SpySPDR S&P 500 ETF TRUSTBATS:SPYContraryTraderSo, all bearish weekly technicals from last week did not give a follow through. From experience, I've learned that if a stock closes bearish on the weekly candle then by Wed of the following week we should start heading lower and if that's not happening then I need to be open to upside.. Technicals analysis is not to be followed like the 10 commandments, it is a tool here to help take your trading/investment from a 50/50 gamble to a 80/20 Risk. With that being said, in one of my previous Spy ideas I mentioned Spy 650, I think we are headed there now. I don't want to to rehash everything from that post so if you like , you can see the link at the bottom. Market runs on tech... This is where we stand with QQQ 4 hour chart here White line is our summer channel , the 3 green circles are highlighted to show uptrend validation. The yellow channel is our range from last week and I think this week we will continue trading inside to the upside. We can either start the week with a pullback to 569 and trendline support before heading higher or we just grind higher from Monday As of now things are only bearish back below 560.. Like said before, I think 585 will be the top on QQQ before the Fall reset and Sept correction.. But if you traded through Nov-Jan before you'd know that even a 10-15% correction in sept could be regained in that holiday squeeze (Seasonality). SPY You are what you eat and Spy is identical to Qqq. Starting the week I wouldn't chase longs until price clears 640.00. A personal rule of mine when dealing with trading Spy is to wait for a 1$ move above or below previous resistance or support to short or long. As you can see, the only time price has broken above 638 was with gap ups that flush back down so if you long anything early next week on Spy you should have stop below 637.00 634-637 is chopping range. A lot of volume came in on that bearish engulfing on July 31st so 640 is the current hurdle and this is why I don't recommend longs below it.. in hindsight that july 31st move could've just been some last trading days of july shenanigans or some rotation If price breaks below 634 then I like puts to 630.. ONLY BEARISH BELOW 625.00. So yes, I'm looking for more upside this week because what I see on big tech; more specifically aapl wants higher, tsla is flirting a breakout and googl wants to close gap at 206. IWM Small caps.. neglected like a middle child. Lagged the market late week and at first glance it looks bearish, but when you zoom in , You'll see a triangle was born with lasts weeks price action. I circle the gap left over near 227 that would be the target of this triangle. Iwm is bearish only below 218.00, below 218.00 and the triangle is invalid and we are headed back to the 200ma at 215 and below that 210. How I would play the long side? Well you have 2 options, 1st - wait for a break over the daily 20sma and trendline resistance to long or calls above 222.00. 2nd. Buy near trendline support and price action around 219.50 - 220.00 Both long targets would be 225.50, price could melt to 227 gap close but I'd take profit at 225. As you can see , unrealized gains and turn into pain around 225.. In an extreme upside move you'd get this But don't quote me on this unless price can close above 225 for the week. DJI Dow jones Not much to right about Here, with exception of April's dip , price has pretty much range traded And the fact that we are headed in to Sept leads me to belive we might not break over 45k this quarter. The smaller price action of the last 2 weeks is similar to IWM and without making a short story long I think a triangle is brewing here too. Triangle target would be gap close at 45k As far as the triangle on DJI and IWM I think CPI or PPI will make or break so we will find out early in the week Trade idea The first is AAPL Weekly breakout of an ascending triangle here with a 13% measured move to 245 incoming I think this week we get another high to 236-240 Me personally, I'm a sticker for entries, so I'd like to hop aboard on a slight pullback to 224-225, then ride it up to 240 gap close. An ascending triangle is the most explosive bullish pattern , and on top of that is this pattern took 4 months to make and consolidate so if I don't get a pullback amd price continues to melt up or 230 early in the week I'll understand but I won't chase Let's see what happens, but I'll tell you this, after Wed you will see of strength from $aapl.