SPX V-Entry Pending, Crude Pumps Toward $88 On Hormuz

Market Snapshot

Futures have barely blinked on the stock indexes, with the exception of crude oil, which is more directly impacted as the Strait of Hormuz fears increase and the potential for a stray incendiary device taking out infrastructure puts the black gold back on the table again. Even then it is a mild reaction: gap higher, small run, back to Friday’s highs for a gap fill, all in the overnight session.

On the stock indexes, S&P is moving away from its upper range area and towards the lower range. NazQuack already done this and is now at the range lows to assess for a break down or reversal. Both Uncle Russ and Uncle Dow are grinding sideways with less clear boundary areas on the daily charts.

BTC is also still grinding out a sideways range, basing for the next big move. The super cycle traders are still salivating, waiting for the pump. Fucking zombies.

• ES (SPX): 7,514.00 / +0.26% / off the upper range, V-entry pending, full read below
• YM (Uncle Dow): 52,449 / +0.14% / grinding sideways, less clear boundaries
• NQ (NazQuack): 28,875.00 / +0.37% / already at range lows, watching for break or reversal
• RTY (Uncle Russ): 2,980.70 / +0.33% / Bollingers compressed hard, full read below
• VIX: 18.54 / -1.17% / barely blinking at the weekend news
• GC (Gold): 4,024.30 / +0.03% / flat overnight
• CL (Crude): 81.45 / -0.39% / gap higher then gap fill, full read below
• BTC: 63,969.43 / -1.10% / grinding the range, full read below

SPX: Simple Swings, V-Entry Pending On Reduced Size

SPX swings are simple to read for a change. We have a lovely TnT setup with a V-entry pending. The quality score is not great, so it is a reduced size setup for me.

Like most of my traders, we chose to not hold over the weekend, as prices can be a little fickle at the moment, and that decision looks to hold good again. The potential opening is not going to be far away from the official entry trigger, so we are not missing out on anything other than the hindsight potential.

V-entry pending, reduced size, simple to read.

Collect Weekly Income
Learn More

Uncle Russ: Bollinger Bands Compressed, Breakout Coming

RUT looks a little rough to read, which makes a change, as usually it is the voice of sanity. We left last week with some overlapping ranges and an attempted break down and out, only to see price twang back.

The Bollinger bands are very compressed here since around the 8th and 9th of July, so the eventual breakout move could well be most enjoyable.

Bollingers compressed. Breakout coming.

Collect Weekly Income
Learn More

Crude Oil: Range Breakout Targets $88, BTTF Vibes

CL’s breakout from its range started last week prior to the weekend news pop. It is almost like price footprints are a clue here.

The pattern itself has a breakout target up towards $88, and the temptation to start with the Back to the Future references is strong.

“If my calculations are correct, when this baby hits $88, you’re gonna see some serious shit.”

Targets $88. Serious shit incoming.

Bitcoin: Patterns Within Patterns, Rising Channel Respected

BTC continues to be stuck in the grind. We are again seeing patterns within patterns, and the small rising channel continues to be respected, which is a part of the larger developing daily range.

Small moves back and forth. No need to overcomplicate this one.

Overall, lots of the 6 money making patterns everywhere today. Buy lows, sell highs, and / or wait for the breakouts.

Patterns within patterns. Buy lows, sell highs.