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SPY GAMEPLAN FOR JUNE 10,2022
As CPI data will be released at 8:30 AM EST, tomorrow is a big day for traders and investors. Make sure not to trade on news or assumptions. Today we saw a massive sell-off at the end hour of the market trading session. There will be a bounce upward tomorrow for correction. The critical level of resistance, for now, is 405.18-405.71,...
A look at what could possibly lie ahead if macro economic conditions continue unfavorably and we ultimately head into a multi year recession/depression; using Elliot wave theory / an Elliot wave correction model.
As the charts show, $SPY is rejecting 55ema on 1D and 4h 200ema on 4h. In addition to this, a lot of macro catalysts and headwinds are at play here with a quantitative tightening cycle beginning, the war between Ukraine and Russia, Monkeypox, Gun Violence, very high inflation, and the recession flags popping up everywhere in auto sales data for example. R/R favors...
SPY is trading sideways right now and broke uptrend as well. Broke below support which is $407, will lead to new lows. SPY might trade sideways till Thursday and significant action on Friday as its CPI day.
SPY GAMEPLAN FOR JUNE 2,2022
Based on today's economic news:
ISM Manufacturing (Apr) 56.1 vs 54.5 Expected
JOLTS Job Openings (Apr) 11.4M vs 11.35M Expected
The market was up the first 30 minutes of the session, and then after the news, it got rejected on resistance and then bounced back from the support of 407. Also, keep in mind that vix is on a support level...
If you zoom out to 1D on $SPY you'll see that price formed a doji aka. indecision candle and generally is an early sign of a potential reversal. Remain cautious!
Last week, we provided a SPY Channel/Trend Analysis for the upcoming week. This weekend, we will break the week down into 2 segments: 1) the move to challenge the upper channel & 2) the $SPY channel/trendline break.
In doing this, we will keep the 2 basic Channels/Trendlines on the chart, and overlay them with our Intraday Levels from our algo. This provides a...
Just a follow up/review from last weekend's analysis on $SPY and a big part of our success is having a plan & knowing what to expect before it happens.
Just from the 2 basic Channels (using simple trendlines), you can see SPY was GREEN all 5 days last week. Spy hit the Intermediate Trendline last Friday (5/20) and bounced off there for an expected return to...
Should see a continuation of this reversal pattern back up to .61 and the massive volume profile level at $430. Following that, I expect a period of consolidation to the EoM. Not trading advice.
$SPY bottomed on FOMC week and established the immediate trend's lower channel. The bounce off the lows moved SPY to the upper channel & a continuation wedge formation (stair-stepping downward). Friday's bottom wick attacked the intermediate trend that was established near the Jan lows. We have an "impingement" upcoming in the SPY Wedge Formation this...
Watching 385.27 support and bottom of the daily linear regression channel for support. If buyers don't step in at 385.27, expect a move sub $380 on $SPY next.
GAMEPLAN FOR FRIDAY, MAY 20,2022
Today was just a sideways trend. If the light uptrend breaks, tomorrow's market is seeing new lows.
Keep in mind if you are an options trader, don't try to hold anything. Just scalp and swing them/ Market makers are doing their best to decrease the premium by trading the market sideways.
A break above 396 is bullish, and a...
Game Plan for May 13, 2022
Make sure to observe the 392.50 area as spy resistance for now. If that resistance breaks, we must wait and have patience, then go long and never chase. Overall, spy daily RSI at 30. Significant consideration note to take. But still, plenty of room to go down as RSI is calculated and first, down to 30 can be a fakeout, then 50, fall...
Two questions I had:
how low will this go? I have no idea, so I used Burry's tweet suggestion.
how many years will it take to recover SPY to the current level? I have no idea, so stretched out the pattern based on Burry's tweet suggestion.
I still suck at charting, so don't use this. I actually thought we had one more last bounce, but looks like it's already...
