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all right all right last night we looked at the weekly chart of spy and tonight I want to take a quick look at the weekly chart of the triple cues so the triple Q's have had a very nice v-shaped recovery from the bear market after that double bottom breakout and now you can see we're breaking above the March 2022 highs we back tested that breakout as support and We're Off to the Races yet again and just likes by the triple cues are only about five percent away from the previous all-time high now the reason I want to look at the weekly chart is because this is a very macro level scale because each candle is one entire week and if we just draw a simple trend line of this bull Trend that we're currently in you could see very easily how the triple cues can afford a very significant pullback and or correction and still have a significant higher low than the previous higher low and then go take out those all-time Highs at a later date now the reason I want you to be aware of this is because when things are going up a lot of people simply just think it's normal and we just go up in a straight line and we're never going to get a pullback back or correction but that is not how bull markets work when you're in a bull market it's completely normal to get pullbacks and Corrections and those can be anywhere between three to seven percent or ten to fifteen percent so even in this scenario if we're reaching a local top because we are going into earnings season it's completely normal to see plenty of volatility and profit taking and because we've had such a v-shaped recovery it's completely normal that earnings lead to sell the news because everything is already priced in for Perfection so even if earnings are good it's completely normal to get a sell-off and that sell-off could take us all the way back down towards 360 and 350 and possibly even lower the reason I want you to be aware of this is because if you're aware that it's likely coming or at least that it's very possible it won't catch you off guard and you can start preparing for it immediately so in the triple queues we're only five percent away from the previous all-time high and we're going into big Tech earnings which is very likely going to lead to plenty of volatility and there's also a major rebalancing event going on where there's also going to be some big tech company sold off in favor of a rebound balancing of their portfolios so be aware of the weekly chart and be aware that even if we start to get a major correction between 10 to 15 percent we are still in a bull market as long as we hold this support trend line which could take us all the way down towards 350 and even a little lower now on the daily chart of the triple cues you can see that we're still trying to push outside that upper Bollinger band as we slam into that resistance at 387 and even if we break through 387 the next Target is just a little bit higher at 393 and then we are likely going to get that pullback or correction we have the gaps to fill to the downside at 374 and just below 369 and as long as we hold Above This previous low right around 365 we are still in a bull Trend but that's still a significant pullback if you're not prepared for it and it's very likely going to be coming very soon on the S P 500s by ETF we're at 0.22 and spy is also trying to push outside that upper Bolder band and above 453 we have the weekly breakout which means we're likely going to 460 and then about 460 we have the previous all-time high but if if we're getting the big tech company selling off and there's not other sectors stepping in to take over we're still going to see spy pulling back down towards 450 or the Gap fat 443 as long as we put in a higher low above 436 then we're still in a bull Trend otherwise we're likely going through a deeper correction that could take us to the gap for that 423.
so remember when we talk about trading the Gap fills we needed to see that pivot in the price so if we start to see that pivot then you have a risk level you can short from and the Gap fill below is likely going to be our Target on the Dow Jones we were up 0.32 today and we continue the bull breakout above 346 but we're just getting too far over extended gapping up outside the upper Bounder band leaving a gap below 350 and very close to critical resistance at 353.
so while I do think the Dow Jones is going back up to the previous all-time high don't be surprised if we get a pullback to retest the breakout before we continue this bull Trend and of course this pullback could always go even deeper to fill the Gap around 339 so yes these are bull Trends but that doesn't guarantee we won't see a correction or a pullback and now we're reaching earnings Seasons now could be the perfect time to see that so pay attention to these critical resistance levels and the Gap fills Below on the Russell 2000 iwm ETF we're at 0.42 today and we're getting very close to the next price Target at 198 and we're bullish as long as we're above 195 and if we break below 195 we're looking for The Gap fill out 190 and possibly even a retest of the breakout at 188 and we're in a bull Trend as long as we're above the breakout at 188 but be aware if we get a rejection we could come back down towards the Gap fill on The RK ETF we're up 1.58 today and we did hit the price Target at 50.7 and if we break through that the next Target higher is at 52.3 and if we get a rejection we're looking for support at 48.6 and the breakout right around 46.
today the vix was up 3.31 and the vix is showing some signs of finding support and we now have two Hammer candles down here right around 13 so if we break 15 we're going to be looking for more fear and more Panic which could be due to earnings season and then we'll be looking for the vix to push it between 18 and 20.
on bitcoin we're currently flat trading just below 30k and if we break down below support at 29 000 we're breaking out of the bull flag which means are coming back down towards 28 000. we really shouldn't be getting bullish until we break out of the bull flag which is a break above 31 000 and then we'll be looking for that price Target 35 000.
on Tesla stock we were down point seven one percent today and we do have earnings after the bell and as you can see we did see sellers at that price Target at 295 but if we break through 295 we can still go higher towards 312 but a rejection from here could take us back down towards 274 or the Gap fell at 264.
on Apple stock we were up 0.71 today and intraday we broke through resistance at 194 and we hit the price Target at 197.5 and instantly found sellers back down within the upper Boulder band now if we hold above 194 we can push back towards that price Target and try to break above it and if we break above it we're likely going to the nice Hole Round number of 200 however if that was the price Target and now we're getting sellers look for The Gap fill below at 191 in the strong support at 190 and if we break below 190 we could get a deeper correction to take us back down towards 185 to 182.
so jumping back over the S P 500 we are at very critical resistance levels and we're getting overextended heading into earnings season and that is always a great reason to lock some profits because we're just getting too far over extended near critical resistance and then wait to see until after earnings where the market wants to go next I think we're at elevated risk of a pullback to fill the gaps below and we're now at the critical levels that could allow for that however that does not guarantee it's going to happen so let the price action show a pivot and then if you want to short the market use that as your risk level because if we break through to higher highs we're going to those higher price targets also don't forget my own Discord server called the Sox channel Discord so if you're interested ]
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