Market outlook.
I present my masterpiece!!. ok So ranges are created at obvious highs obvious lows. ideally you want to give it 2-3 candles to confirm it which we have. Using our models indicate if market is trading at a premium or discount we can determine next course of action. Overall environment and macros are bearish. Nothing is screaming short term bullish. Now using our models we can see SPY is still in a premium market (AKA trading at a premium price) which is why we are seeing violent action no one wants to buy overvalued shit. That said this is my current view on things. FOMC will take us potentially to 402.01-409.00 This fills June daily void while ensuring market players can reload shorts. unless SPY can break upwards into 417 which i highly doubt we will get shorted back down. The big conversation is where is the Bottom?! well simple where are people going to want to buy shit up. (at a discount) soooooo. First bottom test is 349.15 which is SPY fair Value retracement we see it had some interest back in july-sept 2020 if this area fails simple we flush to 318.68 where SPY will be discounted will buyers like it there? mayb if not idealllllll bottom would be 298.02 so my prediction 3 potential bottoms 349.15-318.68-298.02 remember these numbers so when they arrive we look at overall macros to prepare our next move
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