SPY LONGExperimenting with options - 9 x 550 Calls expiring on 7/5.
Why?
We are in an uptrend.
Trendline broken.
Wyckoff accumulation.
Bouncing from demand zone.
SPY trade ideas
SPY S&P 500 ETF revised Price Target for the end of the yearIf you didn't purchase SPY at the start of this year:
I initially set a price target of $540 at the beginning of this year, but upon reflection, I find that projection to have been overly cautious. I am now adjusting my forecast upward to $560. This revision stems from my belief that we are entering a significant supercycle in the stock market, particularly fueled by advancements in artificial intelligence technologies.
The current market conditions may prompt a temporary pullback due to levels of overbought assets. However, my overall outlook remains extremely optimistic about the broader market trajectory. I see continued strength and potential for growth, especially driven by the ongoing innovations and developments within the AI sector.
As investors navigate through potential short-term fluctuations, I maintain a bullish stance, anticipating robust performance and opportunities in the market as we progress through the year.
SPY Launching To $600+ - Then $730+. Get Ready.Have you been following my research?
Do you remember when I called a major base/bottom on 12-28-2022?
Do you remember when I stated, "The capitulation bottom will surprise traders" on 3-20-23?
Do you remember when I called for a "Tech-Bump" rally on 3-25-23?
Do you remember when I updated that peak potential to $425 on 4-26-23?
Do you remember when I stated, "The capital shift intensifies" on 6-25-23?
Do you remember when I warned of a China Credit Event/Crisis happening in 2024 on 8-20-23?
Do you remember when I warned, "US Markets May Double By 2029-30" on 4-21-24?
Now, almost 15+ months after all of these updates/warnings/videos, I ask you to take a look at what's happened in the markets and prepare for the biggest opportunity of your life.
Yes, I see the US indexes (SPY, Nasdaq, Dow Jones, and possibly the Russell 2000) potentially doubling (or more) before 2030-31.
Yes, I see the SPY rallying to levels above $730 in 2025, then stalling into a WAVE-B correction.
Are you ready for something different - factual data reported honestly and with a proven track record? Not hype. Not doom-n-gloom (CRASH posters).
My research is designed to help guide you through the next 10+ years of your life - protecting your assets, learning to become a more skilled trader/investor, and learning to rely on proven technology/concepts.
Are you ready for what's next? Maybe you need to try something different?
Spy 20maNext week or 2weeks and we should see price correct back to 20sma for Spy and Qqq..
Spy has broken uptrend from May 30th low (Yellow channel). 20sma is near 536 gap so that will be your target.. price could dip below 535 to test trendline support but unless we break 533 or trendline support they'll buy it up..
The sectors look weird.. I'll give you an example...
XLC (Googl,NFLX,Meta)
Looks like it's has one more leg up to ATH at 86
On the other hand
SMH (Nvda, Avgo)
Looks to be pulling back to its 20sma where it's has bounce the last 6 out of 7 times.
So what I think will happen will be an overall pullback with enough big names selling to over power the few they will Prop up. Imagine Aapl, Nvda, and Msft red but googl , Amzn ,Tsla, and Adbe green.
Over to Cylicals and you'll see the breadth of the market is at an inflection point...
Look at NYA here which is mostly Smallcaps and Financials
Daily chart
Closed right above trendline but right below smaller yellow resistance.. if price breaks above yellow resistance then we NYA will rally. If price rejects and closes back below 20sma then cylicals, Banks, iwm will continue to sell
Here's XLF (Banks) sector here.. As u can see it's identical to NYA
Here's IXIC or Nasdaq..
Look for price to correct back to 20sma Similar to XLK and SMH.. I don't think price will break this wedge just yet.. Most likely a buy up at 20sma and then a rally to a New high.
Overall I think the spy and qqq pullback this week to the 20sma but the price action will be tricky; there will be mix moves on big tech
Aapl lower to 200
Nvda lower to 120
Nflx 700 or ATH
Adbe 550-570
Lastly the Dow jones or DJI
Price action looks like 40k+ incoming.. we either start the week with a pullback to the 20/50sma then rally or this thing just pumps from the onset
monthly RSI for spyWhenever we hit that line it's game over. I think the run ends in July. Act accordingly.
SPY Summer PullbackThe recent low levels of liquidity may become more prevalent moving into the summer time as vacation time for many nears.
I am also waiting to hear the decision from the Bank Of Canada as well as other major banks around the world about the start of quantitative easing and lowering interest rates as soon as June.
The only problem with this, is the increasing value of the USD/DXY which may begin to strengthen against other currencies whom begin their devaluation.
Because the markets are generally measured relative to the dollar, a stronger DXY may provide the market with some downside in the summer months.
We do have some gaps (inefficiency) below at approx. 505-510 on the SPY. Interestingly or not , the golden 0.618 golden fib overlaps perfectly in these potential support zones.
I do not quite see the larger probability of a major market crash during an election year at the moment, and the longer term trend is still bullish.
Lets see how things play out
SPY - Bearish MACD Crossover Most of us agree that AMEX:SPY is overbought. We've seen it bounce off the upper Bollinger Band, only to gain more momentum and hit yet another ATH. Well now, MACD is starting to show some downward pressure. Will it stick? Time will tell. Personally, I'm starting to sell calls a little more closer to the money.
SPY Double Top at 550SPY double top at 550 signaling a short term pullback. This analysis is for informational purposes only.
SPY Weekly OutlookMany of you are confused on the recent price action of the market.
When in doubt, zoom out.
Pay attention to the next fib level and pay attention to GOLD & OIL.
Feds only cut rates during market turmoil not during bull runs.
To keep it SHORT and sweet. It doesn't end well for risk assets.
On the other hand, have you seen the prices of cocoa??? Insane!
SPY/SPX: Week of June 24My thoughts on SPY/SPX for next week.
Overall, looking like its going to be a pullback week!
Safe trades as always and leave your questions below!
Plan Your Trade 6-28 - Today Is The Big CRUSH DayThis continuation of my Plan Your Trade video series highlights the potential price rotation we'll see today with the big CRUSH pattern. Next week, I believe, will result in a substantial rally phase throughout the week of July 4th.
Today's big CRUSH pattern will likely result in a fairly deep downward price move in early trading, followed by a period of basing/stalling before we may see a fairly strong rally phase/squeeze into the end of trading today.
These types of price swings are fantastic for day traders and intraday swing trading.
Watch the video today and prepare for next week. Overall, nothing has changed. Price is rotating into a rally phase ahead of Q2:2024 earnings.
Learn how my SPY Cycle Patterns can help you plan and prepare for market direction and trends.
Do you know anyone who can accurately predict price setups/trends 2 to 4 weeks into the future? Well, you are watching me do it right now.
Let me know what you think in the comments.
Go make some money today.
SPY BREAK DOWNSpy has been in a range since 06/20 I expect tomorrow we pick a direction. A break above 546.40 we may see a new high. A break below 544.60 we see 542.
Spy Scalping for today noteSPY has shown a mixed performance over the last few days, with fluctuations driven by market conditions and economic indicators.
Recent Performance:
June 23, 2024: SPY closed at $542.40.
June 24, 2024: SPY showed a slight increase, closing at $544.83, up 0.39% for the day.
June 25, 2024: Pre-market data indicated a minor drop to $544.11.
Key Indicators:
Volume: The volume has been relatively stable but with some spikes indicating increased trading activity.
MACD (Moving Average Convergence Divergence): The MACD shows a slight bullish trend, indicating potential upward momentum.
RSI (Relative Strength Index): The RSI is approaching overbought levels, which might suggest a potential pullback or consolidation in the short term.
Technical Levels to Watch:
Support Levels: $542.44, $540.00
Resistance Levels: $545.19, $547.00
Trading Strategy for Today (June 26, 2024):
Scalping Strategy: Given the recent minor fluctuations, a scalping strategy might focus on quick trades around the support and resistance levels. Look for entry points near the support level of $542.44 and consider exiting near the resistance of $545.19.
Potential Gap Up/Down: The pre-market trend suggests a slight gap down, but it is minimal. Watch for early market movements to confirm the trend.
Key Levels: Monitor the $545.00 resistance closely; a break above this level could indicate further bullish momentum, while a drop below $542.44 might suggest a bearish trend for the day.
Keep an eye on market news and economic indicators as they can significantly impact SPY's intraday movements.
SPY: WAVE 5 Complete?SPY may retest its high of 550, however, it isn't required. If Wave 5 is complete, I'm looking for a ABC correction to PT1/wave A target of 518.
S&P buyers dominate market; sellers wait asideLast week began with a powerful rally. After the bulls failed to push higher the next day, sellers seized the initiative and tried to drive the market lower. However, they didn't accomplish much, and the week ended with a potential reversal pattern on the hourly chart. If this pattern confirms today, we could see another bull run very early. Even if it doesn’t confirm, there is still substantial support just below.
On the longer timeframes (weekly and monthly), buyers still have full control, with no warning signs. While the price is slightly overbought on the daily chart, this is not a significant concern in strong uptrends. Sector rotation appears healthy – despite the market being pressured by weakness in XLK, other sectors (e.g., XLF, XLV) appreciated.
Important economic data will be released on Thursday and Friday. As long as there are no negative surprises, the market is expected to remain strong.
The market outlook is a definite "long". New buyers can try to establish position upon the confirmation of the hourly reversal patters and upon the pullback into consolidation zone (if it happens).
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
A long & shortHere's a contrast between a long on BCH/USD and short on SPY. As you can see Bitcoin Cash is at it's support zone and SPY is near it's resistance area.
Trade idea:
BCH
long = 436
stop = 400
profit = 630
SPY
short = 542
stop = 545
profit = 530
