Comments on: /NQ & QQQ At Resistance 6-8-23

By: KevinK

KevinK — Fri, 09 Jun 2023 14:42:33 +0000

In reply to KevinK. Forgot...CPI comes out Tuesday 8:30 am, so tuesday might be a wild day.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 08 Jun 2023 20:12:57 +0000

In reply to KevinK. It would be interesting to know the average number of weeks that AAII sentiment can stay at an extreme. I wonder if we need to see this new shift in sentiment infect the markets for a while before enough positioning gets lopsided to the long side. So far, positioning in S&P has just gotten more bearish as the index has gone higher.

By: KevinK

KevinK — Thu, 08 Jun 2023 19:22:37 +0000

No sense shorting the market on Thursday or Friday with the way the market has been in the “buy the dip” mentality those days. .
Better to wait for next week, although with JP flapping his gums on Wednesday, the market will probably be quiet, with low volume Monday and Tuesday.
Then things might get interesting after that.

By: KevinK

KevinK — Thu, 08 Jun 2023 18:44:14 +0000

In reply to EasyTrade.

You’re welcome guys (and girls).
Love your info, too, when you put it out.
P.S. (on the AAII Survey)…That 44.5% bullish sentiment reading is the highest reading over the past year. If you want to see the website and all the numbers…

https://www.aaii.com/sentimentsurvey

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 08 Jun 2023 18:31:15 +0000

The rotation is getting interesting even on an intraday level. At one point today, money was rotating out of the safety of XLU and into the safety of XLV. Now that has switched and they’re rotating back into XLU and out of XLV. One thing for sure, they’re not selling and going to cash.

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 08 Jun 2023 18:05:24 +0000

SPY with a well-defined bull-flag formation on the daily chart, would target 439-440 on an upside measured move. If it happens by next Friday, a very cheap way to play it could be a June16/June20 440 call calendar for only $.03, with a max profit target around $.60 or so. Heck of a good R:R for a bit of an upside hedge.

By: EasyTrade

EasyTrade — Thu, 08 Jun 2023 18:03:14 +0000

In reply to KevinK. Thanks for sharing this information.

By: KevinK

KevinK — Thu, 08 Jun 2023 17:47:08 +0000

In reply to KevinK. CME Fed watch group has only 29.8% predicting a rate hike, so maybe a rate hike will stun the market and put a crimp in the rally.

By: trade0039

trade0039 — Thu, 08 Jun 2023 17:11:07 +0000

In reply to KevinK. This could be excellent opportunity for the bears! Thanks!

By: Jeff Vandenburgh

Jeff Vandenburgh — Thu, 08 Jun 2023 16:40:45 +0000

In reply to KevinK. That's some good info, KevinK! Thanks for sharing it.