SPY hit all-time highs from a 632 bottom, with bullish targets at $701.25 to $710.30 and bearish support below $700.50. QBTS shows bullish support at $21.61 with targets to $25.26. The host uses volume spikes, CAM levels, and moving averages to identify short-term scalping setups.
Chapters
Good morning, traders. It's Thursday, March 16th at 4:22 a.m. All right, let's kick this off. The market's at all-time highs and we called the bottom at 4— at 632 on the SPY. Let's go ahead and look at that. That's, uh, one of our stocks for today. We've got the SPY and we've got QBTS. But normally going back looking at the last month, we saw this massive amount of shares here and then we pulled back to this low and this was really ominous. We got 7 million on March 31st, 6 32, and you see we didn't trade there. That was in here, and we had a massive rejection, increasing volume, breaking above, and at that point we called the bottom, looking to go up. So we were actually had to be bearish below this or bullish above this, and then this ex this just continued to all-time highs. And look at this: we've got increasing volume going up, and we're above 700 at the moment on the SPY. So we're going to trade this. Intraday. And let's see, because pushing into all-time highs, let's see if it's explosive or people are just taking profit. So we're going to be bullish above $701.25, which is right here. This initial upthrust pushed us back down, so we need some increasing volume. $701.25 target, $701.61, $702.08, $702.50, $703.28, $704.22. You can see that Uh, 706.07, 707.50, and 710.30. You can see that all the way up to there. So yeah, we're in all-time high territory there. We're going to be bearish below $700.50. Let's get below here. We need this, this, um, $750 to be resistance. And so these— some of these will be some tight scalps on that. 706.89.38. Right here, 689, 698, I'm sorry, 699.38, 698.83, 698.27, and 698.14. We've got a double pivot and cam here, and we've got 697.50, which is essentially my 200 exponential on the intraday. Then we've got 690, 660, 696, and then below that I've got 694, 39. Let me switch this to the week because there were some extra prints in there that I missed. 694, 39 is 2 million. 694 is 1 million. 693, 81. So we'll stop there at the 693, 81 and we'll move on. So that gives us 693. to 700. That's another 7 points on that side. So let's go ahead and look at QBTS. Okay, so QBTS, let's look at this. This is the last week. We'll look at the month so we get used to seeing this together, everybody. You can see the large prints here, March 18th, and then pulling back, testing the prints, moving lower. Another Range of consolidation: one, two, three, four, five, six, seven, eight, nine. Increasing volume here looked like two weeks it took them to fill this. Then we've got the break above. That's a confirmation there. And then we're off to the races. We're we're snaggled on my 200 simple moving average at the moment, very close to that. So let's see. We've got an upside, and then we've got a retracement trade that we'll look at. So here on the upside, we are going to be bullish above. $21.61. So we want this to be support. We might bang our heads on it, pull back. Even if it pops its head up a little bit, you want a strong close above that. Target $22. $22.50 is my 200 simple moving average. Well, $22.47 is my 200 simple moving average on the, on the daily chart. $23.14, $23.50. 24, 2464, 25, and 25, 2641. Here is R3, and that's usually overbought. So let's see, on the downside, we're going to be bearish below 2150. Let's get below here. Target 2141, 2111, 2090, 200K. 2050, 2021, and 20. So this is just a complete mess of prints here. And getting down here to this 20 level, 200 exponential, 200 simple, double pivot and cam. But you've got all of these prints and other support here. So this is, this is pretty crazy. If we do come back down maybe to test this level, I'd be interested to see if it comes and tests this level, the 2150 level. And then starts running back up. But this looks really strong because if we draw the horizontal line here, we've broken, retest. Let's see if we can retest that line because you want the, the up, the pullback, new high, pullback. This is, this is a healthy pattern. So let's see if we pull back to this 2122 level, see if that holds. And then move, and then same on. Anyway, happy trading everyone. We'll see you tomorrow with all new trade setups. Take care. Mobitick has partnered with TrendSpider to bring real-time institutional trades to your charts. Click the link in the description below for more details.
