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They are meant to be guideposts - you should employ in conjunction with your personal plan/risk tolerance.  One thing to consider, is to not be "all or none" trader when swinging.  For example, if you have large percentage gain depending upon the stock's beta  (such as 10 percent) you may elect to sell part then trail stop on the balance.  Again these are personal decisions and there will be times where one option works better than others but locking in gains keeps you ahead.  It's also wise to understand what I call "field position" of the overall market structure.  For example, after large selloffs and confirmed reversals I would be more willing to be patient versus following large moves and divergences present (such as now) where I would be inclined to lock down gains (at least partials) quickly. 

SPX Daily

Posted by steve on 17th of Feb 2024 at 09:07 pm

$SPX - Chart Link- one option here is that this morphs into a triangle but there is distribution unfolding up here (Note the RSI compression). 

QQQ 60

Posted by steve on 17th of Feb 2024 at 08:35 pm

QQQ - Chart Link- here you go DK - again just one option - an immediate selloff would negate this view.   The daily QQQ had a bearish engulfing candle on Friday. 

SPX  - was that a double top in the making?  Let's see how trader's position post OPEX - bulls have the baton but see comments below.  

Most sectors are now displaying

Posted by steve on 17th of Feb 2024 at 11:55 am

Most sectors are now displaying clear negative divergences - still no change in structure but many are looking tired.  Perhaps one more push to form an Ending Diagonal (QQQ).  Last week lows are now pivotal.  We still have NVDA reporting this week (Wednesday).  Overall, there is distribution unfolding up here (large operators selling). 

Lithium stocks have been absolutely

Posted by steve on 17th of Feb 2024 at 11:38 am

Lithium stocks have been absolutely crushed 

Short ADBE Updated View

Posted by steve on 17th of Feb 2024 at 10:53 am

ADBE - Chart Link- we spotted one of the first casulties - just look at that red candle 

Have a nice weekend everyone

Posted by steve on 16th of Feb 2024 at 04:12 pm

Have a nice weekend everyone

Yes Betsy Ross Head is Spinning 

Will be interesting to see

Dealer Gamma

Posted by steve on 16th of Feb 2024 at 03:31 pm

Will be interesting to see how they position post OPEX 

LOL mla

I would be shocked if we have a weekly RED ...

Posted by steve on 16th of Feb 2024 at 03:14 pm

LOL mla

ES Support 5022/17 if falils

Posted by steve on 16th of Feb 2024 at 03:12 pm

ES Support 5022/17 if falils 5015 then 5008/05 and 4998/91 holding support next level above 5040/44

Sliced that like nothing 9/10

SMCI  current STS is 818

Posted by steve on 16th of Feb 2024 at 03:10 pm

Sliced that like nothing 9/10 day next target below 

ADBE that's one massive red

Posted by steve on 16th of Feb 2024 at 03:04 pm

ADBE that's one massive red candle - save that for Christmas 

This move up still fits

Posted by steve on 16th of Feb 2024 at 02:55 pm

This move up still fits within the confines of a Wckyoff Phase B - which would imply lower prices being tested with patience.  Best to to actually trade the microcycles (level to level to remain solvent)

There has been a stealth

Posted by steve on 16th of Feb 2024 at 02:41 pm

There has been a stealth trend unfolding oblivious to many

The top 1% now officially have more wealth than the entire middle class of America… 

“There has been no greater engine of inequality than the Federal Reserve Bank of the United States.” - Stanley Druckenmiller

Just follow the trend and turn out the noise - when there is a shift in structure you will be made aware  Take some time to closely study the daily/weekly charts and how the MA's are aligned currently.  

Financial conditions today are easier

Posted by steve on 16th of Feb 2024 at 02:22 pm

Financial conditions today are easier than when the Fed started raising interest rates in March 2022.

Chart: Apollo (Big Boys)

Yes more traders follow -

DG tags 200 day MA

Posted by steve on 16th of Feb 2024 at 01:42 pm

Yes more traders follow - simple as that and notice the reaction upon the first test.  Thinking $160 reasonable target over time

DG tags 200 day MA

Posted by steve on 16th of Feb 2024 at 01:24 pm

DG tags 200 day MA

Short ADBE Updated View

Posted by steve on 16th of Feb 2024 at 01:24 pm

ADBE - Chart Link - nice big red candle - trim and trail

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