UPDATE May 16

so tired, but so much is going on. Today could be huge. we are at a breakout point. Do we squeeze up? or do we get rejected and fail?

Banks may want to run a little bit and take the markets with it. The Nasdaq is particularly interesting. We are near the year highs and looking to break out of the wedge that has formed.

There are all manor of FED speakers today as well as some manufacturing data. This is mostly meaningless and should lead to nothing more than a burp in the markets. The big news will be the debt ceiling. News from the meeting today at 3pm est between the two sides should drive the market.

Remember, there are bearish divergences, and big tech has had a good run. So, a pullback, or in this market atmosphere, a "collapse" may occur. I have a big pullback approaching that i believe will fail to hold support, leading to new lows for the year (and most likely breaks the October low). But there is a possibility we squeeze up first into a blow off top.

support is the 13330-13350 range. This is starting to look like a blow off top. It doesn't feel like it, but it looks like it - increasingly smaller candles slowly bending like a fishing pole.

This is usually a bullish set up, but it needs to break 13495, let's just say 13500 to run. i have always said 13500 was my target for this sequence. we could go to 13700 but I like 13560 better. it all depends on who must start covering. if people are well hedged or have a large cash balance they may withstand the push expecting downside. You never know how these play out, that's why you must watch the signals and the daily has bearish MACD and other divergences.

iam Bullish until price leaves the buying channel.

Upside is still my 330 target. support is just under 325. Line in the sand for bulls this week is 320.3.

Update to some of my plays.

Stair stepping on up. big upside (a dollar or two) if this can break loose. minimal downside to 13.60

above the mid bollinger with them pinching. The 50MA is approaching as support. looking for a break, it could break either out or down. Looking for 120-150. 113 has been resistance.

On a heater! hit a new high yesterday before pulling back. upside to 120-150

Hanging above the mid bollinger, no real trend lately. I expect a drop to the lower bollinger. It may hit the 50MA and move up.

May see a boost to 73, but I expect more near future downside to that yellow dashed trendline and the lower bollinger near 66.

you shouldn't rely on charting the vix because it's not reliable. (it's a Put buying calculation, not a supply demand  entity). but this chart looks like a BULL flag. my issue with the vix is that EVERYONE is buying calls as protection from a market plunge. MMs don't like to pay when something is so one sided.

iam only temporarily bullish, I'm playing specific targets for specific upside moves. I believe there is big downside approaching, maybe today? I'm up on my positions and always looking to exit I don't trust/like this market but will use what the charts show me.

Be Safe, Be Careful, Be Wise

and as always

Good Luck

🎼 You got so much to do, and only so many hours in a day