We'll most likely hit 2900+ today regardless of news. 2961 would fill a small gap on futures.
Under the red trendline would make me feel comfortable adding more shorts to my position as that red trendline should be support. If we break below, it will be resistance. That may not happen until next week
I notice some traders are getting more hopeful the bear market is over. "V bottoms" and "all time high's" are now being discussed on CNBC. Again, I have to point out this is typical in the early stages of a bear market "back to normal" phase - images.app.goo.gl/baHHvt19U5xvnNvL6.
Good luck to all and have a great weekend
Sunship
Under the red trendline would make me feel comfortable adding more shorts to my position as that red trendline should be support. If we break below, it will be resistance. That may not happen until next week
I notice some traders are getting more hopeful the bear market is over. "V bottoms" and "all time high's" are now being discussed on CNBC. Again, I have to point out this is typical in the early stages of a bear market "back to normal" phase - images.app.goo.gl/baHHvt19U5xvnNvL6.
Good luck to all and have a great weekend
Sunship
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images.app.goo.gl/baHHvt19U5xvnNvL6
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A few exmples of "return to normal" phase. Some take longer than others.
Silver
Bitcoin
Nasdaq - 2000 bubble
OIl
Silver
Bitcoin
Nasdaq - 2000 bubble
OIl
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Spy, lower channel may get tested before any more move up, It may also just crack. Worth a watch
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longterm trendline backtest on QQQ is about 221-222
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Spy testing trendline area
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Hourly close under the trendline on SPY would be a good signal (for me) to add shorts
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Hourly close below trendline, will add a few more shorts slowly. Trendline may get tested. if we get over it, we could still rally.
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So far test has failed, could rally 2nd half of the day. Trendline seems valid for support/resistance.
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Got over the trendline, but faltering right now. Hourly close in 30 minutes may help deicide how they want to close the day.
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QQQ also with a trendline to watch
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Another break on 2nd trendline. Still no volume on selling so nothing is confirmed but it's looking better for the sell side as of now.
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Still no volume on selling, this could easily pump till 4 and get to either trendline to create an ambiguous close. Just keep it in mind
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QQQ "benefit of the doubt" trendline. Will be interesting to see how price ends the day with this.
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So there it is - pump to close to end ambiguously. Expecting the trendline to be hit by 4.
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trendline area reached
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if they close the day above the trendline - it's bullish. Could be they want to reach for 2900 early next week. Anyway, going home with a few shorts and mostly cash. Good luck to all and have a great weekend
