Spy
Updated
Headed back to trendline support ...
Between 405 and 407
Nasdaq up 20% in one month
Main culprit for that is SMH and XLC.
XLC (Google, Meta) most overbought I've ever seem a sector go!
They might buy it up at trendline support so stay nimble.
Is this a pullback/Slash profit taking or a bearish reversal?
IMO we'll need to see VIX break and hold over that 50sma on daily chart
Also the Spy needs to close back below 400
QQQ back below 290
In this pullback Im shorting QQQ over the SPY
Between 405 and 407
Nasdaq up 20% in one month
Main culprit for that is SMH and XLC.
XLC (Google, Meta) most overbought I've ever seem a sector go!
They might buy it up at trendline support so stay nimble.
Is this a pullback/Slash profit taking or a bearish reversal?
IMO we'll need to see VIX break and hold over that 50sma on daily chart
Also the Spy needs to close back below 400
QQQ back below 290
In this pullback Im shorting QQQ over the SPY
Note
Vix is acting weird this morning!Spy is close to that 410 support. If you swung short look to take profits and renter on a break below 410!
Tech is leading this sell and with that being said, QQQ next support is 303.50, below that we see 300 and spy sees 407!
Good luck, be patient on your entry
Note
Never broke 410! Was able to close my QQQ puts .Grab some Nvda calls at 212 and played the gap close...
Bought some Amzn calls
110 2/17
So far that's all I'm holding
Nothing on the calendar next week except for some FED speak..
I said this morning that vix looked weird and.
10yr popped but as long as it's under 3.600 it doesn't matter!
Every last tech Earnings got a 20% analyst price upgrade 😆 .
As far as the ETFS , spy and QQQ , I'd only go Long on them if they break yesterday's high.
I wouldn't recommend being short right now, Things are overbought but they are giving nothing but minor breather or pullbacks
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.