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Patience, Grasshopper
Sideways grind at these levels but I do have a plan. It requires neutral for now with patience and a plan to strike when the opportunity arises. Levels in tonight’s mid-week market update.
Unpopular opinion — I don’t trust this rally
All “Dark pool signal” prints that pointed to the upside have been hit from $410 to $431 & I am not seeing anymore, suggesting price may go higher from here. Without large Dark pool buying, I think this may be the end of the road for the rally.
Scanning for Daytrades
The process of scanning for daytrades has a top-down approach that has worked for me for decades. It all starts with the index and goes from there. In this example, I show how the NASDAQ, Consumer Discretionary and TSLA are connected for daytrade scanning.
How the Divergent Bar indicator clued me into a Bounce…
In this video I talk about the Divergent Bar indicator, and how a Bullish Divergent Bar on the 1 hour chart on SPX allowed me a nice intraday profit today, and I also walk through how a monthly Bullish Divergent Bar that printed in May helped identify a potential bounce back up towards 4300 in SPX.
Two Critical Levels
We’ve been on the buy side of the market for a while now, but Tuesday will bring a critical level for these two symbols.
Shifting Gears
I think it’s time for me to shift from overdrive to neutral. I don’t see a clear sell signal just yet but I am definitely looking around for signs because the structure left behind during this big run up has a lot of places that could stand to be repaired.
A Very Helpful Skew
In this video I discuss a few data points that allow me to be long once again. Even though it may not be as easy to call a low, it’s important to know that this market is a traders market and even though we aren’t searching for perfection, we can still come up with a pretty good case of expecting higher highs into September. Let’s discuss.
All Puts Must Die
I shared an idea with you last week that we would see a big short squeeze, let’s review how that went.
ISRG and its roadmap to recovery
A few weeks ago we used the Voodoo Lines and other Fibonacci tools to plot a bullish roadmap for ISRG. Let’s check back in to see how it is playing out.
August 2022 Options Expiration Date Approaching
The S&P tested some critical support today. If it’s still holding on Friday I think we’ll get a chance to buy it. If not, there will be a few levels to target below.
