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the last day of the year friday december 31st 2021 before i jump into the charts just please click like if you like the daily triple q report please click it each and every time it helps out a great deal with the search engine results on youtube and the wicked stocks channel the daily triple q report does go out each and every day by every trading day rather by around 6 pm central standard time chicago for the next trading day clicking subscribe will provide you notification the very moment uh the daily triple q report has been uploaded to the wicked stocks youtube channel as well as the daily spy report i have weekly analysis uh so forth and so on and uh the sooner you see it the more relevant it actually is especially with these daily video series the daily triple q and the daily spy so subscribe to the wikisocks youtube channel uh it'll provide you notification pronto anyway let's jump into the charts you're familiar with the structure you've been watching for the last few days i've got 3.98 and a quarter 405 20.
uh they're both based on the same uh sort of kind of soft double bottom there it's not a real double bottom the second low was a little lower as you can see in december but it's the same structure really and i still see the odds favor upward continuation into january trade above 398 and a quarter but i've decided to weigh them equally now at least over the next few days one of the key reasons being is the spy and the s p 500 e-mini futures both almost put out a key reversal high yesterday they put out a mini reversal high anyway uh both put out new all-time highs the spy put out a new all-time high at 479 even and then backed off in the later minutes of the day almost closing below thursday's low that in itself is sort of a bearish setup i think it's the bearish engulfing pattern actually uh as termed in the candlesticks but it's mini reversal we did not close below thursday's low we came close to it but we did put out an all-time high and we closed negative on the day so i'm i'm lightening up on 398 and a quarter and i'm enhancing a little bit 405.20 and i think really the way to play this and i'll be saying the same in the daily spy report is that if you're not long already above 398 and a quarter yeah you can bottom pick 398 and a quarter but it may be best if you're a position trader that is and you hold positions overnight you're a swing trader you hold positions for several weeks you may go long with a settlement above 405 20 that may be your next move but you know i don't like to get involved in those choices some people are more aggressive than others and bottom picking 398 and a quarter is still a legitimate uh valid approach uh and of course if we close below 398 and a quarter then we have a failed buy signal uh and the market should then continue south into the middle of january over the next two to three weeks i'll give you those targets in a moment uh but you know if we did close above the 405 20 formation uh we should then reach 4 22 29 within i'm gonna say two to three weeks still because of the the uh more restrained volatility that we have now uh you know as compared to about a week ago so closing above 405 20 two to three weeks 422 29 and and of course holding above 398 and a quarter uh does maintain that as an objective anyway it's just that you've got a real valid secondary buy signal above 405.20 and then we're still two to three weeks away i think we could get up there within a week with the kind of volatility we had last week but i don't know if that will re-emerge or not so i think you need to allow for at least two full weeks above 405.20 before reaching into the low 420s soon to be mid 420s both of these are climbing on a daily basis and they are convergent channel tops one long term one midterm that if tested over the next few weeks can contain buying through january into february perhaps and from there we can fall off in the weeks to follow there's also a significant buy signal or you might say a secondary sign of strength because we're already clearly in a long-term bull market as you can see in this image but if we closed about 4 24 38 we do have a kind of meaningful protracted longer term bullish continuation that should then play out into q2 he day you can see how i've weighted equally now two stars 398 and a quarter downside 405 20 upside to star for me is like a two to three day bounce or a two to three day topping off at 405.20 once again we could trade inside this zone 3.98 and a quarter to 405.20 into later next week and that would be consistent with the two-star uh waiting but you know if we break 398 in a quarter today uh then 394 22 is in reach and if we close today below 398 uh 25 then we should over the next three to five days fall to the five eighths uh downside fibonacci at 387.83 that is also a two-star support area where we could bounce nicely maybe for an entire week but honestly ultimately if we close below 398.25 i do think the mid uh 370s are likely within probably two to three weeks that 375 63 descending channel top based on actually tuesday's high in part um you know in reach within two to three weeks and uh the start of a zone of meaningful longer term support down to 372 69 that you that can absorb selling actually um into february possibly through february and from there we can turn up and push on back into the high area again or higher within a matter of a month or two so once again i'll leave you with the support and resistance we have a buy signal we're above 405 20 that should play out through next week and into mid january whereby uh the low to mid 420s become a two to three week target and inversely if we close below 398.25 over the next two to three weeks we should fall into the mid 370s both of those areas uh the mid 370s and we'll just call it the mid 420s are significant zones of support and resistance able to contain monthly activity and right now we're just um the market is buying its time and we will see uh whether we close below 398 and a quarter or above 405 20.
i'm not sure if either one will happen today but i think by the by this time next week uh one of the two will have happened and that is all i have for today's daily triple cube report please click like if you're watching this and subscribe and i will be back on sunday afternoon for and we'll talk soon
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