patricktapper

patricktapper

HCD pattern @ QR1 Pivot - very bullish May break strongly this week

patricktapper

Strong resistance with a confluence of QR2 and FYR2 Pivots. The high could be in for 2023

patricktapper

MES is at YR1, YFR1, and QR1 - strong downside expected

patricktapper

Between YPP and QR1 pivot. Look to take profits/reduce risk at these levels

patricktapper Updated 

Looking at yearly pivots. Price rejected R1 and now on its way to yearly pivot at around 304 for a bounce up seeing the rest of the year out.

patricktapper

I am a great fan of yearly and quarterly pivots. Without doubt, algos are as well. You often see the largest reversals at yearly pivot levels. No matter what instrument you trade on U.S. markets.

patricktapper

Longer term target around 14,200 There is little more to say at this stage!

patricktapper

The top for the summer could be in. We have demand, but more buying, which indicates that the SPY is oversold. We may see a sell off before the market comes back for the end of the year rally.

patricktapper

I think we have a seasonal bullish commence here. There is little supply at the extreme.

patricktapper

Watch out for a little turnaround. We are at quarterly S2 pivot.

patricktapper

I think the downside target will actually be around the yearly S2 level at approx. 6,800. Oh my gosh.

patricktapper

325 could be the correct next target. These are yearly pivots.

patricktapper

Watch out for turnaround Tuesday. For a little rally anyways. Nicely working off pivots.

patricktapper

Watch out for turn around Tuesday. For a little rally maybe.

patricktapper

Here is the SPY with weekly pivots. Trading to the tick. You can see this is looking like buyers have picked up the ball. Upside volume has increased. 1st upside target would be the weekly pivot, then R1, and then if buyers push for more they may try and close the gap level around 425.

patricktapper

Interestingly SPY is at Quarterly pivot after yesterday. This level also coincides with weekly and yearly pivot support levels. On balance volume is increasing slightly, while the Stochastic is near to turning more bullish. I wouldnt be suprised to see a kick up on Tuesday's RTH session and then maybe consolidate. Smart money on the DOW and RUSSELL are still short...

patricktapper

Next downside targets are shown on yearly pivots. Smart money increased their short positions and are two times short compared to long positions on YM and Russell COT report. ES and NQ are unusable as they are used for hedging.

patricktapper

Halfback rally for our index. Relief rally. All things considered, Monday should be a down day after most stocks on the NYSE took a beating.