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$IWM Analysis, Key Levels & Targets for 10.23.24IWM is currently sitting just above the 30-minute 200 moving average and right above the bottom of the implied move for the week. With that being said, The implied move for tomorrow is between 219 and 224, based on options. The 30-day average volatility is almost aligned with this, giving a range of 218 to 224. On Thursday’s contract, the implied move is slightly wider, from 218 to 225. To the upside, we have a down gap from today, paired with the 35 EMA, which could offer resistance tomorrow. If we manage to break through those levels, the next target would be the top of the implied move at 224. Above that, 225 is the top of the implied move for Thursday’s contract. Below us, we have the 30-minute 200 moving average, which we bounced off of today, though it wasn’t a strong bounce—just a small technical move. We could test that level again tomorrow. Below that, we have the one-hour 200 moving average. Keep in mind that we’re in oversold territory, sitting outside the implied move for the week, so the combination of the 30-minute 200 moving average and the one-hour 200 moving average could offer support and keep us within range for the week. However, if we break those two levels tomorrow, the bottom of the implied move is 219, with 218 as the bottom for Thursday’s contract. The 50-day moving average is further below, but that would be our next true support level.
AMEX:IWM
by SPYder_QQQueen_Trading
$QQQ - Analysis, Key Levels & Targets for 10.23.24In QQQ, the implied move for tomorrow is between 492 and 500, based on options data. The 30-day average daily volatility adds a dollar to each direction, giving a range of 491 to 501. On Thursday’s contract, the range is a dollar wider, from 490 to 502. Tesla’s earnings report tomorrow could explain the wider range on Thursday. The 35 EMA is below us, and though it has been a bit sloppy, it has held as support so far this week. If we continue to hold this level and see it as support, the next target is 499, where we saw resistance last week. Last Monday, we gapped up above the previous bear gap, hit 499, and then met resistance. We haven’t returned to that level since. 499 is just below the top of tomorrow’s implied move at 500, while the top of Thursday’s implied move is at 502. If we break below the 35 EMA tomorrow, the next target is 492, which is the bottom of the implied move. 490 is the bottom of the implied move on Thursday’s contract. Between these levels, we also have the 30-minute 200 MA and support at 491, which we saw last Thursday and again this Monday. This creates a solid trading range. If we drop tomorrow, the 492/491 bull spreads look good, and a slightly safer option would be the 491/490 bull spreads, as the 30-minute 200 MA would provide additional support.
NASDAQ:QQQ
by SPYder_QQQueen_Trading
3
$SPY Analysis, Key Levels & Targets for 10.23.24Alright guys, so tomorrow’s implied move is between 580 and 587, with the 35 EMA just underneath us. That’s definitely an important level to watch right away. Looking at where futures are at the moment, that level could be to the upside at open, so keep an eye on that 35 EMA. If we can get above that, our first level of resistance is 585. Aside from a quick pop to make all-time highs last week, we’ve seen 585 as a key resistance both before and after making all-time highs. If we can break above 585, the all-time high is at 612, and 587 is the top of the implied move. 588 is the top of the implied move on Thursday’s contract. To the downside, we have 580 as the bottom of the implied move, which lines up with where we’ve seen support on both Monday and Tuesday. 578 is the bottom of the implied move for Thursday’s contract, and underneath both day’s trading ranges, we have the 30-minute 200 MA waiting to catch us if we drop. Just one more level below that, we have 579.5, another support level we saw last week. So if we do drop, I’d likely be looking at 579-578 for bull spreads.
AMEX:SPY
by SPYder_QQQueen_Trading
SPY Technical Analysis for Oct. 23, 2024Trend Overview: The price action shows a descending wedge pattern. This pattern generally signals a potential bullish reversal, especially if the price breaks out from the upper resistance trendline. Support and Resistance Levels: Immediate resistance is around 583.63 and 585.35. If SPY pushes past these levels, 586.30 would be the next upside target. Strong support levels are at 580.30 and 578.51. If the price falls through 580.30, it might test the lower boundary of 578.51, which could lead to further downside if broken. Momentum: The momentum indicator shows some choppy behavior, indicating indecision in the market. Keep an eye on any shifts here for confirming any breakouts. Volume: The volume is not unusually high, which suggests that a significant move may still require a volume increase. Trading Strategy: Bullish: Watch for a break above the wedge’s upper resistance with strong volume. Entry around 583.63 targeting 585.35 and 586.30. Bearish: A failure to break 583.63 or a breakdown below 580.30 could signal downside momentum, with targets of 578.51 and potentially lower levels. Short Disclaimer: This analysis is for educational purposes and not financial advice. Market conditions can change rapidly, and all trades should be conducted with proper risk management. Always perform your own analysis or consult with a financial advisor.
AMEX:SPY
by BullBearInsights
URA eyes on $31.44: Major Support to hold for $37 final targetFollowup to my plot looking for $31 break (click). URA broke above a major zone with ease. Likely to be retested for possible late longs. Or look for Break-n-Retest of zones above. $ 31.43 - 31.66 is Major Support that must hold. $ 34.37 - 34.55 is the proven immediate hurdle. $ 36.26 - 37.07 is the final target for this wave. . Previous Analysis: . See "Related Publications" below for other Uranium stocks ================================================================== .
AMEX:URA
by EuroMotif
Trading Plan for Tomorrow (October 23, 2024)Trading Plan for Tomorrow (October 23, 2024): 1. Bias: Neutral-to-Bullish The overall bias is neutral-to-bullish, with the 60-minute chart showing a continuation of the upward trend, despite potential near-term weakness in momentum. Expect some consolidation between 583 and 585, with the potential for upside breakouts if SPY manages to hold above 583. 2. Entry Strategy: Preferred Buy Zones: On pullbacks near 581-582, you can look for a reversal pattern on the 5-minute or 30-minute chart. A confirmed buy signal in these areas, supported by a cross-up in the MACD, will be ideal for entering a long position. If SPY pulls back to the 578-580 range, this would offer a better risk-to-reward entry point, especially if support holds near these levels. Breakout Buy: If SPY closes above 585, you may consider a breakout buy, especially if confirmed by strong momentum indicators (e.g., positive MACD histogram on the 5-minute chart and strong volume). 3. Exit Strategy: Profit-Taking: For a long position entered around 581-582, consider taking partial profits near 585 or scaling out if resistance appears strong at this level. If SPY breaks above 585, trail your stops to lock in gains around 586-587. Stop-Loss: Use a stop-loss slightly below the nearest support, around 580, if entering a long position around 581-582. This keeps the risk tight while allowing for volatility. For more aggressive entries, like breakouts above 585, place stops near 583 to protect against false breakouts. 4. Indicators to Watch: MACD Crossovers on the 5-minute and 30-minute charts will provide timely buy/sell signals, especially for short-term entries. Volume and Volatility: If volume increases on a breakout above 585, it will confirm a bullish continuation. RSI: Watch for divergences on the 5-minute chart. If the RSI dips into oversold levels (below 30), it could signal a strong rebound opportunity. Conclusion: The strategy for tomorrow should focus on watching key levels: 583 (current price action), 585 (resistance), and 580 (support). Positioning should favor the upside unless key support levels break, but be prepared for volatility around these levels. Use the 5-minute chart for refined entry and exit points, while the 30-minute and 60-minute charts guide the overall trend and momentum.
AMEX:SPYLong
by pythianscope
Daily Recap - Will the Market Ever Go Down?A recap of today's action and opportunities I saw. I posted several ideas earlier and a lot of them have already triggered and worked so that's nice. It's been fairly easy to just buy dips lately because VX stalls every chance it gets, but I believe things are going to get a lot more dangerous soon. I have been speculating about a big market crash for a few months, but as I've noted, we just haven't had the VX strength for a significant move down that lasts. That is beginning to change now. ES and NQ are near all time highs, meanwhile VX is nowhere near the all time low. VX was completely crushed this summer and spent most of it making new all time lows. Now it has become extremely elevated relative to ES in my opinion and it has lasted for weeks, but has been kept in check so far. VIX is near 18 and has routinely traded near and above $20 while SPY is sitting near ATH. That is extremely unusual and should cause everyone to throw some caution flags up. That being said, this is why VX is so important to me here at 18.40. If it can't hold, it will likely go back in decay mode like this summer and then I'd be more optimistic for equities. VX has a long way to fall at the moment, but it hasn't yet. In addition to elevated VX and VIX, we have interest rates and DXY soaring along with gold and silver. There could not be a bigger warning signal than what we are seeing right now with interest rates spiking straight up after a 50bps cut. Not to mention global tensions, bank failures, and whatever else might happen for a catalyst. It's coming and couldn't be more obvious. It may not happen until after the election, but it will be swift.
AMEX:SPYShort
by AdvancedPlays
1
SPY/QQQ Plan Your Trade EOD Update : Rally ContinuationThis quick update related to my SPY/GOLD cycle patterns, and other research/predictions, is to help you plan and prepare for the pending rally phase in the markets. Based on my research, the markets will likely pause a bit tomorrow, Wednesday, and move into a basing/bottoming phase - where price will attempt to develop support. From that support, I see a fairly strong rally taking place on Thursday and lasting into late- Monday/mid-Tuesday next week. As I have urged traders to stay cautious over the next 15+ days (elections and liquidity issues), this may be a great time to play the last rally phase before the 3-5 day pullback just before the US elections. Watch this video. Follow my research. If you are new to what I'm doing, then watch my Plan Your Trade videos for a week or two. See if you like my style of analysis and if it helps you improve your trading. My objective is to help as many traders as possible. I'm not 100% accurate in my predictions - but I believe my research is uncomparable to others in what I'm capable of presenting/sharing with all of you. Get some. #trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
AMEX:SPYLong
by BradMatheny
3
Top 5 Weekly Trade Ideas #4 - QQQ Supply ShortThis is a countertrend idea, but I think this supply zone above has a high probability of producing at least one rejection on the first test. If it doesn't then we're almost surely going to a new ATH I'd say. I'll look for shorts at supply depending on what VX is doing at the time. Stop above $499, targeting $479. You could also wait for this channel to break to the downside before shorting for more confirmation and maybe get a retest.
NASDAQ:QQQShort
by AdvancedPlays
2