SPY/QQQ Plan Your Trade For 5-19 : Gap Breakaway In Trend ModeToday's pattern suggests the SPY/QQQ will start with an opening price GAP (downward in this case) and could continue to move into a Breakaway pattern.
Given the recent news of a US Credit Downgrade, I'm suggesting all traders prepare for what may become a period of sideways price volatility over the next 3-5+ days.
I've highlighted a potential breakdown range on the SPY/QQQ on my charts that I believe acts as a solid confirmation level related to any potential reversal/breakdown in trend.
Currently, the trend is still BULLISH. If price falls below my breakdown range (the angled rectangle on my charts) - then I believe price will have broken this upward FLAGGING trend channel and will begin to move downward - targeting lower support levels.
This is a critical time for the markets. If we fail to move higher at these levels, we have a long way to go (downward) before we attempt to find any support.
Gold and Silver appear to be attempting to break the FLAG HIGH of an Inverted Excess Phase Peak pattern. This could prompt a strong rally phase back above $3300/$33 for Gold/Silver over the next few days. Time will tell how things play out.
BTCUSD appears to be REJECTING the recent highs within a consolidation range. If this rejection continues, I see BTCUSD moving downward - trying to reach the $95k (or lower) looking for support.
Remember, we are still generally BULLISH and moving upward within the FLAGGING channel. If we do get a breakdown in price over the next few days, it will become clearly evident on the charts and we'll have to begin to change our expectations.
Right now - HEDGE.
Get Some...
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