SSF-SlingshotFutures

SSF-SlingshotFutures

Strong bull attempt that formed breaking a tight bull cycle higher, but right at the top of the channel after a higher low reversal from the bottom. A quick new high is likely to hit again, but not go very far as this tends to be a trap more than a breakout so a deeper dip for buyers is making sense here back to the channel lows.

SSF-SlingshotFutures

$JD is forming a gorgeous wedge and is now attempting to pressure the top end (for the second time). If buyers can manage the run above wedge highs with conviction, there isn't much stopping the buyers from wanting a pullback to push higher again.

SSF-SlingshotFutures

$CVNA had a ripper of a day on the back of earnings. This propelled prices right back up to the major range highs. The difference this time around is that the volume is backing the move up now and earnings being the catalyst shows immense longer term strength (potentially weeks to months).

SSF-SlingshotFutures

Price is beginning to show consolidation and range mentality. This could be a significant low reversal area in the bigger scope, but in the nearer term there is potential for a short push back. Normally, I would be looking for a move back to lows and potentially further but with the strength of the double bottom, I don't want to get caught getting stuck at the...

SSF-SlingshotFutures

The #MNQ1! has had a phenomenal wedge formation that broke higher. Now that prices are migrating towards the top of resistance, structural interest begins to take hold showing areas for sellers to potentially initiate new shorts to drive the market down. The daily is bullish, but the faster timeframes haven't shifted just yet suggesting this pop may be a trap for now.

SSF-SlingshotFutures

The first break of a range type formation is almost always a failure. This can be amplified even more if that fake-break goes against the larger trend which, in this case, it does. Buyers have a LOT of reasons to look for continuation up and a higher low would be a great ticket to the show.

SSF-SlingshotFutures

$RIOT has been grinding higher for a few days now and creating a strong base on this pullback to previous structure. Sellers are still in charge with lower highs and at least double bottoms so the best the buyers can hope for is a short-term bounce to form a range. If the buyers can't maintain strength on a higher low (green path), then the longer term deeper dip...

SSF-SlingshotFutures

After the $MES1! sellers drove prices down aggressively lower, price has been shifting to a much more range bound stance being confirmed even more by the rounding price action. There are also two separate 3-Press Lows forming at almost identical locations on top of measured move completion targets. There are likely only going to be two responses to this movement...

SSF-SlingshotFutures

$AAPL had their split recently which caused the market to go crazy for a few days after the new pricing came in netting the split buyers a very handsome profit. Once those buyers dumped, prices plunged down to the $100's where it has formed a base of interest just above at $107. Buyers will be looking to maintain a higher low rotation and begin the push back up to...

SSF-SlingshotFutures

$PINS buyers broke above the wedge top and they did it with force. Hugely bullish bar closing on its high with very big volume to support the move. A lot of times there are inside pullbacks to retest the wedge before continuing so this area and back are of interest for buyers to press back up to larger structure targets.

SSF-SlingshotFutures

$DIS had a bit of a stumble dipping down but, to unsuspecting bears (so far), buyers were waiting for the right time to strike. The massive one-two punch of a 3-Press Low Pattern dipping in to rising support was good enough but if anyone doubted them, the bull bar closed out super strong. Either the buyers rip this higher or this is a final stand and we get a...

SSF-SlingshotFutures

$MGK has had a great run higher doubling in value from the lows. This move higher did get quite overextended creating an overshoot on the highs. When a market blows through a level (in this case the channel highs) and overshoots it, the response is very important. In this case, the response was immediate bear pressure which caused the bulls to fail hard. Now that...

SSF-SlingshotFutures

Sellers have been very strong on the drive down and now breaking lower again with a 3 press low is beginning to show signs of slowing. Each consecutive low is less distance than before and rounding off and it just so happens to be occurring at the channel lows. Buyers are under pressure here and this is a last ditch for them. A break below the low would be a...

SSF-SlingshotFutures Updated 

Buyers have created a double top from a few days ago which held prices down. Once sellers were able to prove they had the strength to create double tops, they then came in with 3 lower high bull failures completely derailing the bulls from the wedge breakout up. Now, with a fake-break of the wedge top and heavy bear momentum back in, sellers will be hunting for...