SPY - Interesting day on SPY. We said yesterday that the markets could realistically go either way, but we were watching more so to the downside due to the failed 2U formed on Monday that was followed by a 2D yesterday, and having that small bearish bias by simply playing what is in front of us vs using other reasons for bias. SPY ended up gapping up premarket and closing green on the day with little to no upside wick. Based on today's movement, I believe that we will see some continuation to the upside tomorrow. With that being said, we still have the gap created in premarket to fill. I think that we will test last weeks high at 402.49 either tomorrow or Friday, but I do think that it will happen at some point sooner rather than later. I am open to playing both sides tomorrow, but it will depend on whether we break today's high and test last weeks high, or if we break today's low and try to fill that gap to the downside. It is worth noting also that we are sitting on the weekly upper trendline Final thoughts: I am forced to have a bullish bias for tomorrow, which I believe to be about 75% valid. I still think there is a chance we fill that downside gap before pushing higher
Watchlist + Bias:
AMD - 2-1 Daily: Neutral
COST - 2-1 Daily: Neutral
PFE - 2-1 Daily: Slightly Bullish
GOOG - 2-1 Daily: Neutral
NFLX - 2-1 Daily: Bullish
JNJ - 2-1 Daily: Slightly Bullish
FDX - 3-1-2U Weekly: Bullish - Today we broke out of the 3-1 weekly setup to the upside. Looking to target 226.06
Main Watch:
JNJ and GOOG
JNJ - Weekly chart is indicating we have hit a low and are looking to reverse to the upside soon. Going into tomorrow, I am hoping to see us continue up to the 154.13 level before hopefully taking out 154.54
GOOG - GOOG has room to both sides. There is a large FVG on both sides as well that relate to my targets for each side. To the downside, we have a daily FVG at yesterdays low of 100.28. To the upside we have a FVG starting at yesterdays high of 103.00, and I also have a target at the 50% retrace of that upside FVG at 103.87. Both of these targets are easily attainable in my opinion for tomorrow depending on which side we break out to. I don't have a bias as to which side id rather play, but I think that it will more so depend on how the markets are moving as a whole tomorrow. Remember, with these 2-1 setups, we are looking to play WITH momentum and not fight it.
Yesterday's Main Watch:
MRNA: (Status:) Loser (Personally Trade?) No
MRNA broke yesterdays high within the first 5 minutes of market open, which is not what we were looking for. We were looking to play downside only, and because of this movement, we did not enter. It is worth noting that both times MRNA broke yesterdays high, it was almost immediately shot back down, which shows that we would have gotten smoked if we tried playing upside. This is a good example of why we look at longer time frames like the weekly and monthly to develop a bias, and then stick to that bias.
Watchlist Stats For The Week:
2/3 on SPY predictions
2/3 on Main Watch Plays
Top Winner: NVDA (75%+)
Personal Stats:
4/6 For The Week:
Overall Green/Red?: Green (Day and Week)
Watchlist + Bias:
AMD - 2-1 Daily: Neutral
COST - 2-1 Daily: Neutral
PFE - 2-1 Daily: Slightly Bullish
GOOG - 2-1 Daily: Neutral
NFLX - 2-1 Daily: Bullish
JNJ - 2-1 Daily: Slightly Bullish
FDX - 3-1-2U Weekly: Bullish - Today we broke out of the 3-1 weekly setup to the upside. Looking to target 226.06
Main Watch:
JNJ and GOOG
JNJ - Weekly chart is indicating we have hit a low and are looking to reverse to the upside soon. Going into tomorrow, I am hoping to see us continue up to the 154.13 level before hopefully taking out 154.54
GOOG - GOOG has room to both sides. There is a large FVG on both sides as well that relate to my targets for each side. To the downside, we have a daily FVG at yesterdays low of 100.28. To the upside we have a FVG starting at yesterdays high of 103.00, and I also have a target at the 50% retrace of that upside FVG at 103.87. Both of these targets are easily attainable in my opinion for tomorrow depending on which side we break out to. I don't have a bias as to which side id rather play, but I think that it will more so depend on how the markets are moving as a whole tomorrow. Remember, with these 2-1 setups, we are looking to play WITH momentum and not fight it.
Yesterday's Main Watch:
MRNA: (Status:) Loser (Personally Trade?) No
MRNA broke yesterdays high within the first 5 minutes of market open, which is not what we were looking for. We were looking to play downside only, and because of this movement, we did not enter. It is worth noting that both times MRNA broke yesterdays high, it was almost immediately shot back down, which shows that we would have gotten smoked if we tried playing upside. This is a good example of why we look at longer time frames like the weekly and monthly to develop a bias, and then stick to that bias.
Watchlist Stats For The Week:
2/3 on SPY predictions
2/3 on Main Watch Plays
Top Winner: NVDA (75%+)
Personal Stats:
4/6 For The Week:
Overall Green/Red?: Green (Day and Week)