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Oh yes, this is very much a "prove it to me" rally. I'm looking for QQQ to break through 311.75, based on my monthly chart. I've also noted going back to the Covid rally, the 150-day SMA acted as support until January 2022. It then acted as resistance in March. So pushing through the 150 will be another key.
All eyes are going to be on earnings next week. I went to cash today as we undercut yesterday's low. Not sounding any alarms, just locking in profit from this run. As long as the support line remains intact, this rally isn't over.
All eyes are going to be on earnings next week. I went to cash today as we undercut yesterday's low. Not sounding any alarms, just locking in profit from this run. As long as the support line remains intact, this rally isn't over.
I finally just finished 4 months of training and studying for a career promotion. I haven't had the time or desire to be doing much and I really couldn't have picked a better 4 months to be sitting on the sidelines. I'm ready to at least start scanning again and looking for small entries for limited exposure if we trend up, even for short periods of time. During these times have you been looking for stock setups or more so just trading indexes?
I will say, I definitely missed the trading game. It is enjoyable.
I finally just finished 4 months of training and studying for a career promotion. I haven't had the time or desire to be doing much and I really couldn't have picked a better 4 months to be sitting on the sidelines. I'm ready to at least start scanning again and looking for small entries for limited exposure if we trend up, even for short periods of time. During these times have you been looking for stock setups or more so just trading indexes?
I will say, I definitely missed the trading game. It is enjoyable.
Congratulations on the promotion! Yeah it's been a good time to sit out of the market. Good timing haha. This is a very pivot-able time right now and it coincides with AAPL/AMZN/GOOGL/MSFT & FOMC next week. I see this is both the market and volatility index. I've been screening both ETFs and stocks. However, I've pretty much just been trading ETFs, mostly leveraged market ETFs such as TQQQ and SQQQ or ARKK and SARK. I had a good run on this rally attempt and now cash. I'll be going on a trip starting tomorrow until Tuesday night. Tuesday is when most of the "big" earnings come out. I'm pretty sure I posted this scenario on here weeks ago, but I made it more clear for fun. If we get a good reaction from earnings/FOMC next week, this would be the ideal scenario (purple line). That would put a high sometime in August and then a market bottom in October/November. However, if we get a negative reaction from earnings/FOMC, kick this scenario out the door and maybe we just start heading toward pre-covid highs from here. Short-term, the market's price action has been very constructive though, but breaking news/events will bust wide open even the best or worst looking charts.
Went through the NASDAQ 100 stocks to see which looked best to watch in the near term for day or swing trades. Not really much to get excited about for this week. Some have enough volatility but aren't oversold enough to really consider for what I'm watching for. There were about 15 stocks I originally wrote down, and only two I'll be watching closely on Monday morning:
GOOG - 108.36 - E.R. 7/25 5 PM - Oversold $3 from the mean on the 5 & 10 day charts & oversold $4 on the 20 day chart.
GOOGL - 107.90 E.R. 7/25 5 PM - Oversold $2.6 on the 10 day & oversold $3 on the 5 day & $3.74 on the 20 day chart.
Ok, same company, but still two different tickers. Earnings release tomorrow.
Last Thursday in the early afternoon I screened for stocks that were down a certain percentage for the day. Used less than half the money I had available to trade with to buy two different tickers. Within a couple hours one returned 5%, the other only a little over half a percent. Practicing day trades with that block of money to see how it works. Just one strategy to trade, of course. I'll be looking to see what time of day works best for this type of trading. I do like the early afternoon to screen because the market has had time to shake out and settle, and then an hour or two later the professionals buy oversold tickers. I read somewhere when I first started trading that the amateurs buy early in the day and early in the week, and the professionals buy later in the day and later in the week. Not sure how true that is but it's something I've remembered to watch for.
Edit to add: Not a NASDAQ 100 stock but IIIN fell from 41.01 close to the end of 7/20 to 31.68 on 7/22 after it missed earnings estimates by about 12 cents on 7/21, it was 1.96. The mean sits at 36.61 on the 20 day chart. Will be watching to see if it starts to bounce early in the week.
Congratulations on the promotion! Yeah it's been a good time to sit out of the market. Good timing haha. This is a very pivot-able time right now and it coincides with AAPL/AMZN/GOOGL/MSFT & FOMC next week. I see this is both the market and volatility index. I've been screening both ETFs and stocks. However, I've pretty much just been trading ETFs, mostly leveraged market ETFs such as TQQQ and SQQQ or ARKK and SARK. I had a good run on this rally attempt and now cash. I'll be going on a trip starting tomorrow until Tuesday night. Tuesday is when most of the "big" earnings come out. I'm pretty sure I posted this scenario on here weeks ago, but I made it more clear for fun. If we get a good reaction from earnings/FOMC next week, this would be the ideal scenario (purple line). That would put a high sometime in August and then a market bottom in October/November. However, if we get a negative reaction from earnings/FOMC, kick this scenario out the door and maybe we just start heading toward pre-covid highs from here. Short-term, the market's price action has been very constructive though, but breaking news/events will bust wide open even the best or worst looking charts.
For sure! Hey, how are you attaching your images? I have to use imgur and create a link as I can't seem to be able to attach an image like you are.
I just screenshot whatever I want, save it to my desktop, scroll down here to "additional options" click "manage attachments" and upload file and that's it. If you are editing, you just click "Go Advanced" under this text box.
Hit resistance as expected. Would like to see it tighten up here and push through. It could be minutes or days. The 50-day moving average should hold for the bullish scenario.
Both DJ and Nasdaq must have gone up 600-1000 points since Fed raised discount rate,do you think it can continue?
Last Friday is option expiration,good reason to push up stocks and indices,but what about next week?
There is really nothing worth celebrating-high rates,possible recession/stagflation,and Ukraine was is still ongoing and PELOSI going to Taiwan
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