@HJTradesX@SPYderMomTrades This is very true. I tried daytrading for years and it was challenging while working full time. You’ve helped me get more successful with swing trading and it’s so much easier and lower stress 🙌
$NVDA It's that time again. The daily RSI is down to 37. Every time over the last 3 years(18 times), from that day's low, there was a 10%+ move over the next 2 weeks. So over the next 14 days(by April 3rd), we'll expect a 10% move up off today's low. And if $NVDA is moving up, chances are $QQQ will be moving up as well. Looks like it'll be a failed breakdown from this head and shoulders pattern.
We'll give it a target of $190 by April 3rd.
Unfortunately my flight got cancelled and I didn't have a laptop to record my weekend video yesterday as planned but damn right we would've been saying these permabears are going to get it wrong again like they have for months when $VIX gets to overbought extremes. Like clockwork. Also would have mentioned that if $VIX spikes again today, expect it to top out and fade because of the daily RSI being at 70 and the weekly RSI getting above 67. That aligns with market bottoms or large mean reversions in the market. 20% gap up this morning on $VIX... Served on a silver freaking platter! You think this is all we get? If history is going to repeat(very likely), then we should be seeing VIX continue coming down the next few weeks.
KEY EVENTS THIS WEEK:
1. NY Fed Manufacturing data - Monday
2. Fed Meeting Minutes - Wednesday
3. Nvidia, $NVDA, Reports Earnings - Wednesday
4. September Jobs Report - Thursday
5. Philly Fed Manufacturing data - Thursday
6. October Existing Home Sales data- Thursday
7. November Services PMI data - Friday
8. November Manufacturing PMI data - Friday
9. MI Consumer Sentiment data - Friday
10. MI Inflation Expectations data - Friday
11. Total of 14 Fed Speaker Events This Week
Buckle up folks, economic data is back.
GENERAL MARKET THOUGHTS:
1. The market has been choppy for 1.5 weeks now. It has gone nowhere.
2. Big tech earnings start today with $TSLA and go into next week with $AMZN $GOOG $AAPL $MSFT and $META.
3. $VIX very likely has a local top in(volatility spikes should be short-lived for now).
4. $PLTR is consolidating under ATHs but is still showing weakness. It is normally a solid market sentiment gauge. It is currently showing indecision/weakness.
5. $GLD has a local top in.
6. $SPY and $QQQ are consolidating right under ATHs and the government shutdown is about to end. We are likely getting up there in the short-term but it’s clearly a tricky environment to trade.
7. People are losing their asses when the indices barely have moved.
Just take a chill pill and take a step back. No need to mess yourself up in a choppy market. If trading, do so with less size while the market and you are uncertain. It’s not the end of the world if you miss some action for a few weeks. It’s actually probably for the best that you don’t trade much in choppy environments.
@abdullah_717@ohiain I’d think the “higher lows” statement would be a good indicator. Also it’ll be clear when you’re wrong so you have to be able to cut losses
@HJCharts might be a little slow moving for you, but check out $ADSK on the weekly time frame. Approaching ATH and forming an inverse head and shoulders over the last year.