The Official Stock Market Thread

[Blazed]

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[Blazed]

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[ajlaxmn]

NOBODY LISTEN TO ME.

Blazed.

Based on 3930 open.

Top 4000, Bottom 3900, Key level 3950.

SPY watching 394 as a reject, rejects pre market, break above then watching 396 as reject. 392 holding as support, break below and we could see 388.

Blazed and comments would be appreciated, after trading of course.

Reversal candle at 392.6 (previous candle close was red), candle after reversal candle was green confirming buyers were stronger than sellers.

[Blazed]

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[Blazed]

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[LVDan]

Y’all are killin it. Love the help/guidance Blazed is so willing to share too. I’ve got some reading/learning to do.

[Blazed]

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[ajlaxmn]

Blazed.

Open 4000

Bottom 3950, Top 4050, Key Level 4000 (4020 weak resistance).

SPY watching 401 as resistance, held multiple times in the past weeks. Break above 401 with strength we could see 407 as the next resistance level.

SPY next support is 396 if we can't break above 401. Break below 396 and we could see 393 as next support.

Thank you.

[Blazed]

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[ajlaxmn]

Originally Posted by Blazed

All on point!

10:21, currently testing 401 resistance.

Finally broke 401, might move up to 407. Possibly taking 402 calls would work out (DO NOT LISTEN TO ME REGARDING THIS).

Blazed, does the volume from the SPY 15m candle, and the movement on the SPX 5m chart indicate a good setup for 402 calls?

[Blazed]

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[Blazed]

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[ksemmel]

Originally Posted by JMarchand1981

You're welcome for ACLS. You are also welcome for ON.

I hope you made some good money there.

Just remember, getting the ticker is one thing. Position management is the other. You made money (I am assuming you made money) because you managed the position well.

Take Josh for instance. I dropped NXST out here about a year-18 months ago. NXST was a great pick by me. Josh made real coin because he managed the position. He could have bought it, made 10% and then sold it. Instead, he should be up around 95% or so on it.

Bought ACLS back on 3/15/21 at $40.36, it is now up to $129.43. Appreciate the heads up on this one!

[ajlaxmn]

Blazed.

Based on 4054 Open.

Top 4100, Bottom 4000 (Weak Support 4025), Key Level 4050

SPY resistance at 407 (Break above next resistance would be 412), support at 401 (Previous resistance)

Not as confident about the SPY levels as I have been in the past.

[Blazed]

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[Blazed]

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[NCtheBBcradle]

Originally Posted by ksemmel

Bought ACLS back on 3/15/21 at $40.36, it is now up to $129.43. Appreciate the heads up on this one!

Right there with ya.

[finfangfan]

AUPH (Aurinia Pharmaceuticals) making a move again today as well. Buy out?

[Blazed]

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[ajlaxmn]

Blazed.

Based on 4049 open.

Bottom 4000, Top 4100, Key level 4050

SPY, watching 407 as resistance, break above that we could see 412. 401 as support (previous resistance).

[Blazed]

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[Blazed]

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[ajlaxmn]

Blazed. Saw you posted early. Didn't look as i don't want it to influence what I see.

Based on 3990 open.

Top 4050 (weak resistance 4010), Bottom 3950, Key Level 4000.

SPY 397 Support, 401 resistance.

SPY reversal candle at 10:30? Wait for confirmation on next 15m candle. I didn't listen to powells speech, so please take that into account. I realize I need to probably listen to these speeches.

[Blazed]

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[ajlaxmn]

Originally Posted by Blazed

Great catch on the 397 sup on SPY. I completely missed it this morning. I saw your post and took the trade when SPY hit 397.

For the reversal candle @10:30, correct. It's reversing but didn't flip to red so I'd hold on any put entry and I'd hold my calls if I were in them. The reversal candles I really like have the long wick and close at the top/bottom and the volume bar flips from red to green or green to red.

As far as the speeches, I don't really listen to them. I just get notifications of stuff said. I do listen to the FOMC speeches, that's about the only one I actually tune into.

As of now, 2:03, it appears SPX is rejecting 3970, with SPY showing buying volume just below 397 (probably not going to hold).


Trade recap:

A couple of big moves right at 10am but staying kind of flat right now. So I'm all done for the day, a small $4k day for me.

SPY 397 Support✅
Key Level 4000✅

Congrats to anyone who took these trades.




Education:

Due to the data drop and Powell, its been pretty choppy so if you ended the trading day green in all this chop, that's a win.

Also, as a reminder since I got a question on it. If you panic when you enter a trade, your position size is too high. If you don't take a trade because you're "afraid to lose/take an L" you need to check your ego. You won't make it as a trader if you keep that mindset.

When you enter a trade (hopefully you waited for an A+ setup) you sit back and give the trade room to breathe. It might go red when you enter, not every trade will go straight to green. That's why its smart to wait for that A+ entry, also known as a "level".

Hope everyone enjoys the rest of their day.

The volume flip and reversal candle below. SPX 4000 calls went from $5 to $8.50 = $350 gain per contract in 3 minutes. Larger green volume on the last candle flipped from red to green.

Question on a scenario that popped up. On the SPX 5m (10:35) we were rejecting 3999-4000, closed at 3998 but wick touched 4000, SPY 15m (10:45) showed selling pressure but volume was lower than the previous two 15m candles. I had given consideration to taking SPY Puts in that scenario, again not actively paper trading yet, and hindsight is always 20/20. As of now that scenario would have played out well, no way of knowing for sure had i actually have taken the trade, again hindsight. Was their anything that maybe would have not made this an A+ setup that I didn't see. I also factoring in 401 as resistance as part of my thought process.

Thanks in advance.