Near-term bottom was put in with some consolidation and volume confirms the support levels. Inching it’s way above the DT line along with an MACD cross.
Position: None but on watch, we’ll see if these levels hold
$HD took a massive hit after the breakout fakeout :) Currently off multi-year support, looking for a move north if it can get above the bearish DT line and out of oversold territory. Deep MACD hints a possible bullish cross soon but volume is concerning.
Position: Long in the equity, also holding Dec 180 calls.
Back on the blog after a little hiatus. $QQQ and $SPY look to be putting in a near-term bottom but my concerns lie in the lack of volume. They both have finally broken the bearish DT line and MACD hints we may *finally* see a bullish cross. If we can make our way up to a close above the 200DMA @ $172.19, along with the 20DMA @ $173, it would add confidence that the correction is over. Trade cautiously & accordingly; respect the chart.
$QQQ 6 month daily
$SPY 6 month daily
Keep eyes on 100 & 200 EMAs along with volume profile. Strong volume support levels @ 175 & 169 ranges.
Next key volume support @ ~$179.54
10% correction lands us @ ~$168.8
Position: On the sidelines with dry powder
After C&H breakout this megaphone price action hints of a possible rising wedge (bearish) but currently in no-man’s land. On watch.
Broke out from C&H consolidation & hugging top LT trend line; possible consolidation in play to run off overbought pressure before going higher
Position(s): Long in the equity and November 85 calls
Breaking out of a 3 year long range (cup & handle on the one year daily) w/ a bullish cross on MACD & strong RSI readings.
Positions: Long in $DIS equity and November 115 calls
RSI trending up alongside money flow. Nice bull flag breakout on the rounded bottom reversal pattern shown here. Near term target @ 157.89 R1
Option Position: LONG November 160 Calls
SHOP is consolidating with low volume around R1 pivot. Money flow upward alongside relative strength and stochastics. Looking for a break north of the R1
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