Earlier this week we were looking higher to these levels, so now the question is of course… What next? Well, it just so happens I think I have an answer, or at the very least, a plan consisting of “If, Then, That”. Don’t worry, I’ll explain what all of this means in tonight’s mid-week market update.
Take a look at how Joe read the current trend, his prediction for what’s ahead, and how he plans to set up his long term trades.
Tesla has been taking a beating since reporting quarterly deliveries, but I don’t think we make new lows before earnings. Let’s annotate the chart and look at a particular strategy rather than a directional assumption.
About +18 million late prints appeared on the SPY & this is how we traded it.
The late prints may have just put in the short term bottom we need in order to get short.
OPEC is up next, and with the crude oil market pricing in a 2m barrel per day decrease in output (think less supply) crude oil triggered a regression to the mean on the daily while simultaneously setting up a great daytrade. Let’s manage the short and long term in crude as I explain how I am trading both.
From crude oil, gasoline, and natty gas to the indices, here’s what is going to dictate where the trends head next.
Today’s bounce in the index rallied right into a tight cluster of measured resistance and started to turn back down. It’s too early, however, to know if the move back down is a lasting one.