What Lies Ahead For SPY Next Week?
A quick scalp with 15% profit within an hour. SPY got chopped around all day then sell off after hours. It's better to day trade instead of holding and hoping with swing trades during the bear market cos we will never know what may happen especially over the weekend.
We can't fight the Fed, we can never outsmart the market makers, we can only take some profit and exit within an hour or two is good enough for me. My target is to run with 10-20% gain per trade daily. Click on follow to monitor my daily trade levels to enter each day. Not financial advice 😉
The massive sell off from 397 to 392.5 is caused by fear and uncertainty that awaits us next week and people just want to be safe in this volatile time.
Fed has stated their strict discipline to follow CPI data. They have also been more dovish than ever in the last 2 months, hence a rally and blowoff top that was clearly utilized as exit liquidity at the closing.
What do we anticipate over the next few days fromthe price action with SPY?
Friday: closes moderate red day but still not entirely broken down from the 4 hour chart attached.
Monday: the day before CPI likely to chop for some time, but sells off into close like Friday.
Tuesday: CPI, there will be mass uncertainty and possibly panic selling if the number is unfavourable.
Wednesday: FOMC, if it can sell off 5% in 2 days in June, it may be explosive in a single day. If CPI isdown, we can see a surge towards the upper channel indicated above.
Interested to find out on how best to trade CPI andFOMC? Follow me in my next posting to prepare ourselves emotionally and financially before taking anytrades next week.
Have a blessed weekend! 🙏
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Yesss