Fall Into Opex

A look at some charts that moved towards a breakdown or have broken down. Northman Trader noted that going back to May, all months except October and November saw weakness into opex. Bottoms were on the Wed before to Monday after. Given the current position of the charts, opex weakness would be the push needed for a break through support and send both the Russell 2000 and Nasdaq to their lowest levels in months.

Charts are after the jump. A lot of more that I've covered in the past few weeks are in "no man's land" without support or resistance nearby. Some are forming new h-patterns. For these, I watch the broader market. They could bottom whenever the broader market bottoms and they can collapse if the broader market slides.

Bounce or Breakdown

A bunch of stocks I've covered before and have puts on many of them. I included a bunch of cloud stocks that I don't currently have puts on such as former targets HUBS and COUP, but I wanted to highlight their breakdowns. I have no idea which way the market will break. Previously the horizontals some of these are hitting offered support. HUBS and COUP are beaten down and could bounce. My only caveat is that when the market finally decides to have a sell-off it is going to join these bear leaders. The market is bouncing right now after hitting these support areas, I see a kind of unity, all-one-market across the charts. Even stuff going up like XLE is at resistance, and I've tossed that in here. Also a channel play on NWL. Long story short" every time we get to this point, dip buyers pour in and bears get hosed. Sometimes there are breaks like in late November, but even those are reversed. It only needs fail one time though, and that's the time the bears will feast, and the profits I will make on that break will dwarf whatever losses I take in the here and now.

Netflix also broke a long-term line.