Traders Lens

$BTC is within a very nice long-term channel with support around $35,000 – $36,000.  If we hold, it will be a great time to initiate or add to longs.  If we break, we likely will work our way down to mid 20,000’s where we will have a great long -term entry.

$OIL has been consolidating after its huge rally over the last few months.  There is most likely a breakout of this narrowing range coming, and if history holds true it should be to the upside.

I never like catching a falling knife, but we are getting very close to some serious long term support on $AMZN at around 2880.  My way to play this is to sell Jan 28 2880 puts for now – and if the support holds, I would look to buy some shares outright.

$TLT, which is the 20-year Treasury ETF, is sitting on a long-term trendline.  With it a virtual certainty the Fed plans to raise rates, and with all indications the economy is growing strongly and inflation is a real issue, I would be surprised if this trendline held.

We had a major rebound in $QQQ after Powel calmed the markets yesterday, but the reality of rising interest rates is hitting technology stocks a bit today. There is a very interesting pattern developing on the charts – I am looking to buy volatility in the $QQQ as the ultimate direction is still unclear.  If we break the strong upward trendline, which happens to be very close to the 50D moving average, that will be very bearish in the near term.  If we get solidly above the recent highs, uptrend will look like it held.  Either way, It looks like we are poised for a large move and I am looking at option straddles to position for this.

A weak close today would be a good sign to take profits on longs, or an aggressive position would be to go short against the high of today.