🕵️♂️ I SPY TA – Thursday September 08, 2022 – 0DTE scalpers Delight
September 07 Recap
We did hit a full measured move out of yesterday’s triangle.
US Market Wrap – Financial Juice
Stocks rose the most in about a month as Treasury yields paused their rise to multiyear highs, as traders digested remarks from a slew of Federal Reserve speakers. Oil fell, alleviating concerns about price pressures that could jeopardize the central bank's war on inflation.
Every major group in the S&P 500 except energy rose, while the tech-heavy Nasdaq 100 outperformed, with only four members in the red. Apple rose after unveiling the latest version of its flagship product, the iPhone 14, relying on camera upgrades and a new emergency satellite-messaging feature to fend off rivals.
Oil benchmarks fell as demand concerns from China triggered a wave of selling as prices breached technical warning levels. West Texas Intermediate closed at less than $82 per barrel, while Brent closed at $88. The dollar fell following a rally that shook currencies around the world and briefly pushed gold below the "danger zone" of $1,700 per ounce.
Need to Know Market Risk – Financial Juice
Fed's Beige Book: Price growth has slowed in 9 of the 12 districts.
Fed's Mester: I am not convinced that inflation has reached it's peak yet.
BoC: Short-term inflation expectations remain high, according to surveys and the longer this persists, the higher the chance that rising inflation becomes entrenched.
Fed's Powell’s inflation-fighting pledge could tee up another 0.75-point interest rate rise – WSJ.
Be gentle Papa Powell.
🕵️♂️ I SPY TA
Bears are now working on their 3rd leg of this large downtrend. I have two downside targets that I’m looking at. The first downside target is using the first leg measure. It would put us about 360 by October 5 (-16.8%). This level would put us near double bottom potential. On the low end, I’m looking at 332 ish by Nov. 3 (-23.129%)
Upside targets: 400.00; 404.27; 405.16; 409.98; 415.31
Downside targets: 396.95; 388.74, 378.58
We are in the middle of the 395.70 rectangle middle and 401.23 resistance. We are above the 21 MA (393.39)
Here are a few upside and downside targets if we break out of the rectangle on Tuesday. This chart expires Sept. 9th.
- Resistance: 401.23
- Middle: 395.70
- 21 MA: 393.39
- Support: 390.14
- Bullish half measure: 406.71
- Bullish full measure: 412.23
- Bearish half measure: 384.40
- Bearish full measure: 378.80
Scalping Chart – Best on 2 or 5 min. Timeframe
- Lose 397.67 and look for 394.71 – 394.13
- Lose 394.13 and look for 391.73 – 391.08
- Lose 391.08 and look for 389.38 – 388.63
- Lose 388.63 and look for 385.25 – 383.11
- Break 399.85 and look for 401.56
- Break 401.56 and look for 403.98
- Break 403.98 and look for 405.86 – 407.72
- Break 407.72 and look for 409.87 – 411.89
- Personally, I’m looking for a dip to 395 range to see if buyers come in to see if we can make a run to 400 and 405. We shall see.
- 15 min RSI: 70.56 (overbought)
- 65 min RSI: 63.10 (bullish – near overbought)
- Day RSI: 43.05 (neutral)
- 5 min. RIS bearish divergence printed in afternoon
- 5 min. MACD bearish divergence printed in afternoon.
- Netflow – 1 Day – Puts decreased as calls stayed relatively flat.
- Netflow – 5 Day – Bearish structure. Calls and puts decreasing – puts more so than calls.
Played 395p lotto.
Submitted September 07, 2022 at 11:26PM by jjd1226
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