$SpySo I just wanted to focus on the next 2weeks of trading..
To summarize what I think will happened
We make another high around 620 by End of this week. That high will most likely coincide either the Bill passing through senate or and the Non farm payroll coming out Thursday.
Summer melt up seasonality is in progress.
Historically the week of July 4th trades with really thin volume. Thin volume is hurts bears more than it does bulls. Imagine spy breaking back below 600 with only 50% of its normal volume (Won't happen).
The week after this is the break between this quarter and the next Q3.. this is when I expect a corrective pullback to the 20sma or 605, they'll probably blame it on some Tariff July 9th related catalyst.
2nd week of July begins Q3 and the market will move up or down or earnings. From my experience, you rarely see Armageddon in the market before big tech earnings.
So basically 620 this week at some point , 605 next week and from there Earnings season starts off with big banks.
Some more trading advice I'd give is becareful with too far OTM weekly options, I expect at least 2 of these days will be terribly choppy.
One of the main reasons I believe the market will now go higher is because of the index moves... of course you saw the how spy and Qqq made a V shape recovery, well the Dow jones and IWM are now catching up with their own V
So if the Dow has 2-3% left to pump the Spy will atleast match that pump. This move could come next week or wait until the pullback and finish during earnings but it will come.
I'll do a bigger picture and out look after next week's move.
Some trade ideas I'll post here
First one is NASDAQ:GOOGL
Channel trade here..
I think early in the week googl heads to 181.50. If market melts up later in the week then googl could see 185.00.. but like I said this is a channel trade and the ultimate tgt is 190 ish .
2nd trade
Tsla
I think it's headed back to 300.00 or 200ema
From there we will either bounce and make a Pennant or double top lower .. if you look, you'll see price has been bouncing of its 50sma for 2weeks now, so the short entry is below that
Lastly, there is not enough volume to pump all stocks this week, so some will be red and some will be green.. to avoid longing or shorting the wrong one, have patience and wait 30min-1hour after the open for true direction before you trade ..
Good luck
