Intra Week Unsolicited Technicals Update via /r/wallstreetbets #stocks #wallstreetbets #investing
Intra Week Unsolicited Technicals Update
Alright assholes, most of you didn't listen yesterday when I posted that we were going up and that the charts looked bullish, so here it is again, a bunch of updated and even more incorrect reads on the market after Turnaround Tuesday!
US Dollar
Won't lie, the Dollar got me, definitely didn't see it going parabolic today. Even after that face-ripper, there's no technical damage. At it's peak, today's high was an equal high on the RSI 1-hour, indicating that a pull back is likely. On the 1-Day, the bearish divergence was burnt through so we'll have to wait and see how the next couple of highs read in the momentum indicators, but for now, I'm still bearish on the Dollar.
10Y
Had a pretty ugly day but again, no technical damage done. Still inside the falling wedge consolidation pattern and extended the bullish divergence on the 1-hour chart. I think we see it reverse and go back to around 3% by this week.
Commodities
Retard Rating: Buy The Dip
Looking at the DBA ETF, (other agriculture shit) looking like some near term support around $19.40. If dip buyers are out there, this should be where they'll step in. Don't look for this thing to recover the Bull Market though, back-test to the broken trendline is about as good as you're gonna do.
I called for Oil to go to new highs soon and I'm sticking by that (I don't give a shit what Cramer is saying). Today's breakdown was pretty rough but there isn't any technical damage yet as today's low was an equal low on the RSI. The PPO got blown out though, just like my asshole did today.
Don't follow me on Oil, I'm wrong…
NASDAQ
Retard Rating: Buy The Dip
Switching to using the QQQ chart because some of you retards don't know that there are multiple ETF's that track the NASDAQ. anyway, NICE BIG GREEN DAY today, I know a lot of you have been hurting for one of these so congrats, I hope you got a little pep in your step. I see continued momentum in the 1-Hour chart, no potential reversals in sight. I have a couple levels marked out where I plan on buying the dip: $285 and $277
S&P500
Retard Rating: Buy The Dip
Not as impressive a green day for SPY but not seeing any divergence showing up, just continued momentum to the upside. IF we get a pullback, I'll be buying the dip around $380. Otherwise, I'll just wait till around $400 and get some puts.
As requested, GME
Retard Rating: Sell The Rip
How long are you retards gonna hold out for this one?
Alright, I see on the 1-Hr that we're likely going to get a pop, probably not much more than $146-ish support-turned-resistance. The daily chart though shows bearish divergence in the last three peaks so there is likely significant down-side. I'm not gonna play this piece of shit but if I were, I'd short around $145-$150 and set $77 as a final profit target.
Conclusion:
I'm still near term bullish, at least until Earnings start rolling out. The likelihood that we get shit guidance is pretty high, and with expected CPI at 8.8% for July all spell pretty bad things for the market. BUT the fact that we're projecting negative Q2 GDP may be the wild card. IF the Fed is solely concerned about bringing down inflation, then chances are good that they'll over-correct (if they haven't already), a probability the market seems to be pricing in now.
July FOMC will be critical though, I don't think we have one in August, so whatever decision they make this month will have to be the course for the next 60 days, which makes me think that since all the warning signs of recession are all around us and CPE coming in cooler than expected, there's a better than zero chance they back off and either pause or revise their hike down. The logic there would be that since oil and other commodities are taking it up the ass, that "should" solve a good portion of inflation come September.
TLDR:
Read my terrible take on the stock market you animal!
Submitted July 06, 2022 at 03:46AM by floppy_panoos
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