SPX down to 4560 - Megaphone/doubletop?

17 janv. 2024

Looking at the current daily/4hr setup, it appears that we could have reached a double top or megaphone pattern. The megaphone pattern usually indicates a large move up or down upon breaking out of the pattern. Food for thought on a play once broken out. Also have a negative divergence on the MACD for the double top.

19 janv. 2024

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We are nearing the top resistance trend line and I will be looking to take a short around the open if it still opens around 479ish this morning.
Interesting that the bill to avoid Gov. shutdown has only passed the house and market jumps up - still needs to pass the senate. Could this be what causes a hard rejection from the top resistance of the structure - it has been in place for a month now? We shall see.

19 janv. 2024

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Grabbed some daily SPX calls this morning off of yesterdays high of day. Cut them for a 30% gain, but left a lot on the table. The broadening wedge/megaphone pattern still appears to be holding.

19 janv. 2024

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At the top now... getting volatile for break up or rejection

22 janv. 2024

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Well, ladies and gentleman... it broke out to close Friday. We will see if the market wants to come back and retest the structure, continue running, or reject. I would think we would at least have a retest before rocketing up. I will do some more analysis and look at individual stocks and see if anything stands out!