6 Charts I’m Watching: Pullbacks, Gaps & Continuation Setups
1. $S&P 500(.SPX)$ 📈
Indecision plus the gap below led to a quick fill.
If price keeps moving higher, the Bollinger Band could provide resistance and trigger another move down to fill the gap at 7,684.
A constructive setup bulls want to see completed for healthy continuation.
2. $Costco(COST)$ 🟢
The post-earnings bounce remains constructive, with a potential bull flag developing.
3. $Meta Platforms, Inc.(META)$ ⚠️
Upper Bollinger Band breach + overbought RSI + overbought Money Flow Index = a trifecta pointing toward a pullback.
The 20DMA and potentially lower remain in play.
Will this time be different? Unlikely.
Still, this looks more like a healthy pullback than another fake bounce.
4. $Invesco QQQ(QQQ)$ 👀
Indecisive candle + open gap at 744.5 suggests consolidation is needed for healthy continuation.
But the open gap below at 720.9 says a proper pullback may still be needed.
An immediate bullish push risks trapping late buyers.
5. $NVIDIA(NVDA)$ 🔥
Another upper Bollinger Band breach is signaling an overbought condition.
Historically, this has preceded pullbacks toward the 20DMA or lower.
The open gaps at 232 and 226 are potential magnets.
Will this time be different? 🤔
6. $Alphabet(GOOG)$ 🟢
A higher low created a third data point for the ascending diagonal, followed by a bounce.
Stochastic is curling higher from oversold territory, while the latest inside candle signals a potential reversal.
Risk-reward currently favors the bulls.
7. $Amazon.com(AMZN)$ 📊
A bounce from the lower Bollinger Band led to a test of the 20DMA, followed by an indecisive candle.
Risk-reward favors the bulls, but let the daily levels guide the trade.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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