Posting late haha, have been busy with the release last week.
But rest assured, I'm still here!
So the levels are in the chart. This is just a consolidation day, I did anticipate this after the move we saw Friday. So far SPY is doing admirably well consolidating in the threshold range.
We may actually see a bit of pullback if it looses the bear condition, but I do not suspect it will go below 478. Reason being, breaking below 478 would put us back into that chop zone and I just think the sentiment remains far too bullish for the market to want to let that happened, though this is 100% speculation on my part. So with that, PL1 is a possibility. I wouldn't short, I would just wait for it to go there and then long. But that is just me.
If we look from a volume perspective:
We have broke over into the next volume range which happens to be the current POC on the month. Continuation up, from a volume perspective, puts the TP at around 494, a bit over our weekly TPs and I htink a bit too much to anticipate for this week but you never know.
Catalysts this week, PCE is the big one on Friday. Should be interesting.
My current position is I remain very net long on SPY via TSX:EQL and QQQ via TSX:QQEQ.F.
I closed my BA long today, panic sold because its pretty bearish and was fast approaching my entry point. Will take another look at it later.
Things I am watching closely are:
BA
IRDM:
And GNRC:
All for long entries, though I do suspect some further downside from here on all.
That's it for now.
As always, leave your comments and questions below and safe trades!
But rest assured, I'm still here!
So the levels are in the chart. This is just a consolidation day, I did anticipate this after the move we saw Friday. So far SPY is doing admirably well consolidating in the threshold range.
We may actually see a bit of pullback if it looses the bear condition, but I do not suspect it will go below 478. Reason being, breaking below 478 would put us back into that chop zone and I just think the sentiment remains far too bullish for the market to want to let that happened, though this is 100% speculation on my part. So with that, PL1 is a possibility. I wouldn't short, I would just wait for it to go there and then long. But that is just me.
If we look from a volume perspective:
We have broke over into the next volume range which happens to be the current POC on the month. Continuation up, from a volume perspective, puts the TP at around 494, a bit over our weekly TPs and I htink a bit too much to anticipate for this week but you never know.
Catalysts this week, PCE is the big one on Friday. Should be interesting.
My current position is I remain very net long on SPY via TSX:EQL and QQQ via TSX:QQEQ.F.
I closed my BA long today, panic sold because its pretty bearish and was fast approaching my entry point. Will take another look at it later.
Things I am watching closely are:
BA
IRDM:
And GNRC:
All for long entries, though I do suspect some further downside from here on all.
That's it for now.
As always, leave your comments and questions below and safe trades!
Comment:
Primary target hit.
We may just see some chop into PCE on Friday.
We are getting a bit hot on the daily TF, we could see a bit of pullback here.
Per usual, I never suggest holding into a major catalyst like PCE. Its a bit too gambly. But I suspect you will do well to play the range into Friday.
Safe trades!
We may just see some chop into PCE on Friday.
We are getting a bit hot on the daily TF, we could see a bit of pullback here.
Per usual, I never suggest holding into a major catalyst like PCE. Its a bit too gambly. But I suspect you will do well to play the range into Friday.
Safe trades!
Comment:
See, told you, range bound into Friday:
Hahaha.
Not sure what expect next week except continuations up.
As of now it looks like 384 could be a pullback target into Monday and then move up from there.
Will catch you all later.
Have a great weekend everyone!
Hahaha.
Not sure what expect next week except continuations up.
As of now it looks like 384 could be a pullback target into Monday and then move up from there.
Will catch you all later.
Have a great weekend everyone!
Comment:
484 not 384.
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Futures (ES and NQ) have been broken out essentially since Monday night.
SPY just barrel rolling for those 3 month highs:
Haven't added to my position which is already big enough, but I was hoping to add a bit more on any pullback. Its just not pulling back ever.
Curious market.
Safe trades everyone!