Itsallsotiresome

Itsallsotiresome

This is RTY at the 4 hour view. RTY is at a crossroads. It has a gap below that calling and pulling it down to fill it. At the same time, institutions are selling tech stocks and allocating that money to financials, transportation, and energy. My plan is to wait for RTY to fill the gap or pullback first. The next upside target for RTY is 1500+. I don't want to...

Itsallsotiresome

This is XBI at the 4 hour view. It seems that my biotech channel was a success. XBI tried to gap above the top of the channel. However, whenever the price goes above the long-term channel, it tends to get hammered right back in. This may provide some safer short opportunities under these conditions. 1) XBI is at the top or above the top of the channel. 2) VIX...

Itsallsotiresome

This is the VXN at the 4 hour. The VXN found support once again in that green zone of mine. It shouldn't be that big of a surprise. The P/C ratio for the NQ was at 0.37 this morning. That means there were so many calls from small traders that it was exhausting the supply of buyers. That aggravated the VXN at first. When the supply of buyers ran out, the...

Itsallsotiresome

NQ almost reached the top of my channel. It pulled back which it shouldn't be a surprise. Anytime an index goes that far up in a short amount of time is bound to get a pullback. That's why you don't chase. There are probably a bunch of trapped bulls right now who FOMOed yesterday. VXN was giving warnings yesterday that a pullback was coming. Whelp, it came true....

Itsallsotiresome

The VIX found support at this week's major support line (dashed green line) this morning. P/C Ratio lowered while the ES was hovering at historical resistance. So, the VIX recognizes this as buyers getting exhausted. It's currently trapped in that green zone. That said, if the VIX continues with its volatility run, it has almost EVERY daily moving average above...

Itsallsotiresome

ES at the 4 hour. The ES was stopped by the historical resistance (red line) for a second time. The first time was in early June. The VIX and VVIX were giving a warning for 2 days that some sort of pullback was coming. It's why I didn't go long here. I'd rather wait for the VIX to clear up and present me better long opportunities. That said, liquidity is rising...

Itsallsotiresome

I mentioned yesterday that the ES was hammering to the upside to escape its wedge. It happened. The next resistance would be that red line above at 3260. It was support back in 2017 and it acted as a resistance zone back in early June. If this resistance doesn't stop momentum, then the next resistance would be 3330 which was the original bear market gap from...

Itsallsotiresome

NQ's VIX (VXN) closed higher today. Usually, if the NQ goes up, then VXN goes down. That's the usual method. The other reason why a VIX would rise is because there are SO many calls by retail traders at a lightning fast rate. The VXN would recognize this as a buying climax. The NQ entered into a pre-earnings hype rally. This seems like a good set up for a decent...

Itsallsotiresome

I'm waiting for RTY to fill that gap. With big tech earnings this week and next week, I figured that this may be an excuse for transportation and financials to pull back. It seems that RTY is bull flagging instead at the 4 hour. I asked the question: will the RTY fill the gap first then run for 1500+? Or will RTY run for 1500+ first then fill the gap later? It's...

Itsallsotiresome

The VIX touched the lower daily BB. Usually, it touches it 2-4 times before getting another volatility run. VIX is at a critical point where volatility either makes a run for it or vanishes for months. The P/C ratio seemed to be normalizing which may have lowered the VIX. What's giving me a clue that it make a run for it is the VVIX. It's still hasn't settled...

Itsallsotiresome

NQ rallied like no tomorrow. It turns out that historical support that I was playing around with actually came into play. This support (blue line) was from February 2016. It was the resistance during 2017. Looks like the NQ is approaching the top of my channel again. Yes, I do mute channel lines that I deem as too far away that day. Amazon, Microsoft, and...

Itsallsotiresome

I've noticed that most tech related ETFs and the NQ are in the same general channel. This is the XBI at the 4 hour view. It's the biotech ETF. As you may see, my buy zone is way below. This may be due to the coronavirus vaccine hype. Not sure. Either way, biotech has been grinding at the top of my channel for a while. If it pops above it, it will likely get...

Itsallsotiresome

As suspected, Gold futures a was in a channel since 2018. It bounced right off my first support. That said, the dollar strength reached a major support. If the dollar rips up, then gold may experience a pullback from the dollar strengthening. That said, gold is in a long term bull market. The price may be a bit high now. I will wait for the pullbacks to buy into gold.

Itsallsotiresome

This is the VXN at the 4 hour. It seems that the NQ is getting ready for a move. I am not expecting the first support to hold for very long. However, if the VXN bounces off the second or third support, then the NQ may be getting the pullback that's been long overdue. Hence, I said pullback and not collapse. The VXN provides clues of when it's safe to enter longs...

Itsallsotiresome

This is the ES at the 4 hour view. Judging by the price action, the ES seems to be hammering that resistance away (red dashed line). The VIX is breaking minor supports below. However, the VVIX is implying higher volatility. This is usually a set for a pop higher then a pullback. There is a gap between 3250-3327 which has not been filled from February. I think...

Itsallsotiresome

This is the RTY at the 4 hour. Which will the RTY do first? Fill the gap below or breakout to reach 1500? The NQ has entered into a distribution phase. Tech stocks are going down and the money is heading to the non-tech stocks like financials and transportation. That's the RTY's bread of butter. RTY may be getting reach for another surge. The question is: will...

Itsallsotiresome

This is the NQ channel at the 4 hour. The NQ channel is holding up again. I only had to adjust the top channel after that blow off top earlier. If it weren't for that blow off top, my NQ channel would've held up for 2 months. It seems that there is a shift between tech stocks to biotech and other non-tech stocks (i.e. financials and transportation). Since the...

Itsallsotiresome

This is the VIX channel at the 4 hour. If you've been trading the VIX for a while, the supports are evolving every 2-4 days. Like I said before, the VIX is NOT a normal index That's why there are few volatility traders out there. Dashed green line is the current flag support zone for next week. There is a bullish divergence developing between the VIX and the...