SPX Renko weekly

Posted by matt on 22nd of Sep 2023 at 11:44 am

$SPX - Chart Link nice and clean, shows that big support area around around 4250 - also note, that's roughly where the weekly KISS STS stop is

my new job

Posted by matt on 22nd of Sep 2023 at 11:33 am

I'm taking a new job as a manager for a facility that houses all the new illegals coming in - nice $14,000 a week pay. Sorry guys, no more newsletters for me!

https://twitter.com/ImMeme0/status/1705045191399280781 

QQQ Daily

Posted by steve on 22nd of Sep 2023 at 10:53 am

QQQ - Chart Link - here you go Johnny 

The Green lines would show the path of a prospective Triangle ( but must rally direct from here) and with the SPX already breaking below August lows that is less likely

The red path shows a minor bounce on QQQ then down to test August low

SPX looks like a 3rd wave down so bounce up in wave 4 then down again - or a larger bounce wave x then down in wave y (but lower high and down again is what I favor)

QQQ would need to rally direct form here to upside trendline (would be wave d in the triangle scenario) 

Best to trade what's in front of you 

KISS systems trade comments and behavior to keep in mind

Posted by matt on 22nd of Sep 2023 at 10:40 am

as I've stated before, the way these KISS systems tend to catch trades and because of how markets behave from a wave count perspective, trending systems like the KISS when they catch a big winner like this, more often than not the next trade is a whipsaw small lower or small gain. Again not always but a lot of times. NVDA here's a great example, after closing out a 155% winning trade, the next long ended up being a whipsaw. 

Now, the good thing is that the next trade has higher odds of being a winner again. This is the same of the daily indexes that stopped out -the had nice winning trades from Mar to early Aug, and a whipsaw on the last trade, so the next long signal has higher odds of working out

yeah I mean we favor this as some sort of wave 4 vs a major top being put in, so that means you would recover and at least test the highs and make new highs during maybe a year end rally but again we'll monitor and adjust accordingly 

SPX 2

Posted by steve on 22nd of Sep 2023 at 10:35 am

$SPX - Chart Link- early SPX broke structure then formed higher low on small time frame - moved up to test supply zone posted earlier 

Short DKNG Update

Posted by steve on 22nd of Sep 2023 at 10:13 am

DKNG - Chart Link - nearing lower BB 

That's a beauty - kudos Bandit on that trade 

that was a great diamond pattern you spotted, well done

ah ha ha good one

JBLUI boy o boy

Posted by matt on 22nd of Sep 2023 at 09:55 am

ah ha ha good one

URA rebounding, with some other commodities

Posted by matt on 22nd of Sep 2023 at 09:53 am

ES below 4375 opens up

ES 9/25 Daily

Posted by steve on 22nd of Sep 2023 at 09:52 am

ES below 4375 opens up for 4363 4355/47 - bulls need to reclaim 4385 for a test of 4400 area 

I wish their plane fares

JBLUI boy o boy

Posted by steve on 22nd of Sep 2023 at 09:51 am

I wish their plane fares were that low 

XLRE follow up

Posted by matt on 22nd of Sep 2023 at 09:50 am

JBLUI boy o boy

Posted by matt on 22nd of Sep 2023 at 09:48 am

JBLU - Chart Link maybe it will go to zero jeez

That divergence played out beautifully

Posted by matt on 22nd of Sep 2023 at 09:46 am

Compare SPX vs BPSPX - Chart Link- it said last week not to trust the rally/bounce

PMI out at 9:45 am

Posted by steve on 22nd of Sep 2023 at 09:44 am

PMI out at 9:45 am

QQQ - the triangle scenario

Posted by steve on 22nd of Sep 2023 at 09:23 am

QQQ - the triangle scenario not yet negated but would need to rally strongly directly from here - a move below the prior low in August  would invalidate that option. 

Kobeissi Letter (Mortgage Levels)

Posted by steve on 22nd of Sep 2023 at 09:15 am

BREAKING: Average interest rate on a 30-year mortgage rises to 7.75%, the highest since November 2000. This officially more than a whole percentage point above the 2008 highs. Mortgage rates are now up 500 basis points in just over 3 years. The payment on a $500,000 mortgage has gone from $2,000/month to $3,600/month. That’s an 80% increase not including taxes and insurance.

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