I'd be lying if I said I was expecting SPY & various names to hold up as well as they did after FOMC; basically, the only sector that died off as I expected was tech. I'm underwhelmed by the selloff we saw, to say the least. I've definitely given back more profit short than I would have liked to. I still expect downside- now, it's a question of how do we get there? There is a very high probability we test 389 AGAIN, in the near future- I'm guessing we could close there tomorrow as we head into CPI, and CPI may determine where we go from there(Thursday before the open). Previously, I would compare the action we were seeing to June; I'm not so confident it is playing out 1-for-1 as it did then anymore. My mind is open to just about every possibility as we head into CPI. If we are to pop through 389 on CPI, we've got a gap above that might be appetizing- I doubt we make it that high. I'm not expecting we get there, but only time will tell.
DOW is already at these levels but so far (waiting for confirmation)shows signs of a SFP on the 4h chart. not sure if you look at the DJI often @Michael
MichaelEugen1
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@Breadbinn I don’t watch the DJI much, though I do keep an eye on it. I prefer to watch marketmoving names and SPY itself
julianyanguwa
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US Dollar Index has retraced to 109, the critical supporting area. Looks like we can be a bit aggressive to short, as long as the dollar index cannot hold above 109, the SPY should be surging more than we expected. However, no one can tell what CPI can give us.
rmohamed
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Change hobby bro
MichaelEugen1
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@rmohamed weirdo for commenting this on my posts. Im paying more in taxes than you’ve net… go work on yourself g.