In addition, there are a plethora of opportunities to trade 5min flags or 30 min flags. The beauty of the 30M time frame is that weak names will filter themselves out
If they are able to maintain strength and start to flag, this could be a sign of strength. On the other hand, if they all break down in the next few days, it will signal further weakness. SPY is a lagging indicator, watch individual names to get an early indication.
Over the last few days, we have had increasing number of 'Day 1' Pivot breakouts (defined by RVOL > 1.0 with break of daily pivot level). The character of these charts on the 30 minute timeframe will determine the health of the mid cap market.
01/02/24
Premarket - SPY initially gapped up near previous weekly HOD, but rejected at 592. SPY between 584 and 592 is rangebound. Cont day trading, beware of chop
Nano/small cap WL - REVB, CGBS, ORIS, AEI, VRME
Cybersecurity gappers - NET, CRWD, DDOG, CYBR, CHKP
12/31/24
Premarket - SPY gapping up a few points, key level to watch today is 591.5. This is previous HOD and the 50 EMA on daily. Unless we get clear break in either direction, expect chop
Setups - Continue intraday plays, minimize swings until index gives us clear direction
12/30/24 - Weekly overview
SPY - On 12/18, may have hit potential top. Last week was a mini santa rally which was expected, unable to reclaim the 9/21 EMAs or make new highs. Gapping down in premarket, key level to watch is 585. If it cannot hold, shorts are in play
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