All three indexes broke to all-time highs with bears trapped, so pullbacks are bullish entries.
Bears trapped, indexes at all-time highsWar fear made everyone bearish, the bears got trapped, and all three indexes broke to all-time highs.
Buy pullback, retest and bounceEvery index and name is framed the same way: SPY 397, QQQQ 637, IWM 269-270, Nvidia 194, Microsoft 411.
Tesla is the one to be careful withTesla is stuck at the 200 SMA under a bearish cloud; wait for a flip between 400 and 420 before the 418-460 move.
Executive SummaryAI
In a Sunday night April 19th market update for Top Trading Academy, the host walks the daily chart and calls bullish volume and conditions "super duper strong".
He argues the Iran-Israel war made everyone bearish, those bears got trapped, and the market ran "all the way to the roof", with 697-698 the healthy pullback and bounce area on the daily.
Four-hour, one-hour and 30-minute charts all line up bullish, with the four-hour oscillator over-extended near 10, so he expects only a regular pullback rather than weakness.
Index levels to watch are SPY 397, QQQQ 637 and IWM 269-270, each treated as pullback-retest-bounce entries since all three indexes have broken to all-time highs.
On single names he likes Bitcoin's bullish pullback but expects months of chop, calls Tesla sideways-bullish while it battles the 200 SMA between 387, 418 and 480, gives Microsoft 411 as a long entry toward 466, and targets Nvidia 210 with 194 as the pullback entry.
Key Quote
“and that all the bears are trapped and market took it off all the way to the roof right”
— Speaker
Key Quote
“so bulls are lined up bears are trapped”
— Speaker
Key Quote
“because market broke through the all-time high all three indexes folks”