SPY/QQQ Technical Analysis For 7-21 : Consolidation pattern in Countertrend Mode.

Today’s pattern is a Consolidation pattern in Countertrend Mode.

While I expect the SPY to continue to try to melt up this week, I do expect the markets to struggle near this Wave-D structure of the current FLAG. In other words, today’s consolidation pattern may be a great time to position for the rest of this week – where I’m expecting an uptrend. If my analysis is correct, today’s consolidation pattern will present an opportunity to buy into the Wave-D lows in preparation for a moderate rally the rest of this week.

I still believe the SPY will attempt to break into new All-Time Highs this week on strong earnings and economic data. Remember, the markets are not close to a TOP and the SPY/QQQ should attempt to move dramatically higher over the next 30+ days.

While we still have big earnings and economic data to contend with this week, I believe the markets will move in a general MELTUP phase for most of this week and next week. I don’t believe anything will disrupt the markets unless it is something external.

BTCUSD is moving higher as a carryover of the CRUSH pattern (yesterday). I believe this rally in BTCUSD is a very strong indication the inverted EPP pattern is playing out perfectly. It should continue with a move in BTCUSD back to $83k.

GOLD/SILVER finally make a move off the $4k lows – just as I expected. This move higher needs to confirm with a solid rally above $4200 for gold and a rally above $61-62 for Silver. We’ve seen bounces like this off deep lows that don’t continue. I want to see this base HOLD and start a fairly strong uptrend in metals.

I still believe this is a general BASE/BOTTOM for Metals and the SPY/QQQ where the next big rally is just starting – where the SPY will target $820+ over the next 30-60+ days. If I’m right, then we are preparing for a BIG RALLY in the markets with the current lows/base/bottom.

Overall, I don’t see any reason why the markets would move into a breakdown phase yet. I see the markets are continuing to melt upward with fairly strong volume. Currently, though, the markets are in a “rolling phase” and that is presenting some volatility.

I may attempt to add some SPY/QQQ Calls today that expire early next week. I believe the opportunity is there for a solid rally over the next 3-4+ days. I’m watching Gold/Silver for a continued base/bottom and I may consider XME or GDX as a early HEDGE for this new rally phase in metals. Remember, I’m trying to position into trades that will mature over the next 20-45+ days.

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Видео SPY/QQQ Technical Analysis For 7-21 : Consolidation pattern in Countertrend Mode. канала Brad Matheny