SPX Week of JAN 4 – 8 data:
- Open: 3,764.61
- Range: 163.98
- Close: 3,824.68
- ATH > Close: -0.05%
- ATH > Low Of Week: -4.29%
- 2021: +1.60%
- HOD Off MAR LOW: +74.59%
The 3822.12 tag on Friday is what I have for some time found a strong algo top of wave magnet. The one specifically is the 161.8 retrace of the SEP 2020 drop.
Looks to have worked so far for what could be all of wave-3 of wave-5 of WAVE-V
We won’t know unless we see SPX 3742.39 taken out and closed below which then still needs a close below 3705.34 and ultimately 3681 to assure the drive up has ended
This morning’s dip is less of a SOCIAL MEDIA REACTION TO TRUMP’S BAN and more of a liquidity trap profit booking on the -22.5% on Bitcoin
But with Trump’s BANNING on Social Media, congrats for PHASE 1 of the move on TWTR as 47.79 has been NAILED here premarket.
PHASE 2 for -42.32 will come after a sympathetic wave-B bounce fails to close above 51.43 with the ultimate goal 38-39
FB is much less phased as is SNAP, AMZN or AAPL
Even GOOGL has nothing to complain about as its 1st +1800 prints since DEC 9 have produced this morning as it @jcabrer looks to slowly climb for +1840 into earnings at the end of the month
So TWTR 💩s alone and that 47.79 is due to provide the support planned when the alert was emailed out last week
So where does this all leave us?
SPY 5day
VIX 30day
EARNINGS START FRIDAY
OPEX IS NEXT WEEK
POWELL SPEAKS ON THURSDAY
WE ALREADY RALLIED HORRIFIC MISSES ON THE JOBS REPORTS
JAN 20 IS INAUGRATION DAY
The “OPEX PATTERN” has been the production of the HIGH OF THE MONTH during that week and considering the strength (in terms of price) as we closed off week 1 of the month, the weekend gap is good, but a DROP for SPX 3764 – 3742 (SPY 375.91 – 373.55) will be an ideal shopping spot to look for JAN 22 SPY380 – 382 CALLS
Without a HARD BREAK & CLOSE below SPY 366.77, we have to be prepared for the OPEX PATTERN next week and the highest likelihood run upward into the TECH EARNINGS week with the bulk reporting JAN 27/28
FDX has entered the ideal spot down here @ 244.53 – 241.55 for the OVERSOLD BOUNCE back up to 258 – 261 – 266 – 275
Still stalking the JAN 29 FDX 260 CALLS for a break under $1 (LOD Friday was $2.11), but I really like the setup and earnings aren’t until MAR on it
As for TSLA…. 5Day (understanding there is NOTHING REAL above 695 – 669)
TSLA -20% DROP doesn’t visit last week’s 709 LOW
TSLA 5day GAPS
TSLA 5day
