06/03/2023 Weekend Update

[Cobra]

Up 3 weeks in a row, the next week has 54% chances to close up, 81% chances to make a higher high, so more up the next week.

[JFR]

SPY daily.

Reading the chart ...

Two bullish marubozus in a row.

Gap up.

Pushing the outside of the Bollinger envelope.

Another new high.

EMAs 20, 50 and 100 up, and in the right order.

Well above the EMA 20.

Volume good, supporting the move up.

Very strong attempt at a breakout of the range.

MACD crossover up, and above zero.

Histogram up, and above zero.

Sto up.

At the high of last August, which would tend to give resistance, and slow down the move up.

Conclusions: All systems Go. But the breakout needs supporting proof. A small pullback or pause and resumption up would do that. For this trader the bias is up, but only for day trades and scalps, on SPY and ES. Other stocks and assets might be good with swing trades.

Just in my opinion. Have a good weekend.

[Al_Dente]

[Al_Dente]

June 2
The top 10 make up 34% of the S&P 500 now.
B of A calls it “The Magnificent Seven.”
AAPL, MSFT, GOOGL, META, NVDA, TSLA, AMZN
[Bloomberg, Northman Trader, Carl Quintanilla, BofA]

[BullBear52x]

Chart for the road: I will be on the road all next week, we are in $VIX complacency level. Key focus on complacency level $VIX <.8, when greed is at its max, this shows where it occurred, FOMO or Bottom dip buying? I see this one as FOMO. side ways to down until next dips buying zone. (will focus on Fear when it arrives) GLTA, Peace!

[te_fern]

Before the weekend is over, please take a little time to vote for Cobra, thanks: https://stockcharts.com/public/1684859/ ... /533449377