clearly lower this Base Line, then that would be quite bearish and would cause reason to believe that the long-term bull run is perhaps ending.
AMEX:SPY
by SpyMasterTrades
7
QQQ bullish and SPY bullish, QQQ gap fillSo we have been trading in a range on the SPY for the better part of the past week and a half. And in the past hour we broke that range to the bearish side. So time to go bearish... well not so fast. Everybody could see that channel and all we really did on the SPY was pull back into the top point of the double top bottom from earlier in May, so expect people to be buying at that level. Also, the QQQ just filled the gap it had from 2 weeks ago (see chart). Tomorrow will be interesting but expect strong buying to get back into that range.
NASDAQ:QQQLong
by Options_Trading
1
Will the recent range break to the upside? CPI - the catalyst The overall market absorbed another profit warning from $TGT yesterday and rallied from the lows of the range. $407 held once again and we rallied up to the highs of the recent range. We already have 7 sessions within this tight range. In case of a move in either direction, we expect at least 10 points of upside/downside. As long as the CPI numbers come in lower than expected on Friday, we expect the $SPY to get above $422-425. For now, one can buy the dip at the lower part of the range and sell into the resistance area.
AMEX:SPYLong
by Eclubtrading
SPX/USD Daily TA Cautiously BullishSPX/USD Daily cautiously bullish. *The VIX is heading down, USDX down, Gold down and for the first week in years, crypto is decoupling from equities as it has gone down while equities have gone up. Risk-on investing is starting to lose favor in crypto due to a multitude of reasons but mainly because most market speculation was concentrated in crypto. What is shaping up to be a Bear Market Rally, that may very well run into next month, will face a big challenge when the Fed begins to reduce their balance sheet of security holdings (treasury and mortgage-backed securities) on June 1st and the FOMC releases a statement after they regroup on June 14-15 regarding another funds rate hike (Fed is committed to at least a 50 bp rate hike in both June and July).* Recommended ratio: 70% SPY, 30% cash . Price bounced off of $3939 (second time in eight sessions) and is currently on the verge of testing the lower trendline of the descending channel from August 2021 as resistance at ~$4090 (also for the second time in eight sessions). Volume remains high (moderate) and is on track to favor buyers for a second consecutive session. Parabolic SAR flips bearish at $3813; this margin is neutral at the moment. RSI is currently trending vertically at 48 as it quickly approaches a formal retest of 52.68 resistance. Stochastic remains bullish and is currently trending up at 83 but is still technically testing 76.29 resistance. RSI remains bullish for a second consecutive day and is currently trending up at -84.13 as it quickly approaches -76.22 minor resistance. ADX is currently trending down at 28.42 as Price is surging, this is mildly bullish at the moment. If Price is able to breakout above the lower trendline of the descending channel from August 2021 at ~$4090, then the next likely target is a test of $4175 resistance before potentially moving higher. However, if Price is rejected at ~$4090, it will likely retest $3938 minor support before potentially falling lower to $3706 minor support. Mental Stop Loss: (one close below) $3938.
SP:SPX
by dailytaguy
$SPY Let's See Where We GoCurrently, $SPY is working with in solid range, but it looks like $385 might be the bottom. If it breaks $385 we will move down to $330 but I doubt it breaks. I think is not the beginning of the end but the start of a new trading pattern. Chop possibly for the rest of the yea. Up and down movement working within the range of $450-$410, but again the market can do whatever it wants but my guess is we do not see $500 for another 2-3 years, we got some consolidation to do before we get that type of movement, the last two years are bad examples of the market volatility and movement. The market relied heavily on tech stocks to bolsters itself through the pandemic, with strong earning reports quarter after quarter from the FAANGs (largely tech companies), the "market" was able to rally. The "rally" was more so bullish sentiment built on a façade, it was like looking at a mirage of water in a desert, it looks great but when you finally get there, there is no water. That is how our market acted, we finally got to the top, we got out of the pandemic and we realized there was no water. The market was overbought, there is a myriad of reasons why: stimulus checks, retail trading boost, people staying home, transportation cost reduction, you name it. Yet no one factored any of these into their estimations, like how could you not factor in the price of gas in a company like Amazon, gas costs went down, product costs remained the same, margin increase. But let's say you did see that and factor it in, you also missed the fact that over millions Americans continued to eat, while the workers to produce food decreased, leading to a decrease in reserve supplies to produce food, leading to global shortages that we will be facing in the next couple of months. By the time most people realized this, it was too late. But none of the matters because now people overreacting, they are selling everything and that's where you the smart savvy investor come in. Snapchat is down 40% today (5/24), oversold, when people are bearish bad news becomes the worst news in history, and this plays into my theory. That the reason the market is tanking is not due to some economic collapse, the stock market doesn't work in tandem with the economy anymore, not since 2008. If it did, 2020 and 2021 would have been much worse. No the stock market operates on it's own and is controlled by major capital. Tech stocks need to rebalance, they were overbought, this should not be a shock to anyone. In order to achieve in equilibrium in the stock market we most lower the prices of the FAANGs + MTBV, this will allow the market to find a balance to build up from. The issue with selling the FAANGs + MTBV is that drags down the entire market, which if you remove the tech sector has been down for the last couple of months, so mid-caps and small-caps have been hammered by this downward movement. Snapchat being down %40 is a buy opportunity, Pinterest losing 23% off Snapchat bearish sentiment is a buy opportunity, Trade Desk hitting almost a 2 year low, buy opportunity. Even if I am wrong, and the market turns down for the next 1.5 years, in 3 years you will have made a profit. That is the wonderful part of the stock market, in a 20 year time span you are less than 0.01% to lose money. But if I am correct and the market jumps from here you just missed your best buy opportunity. FAANGs + MTBV: Facebook (Meta) Apple Amazon Netflix Google (Alphabet) Microsoft Tesla Berkshire Hathaway Visa
AMEX:SPY
by chasenlz
2
S&P 500 ( BEST Buying Area ) LONGSince we are facing a supposed Crisis, we are going to try to analyze which zones can be the best buying zones for the S&P500 and be prepared to be able to buy Shares, participations in the S&P500, etc. when the time comes. We can see that by technical analysis, we are in an uptrend for years. The Fundamental supports are: - 3194 : Represents the 61% Fibo of the last impulse from COVID19 + Bottom of the Channel. - Between 2508 and 2185 : ( Zone ) Institutional Support + 61% Fibo of ALL the impulse since 2009. - 1863 : Last Zone of Institutional Support. - In case of a break of 1863 the next zone would be between 800 and 700 ( it would be an extreme Chaos ) All these scenarios are possible, although each point mentioned above is less likely one than the other to happen, but you always have to have a broad view of the market. - The first buy signal to watch for is the monthly RSI. When it reaches the Low levels and we observe a Reversal in the indicator, it has always been the best buying point. - The next buy signal to watch for are the above mentioned points. The price must converge at the same time in the zones mentioned above. We do not know exactly what point the price will reach, but we do know where we should look. Once the two scenarios happen, we can prepare to BUY a good amount of Stocks or the S&P500 itself. These are scenarios that happen very few times in life, we must take advantage of them. In 50 years as we can see we have had 3 equal opportunities that we can live again, from the first opportunity we had 28 years passed until we could have a new similar purchase signal, then 7 years passed until the next signal, and this time ? we are still waiting, 13 years have passed since the last opportunity, but it seems that we are closer to a new golden opportunity ... . Therefore, it is essential to have sufficient liquidity. Good luck
SP:SPXLong
by javieralcazarono