SPY: EOW Update
And end of week (EOW) overdue update since things are now interesting again!
Just my thoughts, not advice.
As always, safe trades!
Just my thoughts, not advice.
As always, safe trades!
Note
So, didn't realize but SPY removed my 553 target in after hours.
The 553 point was based on model projections; however, those account for premarket activity, so there is no guarentee we see a retrace to this 553.
We have managed to climb back over the support. Bias is long from here unless we fall back below.
But we retraced immediately the volume POC this am, opening up premarket in the 559 session (the current POC at 5, 10 and 30 days back).
Outlook remains bullish to the upside.
Note
And finally a breakout from consolidation!
Was a close call with that trendline but it ultimately held true.
Just from the breakout from the consolidation range, I suspect continuation into next week but haven't looked at the number yet.
Will maybe update this idea after looking into the projections.
Have a great long weekend everyone!
Note
Hey guys,
Sorry I haven't really been updating. I am struggling to find time to update live on Tradingview while keeping my trading group updated in real time and maintaining models/software and stuff for them.
I will post a new idea over the weekend going into next week.
But I will leave you with this, outlook for tomorrow is positive. Expect dip buying to be the theme, but don't over-stay. We are down-trending for the immediate future, but that doesn't mean we won't see buying come in.
Tomorrow is forecasting to be optimistic, but prepare for those random and abrupt drops out of nowhere. However, likely we will be bought back up.
Not likely to retrace the high and I suspect at most we can expect a trendline re-test.
FOMC decision this week. Probability apparently rests with a 25 cut. But let's see what the remaining news releases show (all eyes on Unemployment right now).
The rate cut will be the required catalyst to bring us either to a new ATH or the start of a larger decline.
Until then its all chop, games and dip buying that gets quickly rejected.
Position accordingly.
Also consider joining my group if you want real time updates ;).
But promise I will post over the weekend!
Also eyeing Ford for a breakout play.
Safe trades!
Note
Meant to say, FOMC decision this month not week.Note
Snagged the highs and then rejected aggressively.
Good news is we are now in the gap fill range, so we can expect this to be filled at 545.
Bad news is, its unclear what the decision will be on the 18th regarding rate cuts.
Safe trades!
Note
Just an FYI,
Target on the month is 528.
I said it in the comments but just in case you didn't see ;)
For real-time updates and premium indicators, consider joining my group at: patreon.com/steversteves
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