Trends Going into Next Week and Breakdown of Trades done Today
Much of the same trendlines. The 6-Hour Downtrend has shown it is a clear reversal signal at this point. So I'd just keep taking profit on downward movements to 3770 from the 3832-3815 range.
I explain I wouldn't really be bounce trading these, like I did between the previous 6-Hour Uptrend of 3892 and 12-Hour Uptrend Reversal Signal of 3927. The reason is because behind that 12-Hour reversal signal is the Daily and Weekly Downtrends. Supporting an upward movement below the 6-Hour Downtrend Reversal Signal is... nothing.
This is why in spite of some upward movement at the end of the day, I am still slightly more bearish in my opinion, although as I explain in the video, I'm more or less 60/40 in my split, so I'm relatively neutral at this point.
While the US Market is closed on the 4th of July, Futures are a globally traded commodity, so they will likely have some movement during the off day. I believe they close at 13:00 EST though. I may watch briefly in the morning, but otherwise I have plans.
There are some Fed Meeting Minutes to be posted on Wednesday at 14:00 EST. So, I'd expect some potential volatility that day. It shouldn't be anything new though, as it is just the in-depth meeting minutes of the earlier announcement from 2 weeks ago.
Thursday at 08:30 EST of next week is the Jobless Claim and Friday 08:30 EST the unemployment rate comes out, that's probably the most important data coming out in terms of major economic news that would affect the S&P next week. Jerome Powell has repeatedly said he wants the labor force to cool and basically unemployment to go up so that wage growth can simmer down, so look for those numbers to have an impact.
Lastly, in looking through the news of the day, I'm a bit surprised to see that overall gain, as a majority of major investment companies all cut their expectations for GDP growth this year today. The reduction in GDP with a higher unemployment and high inflation is what causes recessions.
Trade Safely, and remember the most important part of your trading strategy is to stick to your Risk Management Plan.
As always, this is not official financial or investment advice, all liability in trading the market rests solely on yourself.
Best of luck next week, enjoy the Holiday weekend.
I explain I wouldn't really be bounce trading these, like I did between the previous 6-Hour Uptrend of 3892 and 12-Hour Uptrend Reversal Signal of 3927. The reason is because behind that 12-Hour reversal signal is the Daily and Weekly Downtrends. Supporting an upward movement below the 6-Hour Downtrend Reversal Signal is... nothing.
This is why in spite of some upward movement at the end of the day, I am still slightly more bearish in my opinion, although as I explain in the video, I'm more or less 60/40 in my split, so I'm relatively neutral at this point.
While the US Market is closed on the 4th of July, Futures are a globally traded commodity, so they will likely have some movement during the off day. I believe they close at 13:00 EST though. I may watch briefly in the morning, but otherwise I have plans.
There are some Fed Meeting Minutes to be posted on Wednesday at 14:00 EST. So, I'd expect some potential volatility that day. It shouldn't be anything new though, as it is just the in-depth meeting minutes of the earlier announcement from 2 weeks ago.
Thursday at 08:30 EST of next week is the Jobless Claim and Friday 08:30 EST the unemployment rate comes out, that's probably the most important data coming out in terms of major economic news that would affect the S&P next week. Jerome Powell has repeatedly said he wants the labor force to cool and basically unemployment to go up so that wage growth can simmer down, so look for those numbers to have an impact.
Lastly, in looking through the news of the day, I'm a bit surprised to see that overall gain, as a majority of major investment companies all cut their expectations for GDP growth this year today. The reduction in GDP with a higher unemployment and high inflation is what causes recessions.
Trade Safely, and remember the most important part of your trading strategy is to stick to your Risk Management Plan.
As always, this is not official financial or investment advice, all liability in trading the market rests solely on yourself.
Best of luck next week, enjoy the Holiday weekend.
I'd say that is bizarre, but in other things that should have likely sent the market negative, we had a bizarre uptrend the day before a massive plummet. All the more reason to be cautious next week following the uptrends.
Not that the market hasn't priced in some of a recession... but if we've already entered a recession and we still have high inflation and employment issues, it means could get worse before they get better. Just food for thought.
Even if optimistic, be cautiously optimistic.