Spy 20ma

22 июн.

Next week or 2weeks and we should see price correct back to 20sma for Spy and Qqq..
Spy has broken uptrend from May 30th low (Yellow channel). 20sma is near 536 gap so that will be your target.. price could dip below 535 to test trendline support but unless we break 533 or trendline support they'll buy it up..


The sectors look weird.. I'll give you an example...

XLC (Googl,NFLX,Meta)
Looks like it's has one more leg up to ATH at 86



On the other hand
SMH (Nvda, Avgo)
Looks to be pulling back to its 20sma where it's has bounce the last 6 out of 7 times.



So what I think will happen will be an overall pullback with enough big names selling to over power the few they will Prop up. Imagine Aapl, Nvda, and Msft red but googl , Amzn ,Tsla, and Adbe green.


Over to Cylicals and you'll see the breadth of the market is at an inflection point...

Look at NYA here which is mostly Smallcaps and Financials
Daily chart

Closed right above trendline but right below smaller yellow resistance.. if price breaks above yellow resistance then we NYA will rally. If price rejects and closes back below 20sma then cylicals, Banks, iwm will continue to sell




Here's XLF (Banks) sector here.. As u can see it's identical to NYA



Here's IXIC or Nasdaq..
Look for price to correct back to 20sma Similar to XLK and SMH.. I don't think price will break this wedge just yet.. Most likely a buy up at 20sma and then a rally to a New high.



Overall I think the spy and qqq pullback this week to the 20sma but the price action will be tricky; there will be mix moves on big tech

Aapl lower to 200
Nvda lower to 120
Nflx 700 or ATH
Adbe 550-570

Lastly the Dow jones or DJI
Price action looks like 40k+ incoming.. we either start the week with a pullback to the 20/50sma then rally or this thing just pumps from the onset

28 июн.

Заметка

So Nasdaq 4hour chart or IXIC.. we stop at gap support here on Monday then rallied back at the top of this rising wedge.. Next week look to retest that gap support again or 474 QQQ.. We could see 471 QQQ also..



Semis did correct but they propped tech up with XLY (Tsla /Amzn) and XLC (Meta/Googl)

Both XLY and XLC finished at some stiff resistance

XLC pulled back at wedge top and ATH


XLY pulled back infamous 185 resistance ..



Looking at the Size of the wedge I'd say IXIC could play inside it for 2 more weeks but between July 10-13 Nasdaq will either correct from this wedge 10% and take spy with it or go parabolic.. That date coincides with fed next rate decision.

With that being said good luck and take care
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