PRICE ACTION ANALYSIS of SPY DXY QQQ IWM APPLE and TESLA | 2/9/2023

Trading SPY hello nieces hello nephews it's your Uncle Charlie's here and welcome back to my YouTube channel where we do unbiased price action analysis and holy moly guys look at this 15 minute chart we had what I like to call the trend day a trend day when Market picks One Direction and just moves in that direction you guys look at here now this wasn't a elevator down situation it was more like a Stairway down we broke 4 14 treated like resistant broke down for 12 treated like resistant and it just kept on going holy moly guys and I can't wait to talk about this so let's get into it so as far as how I traded as usual I short the breakdowns of support and I long the breakouts of resistance today I wrote here I got first support at 4 14 the first resistant uh for uh 15.5 to 416 Zone as you guys recall yesterday this is a four hour chart let me go to the Daily real quick um on Tuesday we broke out of that 4 14 level 50 retracement level right had a false Breakout set up here on Wednesday when we broke back below 4 14 and tested that level as of resistant showing some selling pressure at that level today for some weird reason market makers decided to Gap spy up a little bit to get people excited I guess and pushed it all the way down holy moly okay all I had to do today was short that breakdown of support I only took one trade today bam it was beautiful it was beautiful breakdown of the support level 414 it just led to a nice drop went as low as full 5.8 ish very nice okay almost a nine dollar drop or about a nine dollar job I can't do math right now but yeah guys the strategy works it was alerted in the group all these other levels that was broken down during the day we broke down 412 you know led to more downside right I had 11 4 10.5 right that's the December High tested as a resistant hair roll change led to more downside broke down I had a level around four eight point five uh to 409 Zone broke down 408 here you guys can see that but then back test it uh 48.5 he broke it down broke down the Zone but tested the top of the Zone around almost a full nine-ish before breaking down so we didn't get an elevator down but we got the stairways down and if you're a bear or if you're a sheep style Trader like Uncle that was just good enough for us now go I'm gonna go to the four SPY price action analysis 4-HOUR chart hour chart here and go to the four hour chart I've been talk I talked to you guys yesterday about how we're in the consolidation phase okay we're in the consolidation phase you can see here spy got very close just a few cents off of the support of the bow flag so that is where the Bulls last stand will be both if you guys want to turn things around this is the area where you want to see spiders price step up okay you don't want to see this break down okay so it's a part of it for tomorrow is 405 guys so if you're a bowl you want to see spy stay above 405 it doesn't need a test as support but if it does test that it has a point you want to see buying pressure there you want to see a bounce and you want to see some clearing of resistant levels okay so spy close around fall sevenish okay so the next resistance I got is at 48.5 to 409 Zone with full 10.5 above four 10.5 is critical that's the December High and then maybe we can go test go back and test uh the full 11.5 to 412 Zone based on this Rising wedge it was a beautiful breakdown of the rising wedge today guys so um yeah if we can if spy can get back above 412 clear that 413 level that's the now that's not the resistance of the bull flag 413 and of course we have that 50 FIB level around 4 14. yes I know there's a lot of levels but if you're a day trader you like these levels because you know where to take profits okay now if you're a swing Trader like I said yesterday you want to see this this bull flag break down because as long as we're in the bull flag we're in a consolidation phase meaning spy is building strength for the next Trend move the best time in my opinion to swing is in the trend phase not the Chop phase right now we're in the chop face okay day trading work beautifully but swinging is a whole different monster it's a whole different animal okay so I want to see this bull flag break either to the upside or to the downside I don't care read my disclaimer please I don't care if if spy goes up or down all I care about is my p l that's all I care about I just want to get green I just want to build my portfolio and I want to help others do the same okay the best way I believe to do that is to be an unbiased sheep style Trader Okay so so yeah both case four five defend let's clear some resistance let's recapture some resistance level 48.5 to 49 for 10.5 December high and especially recapture this falling wedge if we can recapture this Fallen wedge maybe we can be bullish and of course more confirmation will come if we break out the bull flag and recapture that full 14 level guys at 4 14 level very important 50 FIB level okay from January high of last year 2022 to October low okay and every time spy has tried to break above it the Bears come in and ruin their parties and oh and yesterday and today they definitely ruin the party hard man it was amazing anyways so that's the bow case the bear case breakdown 405 let's continue this momentum we broke down a rising wedge right that's bearish so let's break down this bull flag at 405 below 405 that's when I will swing puts okay if you already swinging puts Bayes on this falling wedge okay that's not my recommendation but you know what based on the falling words it's not a bad entry all right so if you enter the round four eleven four ten point five is and you're thinking of swinging it's not a bad entry I hope it works out for you but here's the thing that I like for you guys to consider we're in the bull flag consolidation phase already said that 4S four hour RSI is an oversold conditions okay now usually when the four hour hours I gets an oversold condition or something um we can see a reversal or we can see some basing or more consolidation some chop around the support level before breaking down the support levels if that makes sense okay so be very careful if you guys are now just starting to get Bears you guys should have been bearish when we broke down 414 I had the 414 false breakout setup you guys should have been bearish when we broke down this falling wedge this Rising wedge excuse me I kept I said following it's rising wedge he should have been bearish there okay if you you guys didn't want to enter there up here be careful trying to enter down here especially when the RSI is oversold okay RSI on a daily chart is not oversold okay four hour chart RSI is more for the shorter term in my opinion but it's something worth noting okay I'm more of a price action guy not really a technical RSI aligns more with technicals but hey like I said it's worth noting you know um yeah so yeah break out this bull flag rather to the downside 405 break it down bold case for swings can start okay both need to bounce from here recap to some levels and especially break out this bull flag and that's when I would swing calls okay we're gonna keep this simple very simplistic Simplicity is the way why because the stock market is very complex there's so much of this fundamental analysis technical analysis I just do price action analysis and there's so much more that we can cover in the stock market I'm just trying to do my part and cover one piece of the stock market okay so I hope you guys found value in that so let's move on to the triple Q triple Q I QQQ mentioned yesterday we had it uh inside Day candle setup we got the breakdown of the mother candles low okay so to avoid a false breakdown uh spy needs to stay below 302.4 okay on any bounce stay below 302.4 to keep this breakdown intact now since early January triple Q has been in an up move all right riding this white trend line we got very close to testing that white trend line today support that white trend line for tomorrow is 300. RSI on the on on the daily chart for triple Q is not overbought oversold or anything so if we break down this 300 I would swing puts and triple Q in my opinion would definitely has enough strength to push down further okay below 300 I would Target 297.5 294 uh 294.3 ish a drop down to 289.9 to 3 290 we'll say 290 below 290 we could possibly go test uh there's a gap actually there's a gap around 287.6s and then another FIB level at 285 okay so below 300 I will be more bearish below 302.4 stay bearish but if two 302.4 uh excuse yeah 302.4 or 304 or 303.8 that's a fib level those are the resistance that needs to recapture okay we can recapture those levels it'll give us a false breakdown set I'ma say it again 302.4 and 303.8 recap to those levels give us that false breakdown set up and we could put 306.4 ish back in play and I got this white trend line right here that acted as resistance February 2nd the third uh the seventh uh not quite yesterday but it definitely serve as resistant today and the breakout level for that is 308 break above 308 that's when I would swing calls okay guys so swing calls above 308 swing puts below 300 anything in between that range is chop and in boy oh boy you guys can see here it's getting tighter all right but right now we got a bear setup heading in tomorrow we just need 300 to break down okay uh yeah iwm they say IWM in an uptrend is good it's healthy to see small cap lead the way uh and I'm wondering if that's the same thing uh for the other side and the Bear in the bear case okay so you guys let me know comment down below hopefully you guys are still watching most people stop watching after I'm done covering spine but if you still watch it let me know what you think uh because we got a very bearish setup on small caps right now iwm broke that we had an inside Day candle iwm broke that down okay we also I also had a fib level at 193.5 which I mentioned to you guys we also broke that down so this is a very rare setup here from triple q and the iwm so as long as iwm is below 191.6 Stay bearish Stay bearish 191.6 must recap so to give us the false breakdown setup if that happens then sure switch back to being Bulls but as long as below I would stay Bears supports at 189.3 break that down 187.6 uh one look what is this 186.3 184 and maybe we'll drop down to 182 okay so yeah stay balanced below 191.6 get back to bullish at that level recapture let's keep this simple Tesla hangman can is TESLA that a hangman candle last time we had a hangman candle with j26 and the Tesla just rise up even more it didn't make no damn sense but hey that's what the market do right um there's a famous quote about that we Market something that can be a rational log that you can be solving solving something like that okay so just play the levels guys right now I have support at 204 to 203.5 Zone if we can break down two or three point five maybe we can go back and test 199 we broke that out on Wednesday if we break back below one and 199 I would swing puts and targeting lower price target maybe down to uh uh 194 190 and a nice drop back down to 184 below 184. I think we're gonna get a nice drop down to 180 176 okay we got this white trend line as well that's around 168 that's a big drop if you break below 168 holy moly we lose this trend line okay other than that inspire a Tesla can stay above 2 3.5 and especially the 199 level I would stay uh uh bullish or if you're holding Longs I would keep holding okay but below one in 199 I will switch to bearish okay that's a crazy false breakout right there uh APPLE Apple didn't quite it had an inside Day candle yesterday it didn't break down um Apple's a market moving stock so if you're bearish it would have been nice if Apple broke down but it did not okay so just watch out for that uh 150.5 is support that it needs to break down it can break down 150.5 I would favor it go drop to 148. um 146.6 and there's a gap I just get let me see 145.4 it's okay 145.4 is the gap if that failed 143.5 is back in play okay to be bullish I like to see it stay above uh 150.5 it got resistant around 152 clear 152 153.5 and above 155.2 I would be bullish above 155.2 would be a breakout of the mother candle okay now let's take a look at some inverses very important stuff dxy is VIX & DXY still chopping okay uh the vix broke out the arms trend line so vix is looking bullish dxy uh it didn't make a nice up move like VIXX today however it still looks short-term short-term bullish Okay the reason I'm saying that we're basing after a big bounce you see these candles three days of Bounce now we're chopping for three days but look we gotta we got this Wick right here look where it bows I got my Fibonacci channel line okay my Fibonacci channel line and it bounced there we clear resistant we retest that resistant level as a support roll change that's usually a bullish thing when a world change like that okay however we need to see follow through dxy it needs to break above 103 point uh what is that 103.4 ish and especially break 104.1 inch okay break those down as a Fibonacci channel line I got there and we could put more upside targets and play 105.2 and maybe up to 106.1 okay if that's why I start acting bullish guys be careful be careful with the spike of dxy start popping up spy could be dropping down speaking of dropping down and inversing you see here I've been talking to you guys about that orange trend line for quite some time and we broke it out broke out vix broke out no coincidence okay that vix broke out and spy just dropped like this they like to inverse each other about 75 to 80 percent of the time okay and all right so yeah the show followed through vix needs to hold above 19.5 if it drops if it drops back below 19.5 based on the orange trend line we got a false breakout setup on our hand and if you're a spy bull you definitely want to see Vic's drop back below 19.5 okay however if this breakout holds the next resistance of FIB level at 21.2 ish break that out we got a bunch of aols around up up here but the next FIB level is around 23.8 ish um yeah 23.8 ish and then the one about uh 26 25.9 Quran is a 20 26 above that okay but other than that above 19.5 vix is bullish guys the breakout holds okay now let's end this with the option flow Option flow filter for 500k premiums or above 88 in the puts look at that big money still betting to the downside guys now for anyone saying Uncle these things are always bearish well it was bearish all 2022 and take a look at what happened in 2022 okay and right now we're still getting big money bet into the downside what can I say I'm just reporting it triple q and the 74 in the puts not as uh bearish as five but 74 in the puts uh something that does stick out is the sweep order 1.5 sweep order the most aggressive order types guys 1.5 million in premium over 5400 in size 285 strike price for month 17. that sticks out okay you see that big money is taking bearish bets okay are you guys gonna follow big money iwm 100 into puts combine that with the price action guys is looking embarrassed Tesla 73 percent in the calls interested interest in anything sticks out let me take a look nothing interesting based on my criteria but definitely worth mentioned that Tesla look at that big money still betting to the upside despite how over extended it is amazing Apple nobody buying Apple nobody buying contract look did I write it wrong okay nothing for Apple today guys fix and nothing for the vix guys it was the pleasure a pleasure making this video I hope you guys enjoyed it as much as I did hope you guys had a very very Green Day and if you want more content from Uncle Charlie's and more support I can't guarantee you success in the stock market but I can guarantee you a lot of support and resources and I got you back join the Discord if that sounds good to you all right other than that you guys have a great day please hit the like And subscribe button peace