3 Charts - 2 Insights - 1 Thought 7/5/24

Author

Ctrl Alt Finance
05 Jul • Reading Time - 6 minutes

Welcome to our latest edition, in case you missed it, here is yesterday’s: 

If you’ve already read it, here are…

📈 3 Charts
🔍 2 Insights
💭 1 Thought

Let’s dive in. ⬇️

MAJOR HEADLINES

MARKET INTEL

NASDAQ (QQQ)

QQQ has been ripping all week, fundamentals were quiet yesterday minus the fireworks. Going to start the day off slow looking for a retrace to $487 - 484. Best to see how the market opens and make moves off market cues, do not want to predict here more so catch a wave when we find it.

S&P500 (SPX/SPY)

SPX similar strategy to QQQ, except I am not sold that this is a breakout even though on the 1hr it did close above previous resistance the daily says otherwise. Keeping an eye on the vix, leaning more towards a slight pull back and a bounce possibly around 5532 - 5535 price range.

BITCOIN (COIN)

BTC has been liquidating the last couple weeks, while we do not look at crypto to much it is important to keep an eye on when money is moving around. COIN is in a downward trend following Satoshi.

Pre-market it is down 15% which means there is no visible support at the moment next stop would be $206 and $186, unless Bitcoin decides otherwise.

For trading opportunities, consider using Trading View.

If you’re finding value in this content please,

⬇️ 

INSIGHTS

MARKET HEATMAP

Market close 7/3/24

VIX INDEX

Thought

KEY POINTS

The Relative Strength Index (RSI) helps measure how fast prices change in stocks. A high RSI means prices might have increased too much, suggesting they could fall soon.

A low RSI suggests prices might be too low, hinting they could rise. In the RSI Divergence Strategy, traders look for times when stock prices hit new highs or lows but the RSI doesn't confirm it, which often signals a change in direction.

Traders wait for other signs, like patterns or trading volume, to confirm this RSI signal. Once confirmed, they enter trades, use stop-loss orders to manage risk, and exit when prices turn as expected.

Managing risk also means setting stop-loss orders to limit losses, considering overall market conditions, and avoiding trades against strong trends.

Traders closely monitor their trades, adjusting their strategy based on how well the RSI signal holds up and any new information from the market.

*Please note that the information provided here is for informational purposes only and should not be construed as financial advice*

Want to share this edition via text, social media, or email?

That’s all for now.

Onward and upward,

Ctrl Alt Finance

Reply

or to participate.