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Sundayprep_9-5-2021

Sunday Prep 9/26 - $NQ / $QQQ Same Thoughts As $SPYEven though you will see me using trendlines in my charts, I always like to have a disclaimer that for me, trendlines are merely rough guides. I’m not delusional enough to completely ignore all the prior trendlines that could have been drawn that all would have been broken a dozen times over, only to be replaced by a new trendline when it made it convenient for whatever narrative you were trying to see. That being said, we have definitely pulled back to a pretty interesting area in relation to the trendline we have now created. What’s more important to me is that after the pullback to these levels, we got a nice little reversal setup with the higher lows on the daily chart (highlighted by the yellow circles) that were then able to push back over 15163.25. To me, that makes last week’s lows pretty significant. Same thoughts go for the Nasdaq as went for the S&P. If we can reclaim last week’s highs, do we then push back to ATHs? Or do we start to roll back over and possibly begin creating a higher timeframe lower high on the weekly chart? Bulls will want to defend the 50d/quarterly pivot area. If they can’t hold there, the next spot I would watch for them to show up at would be the 15k round psychological level which is also the monthly pivot/annual pivot area. Bears will be looking to defend the 20d. Above that, I would definitely expect to see them do battle up around that 15550 area which is where the recent correction began from.
CME_MINI:NQ1!Long
by TrueTraderOfficial
Sunday Prep 9/26 - $SPY/$ES We Finally Did It!So we finally did it! For the first time in over a year, we broke the lows of the previous month. Always keep in mind that that alone is not enough to cause concern. Remember, it isn’t the pullback itself that matters. It’s what happens afterwards. I’m fully focused on the weekly chart. The first challenge for this coming week is to see if we can break back above last week’s highs. If we are able to do that, can we get back to ATHs? Or do we begin to roll back over and have the possibility for putting in a lower high on the weekly chart? If attempts at retaking highs start to fail, then we may have some cause for concern. But let’s at least give the author(price) time to tell us before we start to get all bearish. Bulls would want to see pullbacks towards the 4400 area hold as support. I do still like that 4364 area as well. As far as levels of resistance, the 20d/monthly pivot will be the first area I’d expect the bears to heavily defend. Above that is the quarterly pivot at 4512.25 which is also the area where the recent correction began from.
CME_MINI:ES1!Long
by TrueTraderOfficial
Sunday Prep 9/26 - $PLTR I Do Not Want To Miss This!Palantir Technologies is another name from last week. It broke out beautifully and the chart is in tact. The pull-back was deeper than anticipated (but that came with the market imo) but it’s still strong and I want dips to buy. I’ll be looking for dips to buy.. like the 20d SMA but not sure I’ll get it. I may just start buying on dips risking against previous lows. Make sure to join TrueTrader so you can keep tabs on how I trade this in real time in the chatroom. I do not want to miss this.
NYSE:PLTRLong
by TrueTraderOfficial
Sunday Prep 9/26 - $BTC Did Exactly What We Pointed Out!Last week in the Sunday Prep we pointed out that a break above 47400 that didn’t get back to the 53k area but instead rolled back over and then lost 42830 then to “look out below.” Well, that’s exactly what happened and the break of that level saw over 3k points more of downside. Bulls have some work to do here because at the moment you have all 3 major moving averages hovering menacingly overhead. That 45k area looks to be highly probable resistance. Below, I would expect support to be strong down at last week’s lows.
COINBASE:BTCUSDLong
by TrueTraderOfficial
Sunday Prep 9/19 - $QCOM First Real Pullback to Attractive PriceThis swing idea was posted back when the stock triggered in mid-July. This is the first real pullback to get attractive prices on the longer-term swing setup. But it also may provide a great day trade if we can flush lower emotionally this week. Will be looking for an emotional flush down towards the 130 area for the first shot at scooping some for a day trade. Quarterly pivot is just below at 129.31. If these levels can’t hold, I have no problem cutting it and looking for re-entries down around 126.
NASDAQ:QCOMLong
by TrueTraderOfficial
Sunday Prep 9/19 - $SNAP Have a Nice Flag Forming UpHave a nice flag forming up here right above the retest area of the last big breakout from earnings. Had a strong day Friday. I think the no-brainer long level is an emotional flush down to the 50d with risk under Thursday’s lows, but I honestly think if it were to come down to mid 73s and buyers show up, I would be ready to get involved in that area. If we break out above the upper trendline of the flag, I would be looking to buy dips as soon as I see some higher lows forming.
NYSE:SNAPLong
by TrueTraderOfficial
Sunday Prep 9/19 - $PLTR Triggered Breakout Last ThursdayThe name doesn’t have a ton of range, but this breakout that it triggered last Thursday makes me think that with the right entry, this could be a swing, so intraday range doesn’t become a concern for me. Love the volume on the name the last 2 days as well. It really helps me have some confidence that there are institutions getting involved here. Friday’s low/monthly pivot around 28 is the first area where I might look to scoop some weakness. But it really wouldn’t surprise me if this first needs to retest the breakout area of 27.50, so the plan for me would be to start at 28 with the ability to add to my position if it continues lower to that area. At that point though, I would need to start to see some higher lows put in and constructive price action. If it wants to stay heavy, I have no problem taking it off and looking for re-entries around the 20d if it wants to give them to me.
NYSE:PLTRLong
by TrueTraderOfficial
Sunday Prep 9/19 - $NQ/$QQQ Not Alarmed Yet but MUST be preparedThe Nasdaq chart is actually a lot less concerning. There are still some serious levels of support that look ready to be tested. That 50d/quarterly pivot area around 15150ish looks strong. It would be a retest of the recent base that it broke out of and would actually be healthy for us to test, hold, and then find some strength. The weekly 20sma is still quite a bit always though, so if we were to try and push up this week and end up putting in a lower high, if we were then to roll over and head lower we have quite a bit of room to tumble. Remember, I’m not alarmed yet, but I MUST be prepared for all scenarios. When you get monthly charts like the ones of the /ES and the /NQ, it’s pretty evident that at some point things need to cool off. And when they do, we will either need to go sideways for a while and digest the move up, or we will need a decent correction to reset. Are we seeing the beginning of that start to unfold? Won’t know until we see some more things occur. But we can definitely make preparations and be aware of the warning signs. As far as levels of resistance for this coming week, the 15300-15400 area looks pretty thick. But if we get above there then the underside of the 20d is the next area where I will look for sellers to show up. The 15550 level also is of interest to me.
CME_MINI:NQ1!
by TrueTraderOfficial
Sunday Prep 9/19 - $SPY/$ES Don't Think It's Time to PANIC Last week we saw quite a bit of heaviness to the market. Last Sunday Prep called for pops back into the underside of the 20d to be treated as possible areas of resistance where we could look to get short. As you can see we breached this trendline that we’ve been holding since last year. I still don’t think it’s time to panic as there are still plenty of levels below us that I think offer really strong support. The first level is that 4364 level that was the base from late July thru August. Just below that is the previous month’s pivot as well as the August low at 4347. Remember, we haven’t broken the previous month’s lows for over a year now. If we were to lose August’s lows, that would be a definite red flag for me and I would begin to monitor pops back into levels to see if sellers really start taking control. The weekly chart really becomes important to me in times like this. From this point forward, I am watching the pushes up to see if we can get above last week’s highs but fail to ever make new ATHs. IF that were to happen, then we may be putting in a lower high on the weekly chart and at that point, the break of the recent lows would validate that lower high and I would start to move most of my long term stuff into cash. The weekly 20sma would be the first real level of support if that scenario were to play out. As far as levels of resistance, I would still watch all pops back into the underside of the 20d as well as the 4500 level. I personally would love to see a retest of the quarterly pivot at 4512.25 since that lines up real nice with our major breakdown area. A test of that level that stuffs would give you the lower high on the weekly chart that we were just discussing. But keep in mind that after this large pullback last week, the early part of this week may be a relief bounce and there are plenty of charts that have pulled back to support. So there are still long opportunities in the market, especially if we are going to push off last week’s lows.
CME_MINI:ES1!
by TrueTraderOfficial