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Assessment: META creating some selling pressures in the markets. It definitely appears we will start the day in the red. The question will be if we bounce of if the key round number support at SPY $500 breaks once again.
Good luck in your trades!
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Assessment: A much needed bounce to the markets. Even the bears wanted to see some moving up in price this week to clear the oversold pressures. The question is just whether the bulls rush into this market or it is just a matter of time before the pop is over and the bears run with the ball again. One way to assess the strength of buying is volume, and yesterday the volume was average. Would want to see above average volume for conviction on a direction.
Good luck in your trades!
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Assessment: Finally got some action last week. We even broke key round number support at SPY $500, however we are short term oversold. So, will the bulls push this week to get a bounce…or do we risk a crash because crashes come from oversold conditions. Crashes tend to be rare though, so conventional wisdom would say we see a bounce this week.
Good luck in your trades!
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Assessment: The $500 level held in SPY. Decent bullish support at that level.
FMA Subscribers: Not much to update from this morning on any of the positions being tracked. Next update will be tomorrow.
Good luck in your trades!
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Assessment: SPY broke the 50 SMA yesterday and showed signs of aggressive selling for the first time in ages. The $500 level remains key support. Until the bears break that level, nothing much new other than slightly above average selling.
Path Predictor (BTC): https://sblk.io/s/6rLgCXT3CZh7hpy
Getting almost a triple top in BTC above $70K. The key for bulls is protecting the $60K level. A break of $60K would likely be a sign that the top is in and an extended down leg is underway.
Good luck in your trades!
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Assessment: We actually…finally…saw some good action last week. I don’t care whether the market moves up or down…I just need some MOVEMENT! It’s tough to make money in a market that either goes sideways or only grinds slowly up or down. The money is in the swings! Maybe last week was a sign that some swings are coming.
Markets rarely bottom on Fridays (short-term or long-term), so I would expect at least some continuation into this week. The key support level is big round number support at SPY $500…along with the 50 simple moving average which is basically what kept things propped up last week.
Good luck in your trades!
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Assessment: We are getting some action in the market, but it is more for scalpers than day or swing traders. We get a move down and the a move right back up….going up and down, but really nowhere in the end. Eventually a break one way or the other is coming, but it has seemed like an eternity.
The 50 day simple moving average is approaching SPY’s current price. The question will be what it does when it gets there. Something to keep an eye on.
Inflation is a problem and you would think that would give traders concerns since all traders were banking on low inflation so the Fed could start cutting this year. Persistent inflation is “no bueno” to this market. We are just not seeing the effects yet…perhaps traders are just being stubborn!
Good luck in your trades!
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Assessment: Everyone was banking that this year rates would come down, persistent inflation is telling another story. When people expect one thing but another happens in the market, it shakes traders and requires them to reassess everything they think they knew.
Good luck in your trades!
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Assessment: Pretty flat action to start Monday. We did see some activity and volume last week. The catch is when we have seen it there is little follow-through and it reverses itself rather quickly. We will see if this time is different. Key support still holding for bulls too.
Good luck in your trades!
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Assessment: We actually caught some movement yesterday and it was late in the day too which is interesting. Like someone was waiting to dump a ton of shares on the market. Perhaps we will find out why. Although, Friday could be dead as perhaps traders did all their movement yesterday so that they could take the long weekend in a post-holiday week before getting back to business on Monday. Let’s see what they give us.
Path Predictor (BTC): https://sblk.io/s/5RGztATdSpIlnFkX
Pretty clear support levels here. Definite buying going on in $60,000 to $65,000. If the bears crack $60,000 then the next support will be $50,000. However, I think $50,000 would only be a speed bump for price to then settle out at very strong resistance turned support at $45,000.
Good luck in your trades!