Quick flip on a gap down...
Atualizado
Looking for a quick trade here on entry at previous all time highs of 338.64. Looking for a Friday morning gap down, that gets bought up. We'll see....
Overall a sell-off is long overdue, it very well could be just getting started, so tight stops on the 338 entry. Would look for it to retest the bottom side of the rising wedge as resistance and an exit point here....
Overall a sell-off is long overdue, it very well could be just getting started, so tight stops on the 338 entry. Would look for it to retest the bottom side of the rising wedge as resistance and an exit point here....
Nota
Crazy how all this congestion is coming together:Nota
The 200 dma being so far down, leads me to believe the previous expanding diagonal could still be respected here to set up a point of confluence for a stronger bounce as we'll see the two meet shortly.We seen a lot of similar chart setups from stocks on this run up as we did in February....lot of rising wedges and channels being broken....
Particularly the high flying cloud names:
Payment flyers:
Paypal actually managed to save it's trend...for now
And as always...the vix is our friend for further sell-offs
Could see a retest of it's 200 day here...then a spike again....
Higher highs on SPY's attempt to make new lows = further selling
Lower highs = more buying in the coming days
As mentioned in our previous SPY post, this past month has been a take some profits off the table, ride it out from there, and don't force your way into a shorting opportunity until the charts present one.
The nature of this price action suggests further selling is coming as we seen the Q's and SPY both break out of channels/wedges to the upside, just to quickly reject them and reverse. Common price action seen on strong reversals the opposite direction.
Just some thoughts on the bigger picture....
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