By: Jeff Cooper
Hit and Run Bonus Report: June 28, 2023
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Holy Grail Rally
One of the scenarios from yesterday’s report was that the leading QQQ would respect the test of the 20 day moving average ---especially on the first time down.
Turnaround Tuesday dovetailed with this Holy Grail buy setup (kiss of the 20 dma).
The rally came just shy of turning the dailies back up.
It was a grinder of a rally as players didn’t trust it initially.
A 10 min QQQ shows the reversal from an Opening Spike high setting up a Side Door Entry long.
Once an upside ORB was triggered a trend day was all but guaranteed.
Today, the dailies should turn up and we’ll see how much momentum is in the wings.
The SPX did eclipse Monday’s highs and continuation trade above Tuesday’s high today will put the SPX in the daily Minus One/Plus Two sell position because the 3 Day Chart is pointing down and we would have 2 consecutive higher daily highs satisfying the + 2 part of my Swing Method.
As well 4388 is a 50% retrace of the drop off the June 16th recovery high.
This ties closely to the 4380 + square down off the highs shown in Monday’s report seen again below
Please keep in mind that the above chart is NOT updated thru Tuesday’s close.
Looking at the Three Momentum Amigo’s, we see that TSLA rallied to its declining 20 HOUR moving average for an hourly Holy Grail sell setup.
Likewise NVDA, which slightly Pinocchio’d its 20 hour.
META recaptured virtually all of Monday’s drop but shows a possible hourly Megaphone Top on trade above Tuesday’s high.