unknownreference

unknownreference

I posted about the bullish thesis in SHOP earlier (), and we had an excellent entry near 310 levels where the Fib 61.8 retracement held. We are now approaching near term upper resistance and it might be time to scale out if you have options positions on. 340-346 would be the profit taking range IMO unless you decide to roll out or convert your positions into spreads.

unknownreference

Just purely from a technical analysis perspective, SHOP has completed what looks like a H&S pattern on the weekly, and has so far held the 61.8% Fib retracement level like a champ. Even if I am not a big fan of the monstrous run that SHOP has had this year, I think there is tremendous potential here for continuation at least to the 350 level again. And that is a...

unknownreference

It has been a great run for the entire market and everyone's favorite tech giant. But as we approach year end, I see potential consolidation and downside support test to the Fib 100% zone. This also goes hand in hand with my thesis for the market to take a breather and even breakdown from the weekly wedge. Particularly, my target is for AAPL to hit 244-245 level...

unknownreference

This is not a fundamental view though I am bullish on many of the XSD majors in the near term if the market supports the upside move. First, take a look at the AMD monthly ( ), all the way back to 2000. Using the Fib projection of the parabolic move in 2000 & 2006, our potential upside target in the current move would be at 37.5 level, with a linear projection...

unknownreference

This chart says it all and there is very little narrative that needs to be given here. The tech sector has been strong this year compared to other sectors in SPX and industrials (Dow). The only other stable performer is the small caps but that's a discussion for later. Among the FAANG stocks, FB/AAPL/GOOG are in line with the overall movement and gains in NQ....

unknownreference

A possible H&S in /ES on the hourly. Will see if this thesis plays out especially with NFP and other data this week that should dictate intermediate term market bias.

unknownreference

My longer term view of XAU is to retest 1375 highs to complete the H&S move on the daily, with a mild pullback (with DXY recovering a bit) and then continuing to test 78.6% (1557) on the Fib (monthly) by end of the year. With the rates rising, and potential for the Fed to raise QT outlook, it should be positive for the Dollar thereby creating a complex interplay...

unknownreference

While my target for the year is over 3K, I think we definitely will retest bottom (2500 area) and 100EMA before a move up. Caution and fear is in investors minds and rapid runs will get sold due to profit taking. This simply creates further volatility and fear until investors are confident again that equities are priced at their fair value and economical factors...

unknownreference

A possible cup-and-handle movement would be a trade to profit on both short and long side in the market. Rejection of the previous top in /ES at 2698.25 could signal the beginning of a C&H pattern formation. Depending on the buying pressure, we could also breach 2700 and hit 2706 target above, before a pull back and consolidation around 2695 area. Will be...

unknownreference

We hit the 50% on the Fib retracement today at SPX high of day, which also happens to be the 20EMA. Could see a tight range either up or down tomorrow between 2445-2462. I think a small pull back is better before another leg up EOW.