Debt ceiling settled! What will it do to the market?

Asphen
2023-05-28

SPY - Keep an eye on QQQ! It will influence how SPY goes!

- Reached ~421 on Friday rally

- 2nd breakout above 416 in recent weeks

- Area of balance remains between 405 to 416

- False breakouts and back into 405/416 range will just mean a head fake

- 30mins chart see a possible inverse basing/cup

- Debt ceiling deal done (just) may give a last push rally on Tuesday?

- But "might" pullback after that

- But as usual, do not predict, watch price action. ==> So any pullbacks to 416 will be my key watch

My watch

- 416 as a support level for pullbacks - Can still be a bull flag formation

- Breaking back into 405/416 range will then watch for 414, 409, 405 levels

- Mainly 409 as that is the full formation of the inverse cup

Good luck, all

Reminder - Observe, React, DO NOT predict!

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NASDAQ - Key one to watch as it will bring the market further up or down

- Bull flag plays has been consistent and is exactly at the peak (348/349)

- Big gap between 331 and 338

- Pullbacks will be 332 (gap fill) and down to 321 previous breakout)

Why this is important?

- Tech has been driving this market rally so far

- Any major pullback will mean an overall market correction

- This will also mean S&P500 will come down

My Watch

- Debt ceiling deal reached will bring some cheer (but rally unlikely to sustain)

- Buy on rumours and sell on news applies

@Deposit  @melson  @TigerStars  @CaptainTiger  @LMSunshine  

$SPY(SPY)$ 

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Comment（22）

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  • LMSunshine
    ·2023-05-28
    TOP
    I see thanks loads for the explanations❣️ What’s a vertical move? So best to sell asap on Tue and lock in profits once there starts to be a sell-off?
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    • LMSunshineReplying toAgxm: 
      Agree…seen many times before
      2023-05-29
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    • Agxm: 
      Very hard to say. Sometime when pre market drop alot but it will bounce back in post market. But in other time when pre market drop, it will further drop in post market.
      2023-05-29
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    • LMSunshineReplying toAsphen: 
      Got it, thanks loads❣️
      2023-05-28
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  • ChrisColeman
    ·2023-05-29
    TOP

    The market is a cruel mistress. Questioning her sanity is like asking the rain man how much a candy bar costs.

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    • Asphen: 
      funny one 😉
      2023-05-29
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  • WendyDelia
    ·2023-05-29
    TOP

    当这个“交易”的细节出来的时候，请注意下面！

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    • Asphen: 
      宾果
      2023-05-29
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  • melson
    ·2023-05-28
    TOP
    buy on rumor sell on news, maybe will crash on tuesday
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    • Asphen: 
      v possible... might rally first 30mins then bull trap n reverse 😀
      2023-05-28
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  • LMSunshine
    ·2023-05-28
    TOP
    谢谢Buddÿ️Why你认为反弹不太可能持续？
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    • Asphen: 
      我仍然看好长期。但是回调是好的。
      2023-05-28
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    • Asphen: 
      3.垂直移动通常意味着一个大的修正（这在QQQ和相当多的计数器中可以看到）
      4.许多指标都指向暂时结束（5波，牛市等）
      2023-05-28
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    • Asphen: 
      1.因为债务上限已经大致确定。协议的签署将导致事实上的出售。
      2.大多数科技股都在耗尽价格，需要回调才能继续走势。回调有多深，取决于多头和空头。
      2023-05-28
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  • Pinarelli
    ·2023-05-29

    Great ariticle, would you like to share it?

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    • Asphen: 
      thank you
      2023-05-29
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  • Brando741319
    ·2023-05-29
    Good
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  • Tiggy invest
    ·2023-05-28
    Ok
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  • Nicknamed1
    ·2023-05-28
    [Like]
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  • Gunners80
    ·2023-05-28
    ok
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