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02/17/2024 Weekend Update
02/17/2024 Weekend Update
Down 1 week, the next week has 60% chances to close up.
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BullBear52x
- Posts: 29611
- Joined: Tue Feb 22, 2011 3:47 pm
Re: 02/17/2024 Weekend Update
From" It is what it is department " First reversal week on new ATH. market will continue its up or down trend until it's not. Lets see what gives?
Monday: Shooting star candle, a first bearish reversal sign before CPI data released. (leaked? it always does, but not to you or me
)
Tuesday: Gaping down hard, intaday late day bought back, ended the day with a Hammer candle, a bullish reversal sign.
Wednesday: Gaped up and closed the day with a positive price action, the bullish hammer candle confirmed.
Thursday: Market moved up and filled the gap, gap resistance met with a support at 61.8% and took the day to higher closed above the gap down level.
Friday: Morning trading down below the gap level only to hit a support at 61.8% as double bottom support and took the intraday price back up to new intraday HH, the buying pressure didn't last, tanking back under gap level and settled at yet a support line of 61.8% again. is the third time a charm for bears?
overall, my rule of thumb on Fibonacci, Bullish > 61.8%, Bearish < 38.2%, no man's land in between. Monday will tell bullish support or back down in the no man's land..etc., very clear on support and resistance levels to look out to next week.
We are in a fearful market, $VIX doesn't seem to tell much for some, but I can see the bottoming structure with slowly HH and HL are clear. so...."be fearful when everyone else is greedy" the old man once said.
Swing trade setup: There were two buy setups triggered on Friday alone, first one was a success, the second one were not so much, it failed, rips will be sold on this time frame.see last failed buy on MACD bearish crossed, this could lead to an ugly slide the following day.
Intraday: Friday closed the day with a negative price action, first red Friday closed in weeks. there is wind of change, again, let the intraday fibo be the guide. same playbook, keep it simple. Peace!
Monday: Shooting star candle, a first bearish reversal sign before CPI data released. (leaked? it always does, but not to you or me
)Tuesday: Gaping down hard, intaday late day bought back, ended the day with a Hammer candle, a bullish reversal sign.
Wednesday: Gaped up and closed the day with a positive price action, the bullish hammer candle confirmed.
Thursday: Market moved up and filled the gap, gap resistance met with a support at 61.8% and took the day to higher closed above the gap down level.
Friday: Morning trading down below the gap level only to hit a support at 61.8% as double bottom support and took the intraday price back up to new intraday HH, the buying pressure didn't last, tanking back under gap level and settled at yet a support line of 61.8% again. is the third time a charm for bears?
overall, my rule of thumb on Fibonacci, Bullish > 61.8%, Bearish < 38.2%, no man's land in between. Monday will tell bullish support or back down in the no man's land..etc., very clear on support and resistance levels to look out to next week.
My comments are for entertainment/educational purpose only. NOT a trade advice.
Re: 02/17/2024 Weekend Update
SPY daily.
Where are we at in this frozen moment in time?
Trend up since November. I follow the EMA 20.
Pullback to the EMA 20 on Feb 13. Profit taking, et cetera.
Resume uptrend on Feb 14. All normal.
Sto up.
MACD maxed out. Histogram flat.
Volume normal.
Heavy volume Feb 13 and Jan 31 at bottoms.
EMAs 20, 50, 100 all bullish, and in the correct order.
Bollinger good, but not pushing up just now.
Candles good, but on a pause.
Resistance overhead.
Overnights not recommended.
Day trades only, fades and small breakouts, intraday.
Likely to form a range between 503 and 494.
This is just me ''reading the tea leaves,'' as my GrandMa used to do.
Climbing the ''wall of worry.''
Where are we at in this frozen moment in time?
Trend up since November. I follow the EMA 20.
Pullback to the EMA 20 on Feb 13. Profit taking, et cetera.
Resume uptrend on Feb 14. All normal.
Sto up.
MACD maxed out. Histogram flat.
Volume normal.
Heavy volume Feb 13 and Jan 31 at bottoms.
EMAs 20, 50, 100 all bullish, and in the correct order.
Bollinger good, but not pushing up just now.
Candles good, but on a pause.
Resistance overhead.
Overnights not recommended.
Day trades only, fades and small breakouts, intraday.
Likely to form a range between 503 and 494.
This is just me ''reading the tea leaves,'' as my GrandMa used to do.
Climbing the ''wall of worry.''
Charts posted are not recommendations. They are just a sharing of information.
Re: 02/17/2024 Weekend Update
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