SPY & QQQ intraday chart observations by rimshot Message Board

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Strategies & Market Trends : SPY & QQQ intraday chart observations by rimshot

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To: rimshot who wrote (130)	12/20/2021 2:46:48 PM
From: rimshot	Read Replies (2) of 1309

SPY weekly closes in histogram format vs. 15-week SMA ... no firm change in character yet relative to the 15-week SMA stockcharts.com weekly RSI-8 continues to briefly oscillate both above & below the 50 level, so far Thursday's close is distant from now, LoL Mini-Pups All uptrends eventually peak and pullback. Pullbacks will either hold the 5-period MA support, bounce and resume the uptrend or collapse through the 15-period MA and form a trend reversal. The 5-period MA is the “line in the sand” support on uptrends. When a stock peaks and falls to test the 5-period MA or even slips under it, it will stall the stochastic and possible form a crossover down. If the stock rises back up through the 5-period MA and slopes the stochastic back up (instead of crossing down), that is the mini-pup pattern. When this triggers, expect upside price moves towards the upper BBs. When a mini-pup forms on a wider time frame, then expect the shorter time frames to react. The shorter time frames are used to pinpoint entries when their stochastic triggers with a crossover back up. Perfect Storms A perfect storm is an ultimate pattern. This forms when three or more simultaneous time frames trigger mini-pups. This is the highest probability pattern for traders and investors. The caveat here is that by the time a perfect storm becomes transparent, most of the move may already have been made. Therefore, the key is spotting the wider time frame mini pup and then entering on the smaller times frames and trimming profits when the pattern becomes fully transparent. Utilizing the multi-frame frames with the Rifle Charts using mini-pup patterns can dramatically improve forecasting accuracy and provides trigger points and targets. Further optimization can be developed utilizing more price tools like Fibonacci retracement levels and the various channel and envelope indicators. As usual, use what works with your methodology to create converging signals.

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