The SPY weekly squeeze is beginning to fire to the downside, nested inside of a 3-day, 2-day, and daily squeeze. The 4-hour squeeze officially fired on Monday, which could trigger the market to a new low. We’ll be closely watching out for any major catalysts to impact this headline-driven market, specifically on Wednesday during Federal Reserve Chairman Jerome Powell’s statement.
The structure of the market is signaling that the path of least resistance is to the downside, potentially setting up for a new low. The weekly squeeze on the SPY is starting to fire short, nested inside of the 3-day, 2-day, daily, and 4-hour squeezes firing to the downside. We’ll discuss potential short setups on AMZN and TSLA that are firing squeezes on multiple timeframes.
I believe the week ahead to very likely be the most important one of the year thus far. The FOMC is scheduled to meet and announce Wednesday its rate decision where most expect the first rate hike since 2018. Quarterly triple witching options expiration is right on those heels and set for Friday. All of this while right in the middle of the ongoing European news cycle.
Keep your arms and legs inside the vehicle at all times. This has all the makings of a wild ride ahead. Vixpiration and FOMC Wednesday followed by Triple Witching Options Expiration Friday. Another 100 points wide today in the ES, so why not again tomorrow? Good news is there are other trades. Let’s look at a few of those.
Market commentators are concerned that 152 broke in AAPL. The Voodoo Lines roadmap shows us other levels which might be even more important.
Let’s do what we do every Friday, and review the core markets and the periphery to see how things are aligned into next week.
New weekly closing low into Quad Witch + Fed week. What comes next? Let’s review. $SPY $VIX
It’s still hurry up and wait mode for me; I’m hoping we can re-test 4100 next week in /ES, this would help me gain a little more clarity as to when it’s potentially safe to start buying this market. In this video I also cover crude and gold and why it makes sense to wait for a pullback in those two before going long.
