The SPY continues to show resilience and defy the bearish thesis that has plagued those who have missed out on this recent rally for over a month and a half now. Last week SPY found support yet again off the 8/9EMA and thrusted upward to crete a new high on the year. As of now, "the trend is your friend." That trend remains upward for now as we've erased all our current year losses and the underlying market internals appear to represent a broader based rally.
Common upward themes remain as dip buyers step in at every sign of weakness and continue to press the pain upwards. Until this dip buying and the internals start to roll over the trend remains upward. Ignore the Dan Nathans and Brian Kellys of the world that continue to spew nonsensical caution.
WE ARE TRADERS WE ONLY CARE ABOUT THE TREND IN MOTION AND WE MUST REMAIN NIMBLE ENOUGH TO ADAPT OUR EGOS AND FOLLOW THE TREND AS IT MOVES
Market has found a continuous bid by finding itself in a money rotation cycle from one sector to the next. It started with a short cover rally in energy and materials and has continued from sector to sector. Most recently, (last week) biotech and the FANGs found an underlying bid after several days of consolidation. 2030 SPX support will be our near term line in the sand.
Kate has been my largest swing position for weeks now and this is now "my main bitch." We're looking for a breakout above the resistance line as it has seemingly found dip buyers at every turn. The 13MA has been support.
AMZN Showing continued resilience on both the daily and weekly time frames. On the daily it is finding resistance against a flat 100MA. A breakout above gives first a target of 610 and then clear skies above to 630ish.
Bios have been basing for quite some time now and showing signs of a bottoming formation. XBI poked its head out above initial resistance last week with sharp Call buying. IBB followed shortly thereafter.
Look for a continuation to 284 on IBB and 57-58 on XBI.
All time high breakout after long consolidation.
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TSLA has been on a major tear and failed after the announcements Thursday night and Friday morning. Looking for consolidation. A breakout above 250 likely sends us for a 266 test. 275 looks like the trigger on the monthly.
SQ broke out of its IPO base last week and then quickly retreated back to the breakout point. Here are the trends.