How I’m determining near-term market direction

Examining both sides of the debate 09/28/2022 How I’m determining near-term market direction Hey, Hey, Evolvers … Long time, no talk! As I mentioned on Friday, I was away from my screens for the past two days, celebrating Rosh Hashanah with my family. In my absence, the stock market has been teetering on the edge of some critical technical indicators… On Tuesday, the S&P 500 ETF Trust (NYSEARCA: SPY) traded below its 200-day weekly moving average for the first time since the historic pandemic selloff of February 2020. The index was also red six days in a row leading into this morning — another event that hasn’t happened since 2020. This all sounds bad, and while that’s true from a technical standpoint, we’ve still gotta be prepared for anything. The market has a nasty tendency to do what traders are expecting least. And with the SPY as oversold as it currently is, the possibility of a brief rally is definitely on the table. That said, I tend to lean bearish and the current market backdrop isn’t doing much to make me change my mind. At the time of writing (early Wednesday morning), I’m still holding puts on the ProShares Bitcoin Strategy ETF (NYSEARCA: BITO), but I’ve cut my position in half. (I’ll break the entire trade down after I close the position out.) In the meantime, we’re at a key pivot point for the major indexes, and I’m seeing some contrary signals. With that in mind, I’d like to lay out both sides of the argument for you today. That way, you can make your own informed decisions and develop a game plan that works for you. Keep reading and I’ll show you the four important signals — both bullish and bearish — to consider during this critical week for the markets. [>>Click Here To Read My Thoughts On The Current Market<<]( Keep evolving, Mark Croock Editor, Evolved Trader Daily P.S. There's one simple options strategy that's allowed me to make six-figures in a single day. I explain it all in my brand new eBook, [click here to grab your free copy](. sponsored   [How This 24-Year-Old Went From Broke to $1.4 Million…]( 24-year old Matt was like most college students. Studying in college, broke, and worried about landing a 9-to-5 job… until he discovered this 3-Step System! After only two years Matt collected over 1.4 MILLION dollars from trading… And it’s all because of something called “Oracle.” [Click here now to find out how you can start following Oracle’s 3-Step System today.]( sponsored   [The Millionaire Strategy ANYONE Can Use]( Tim Sykes here… Twenty-five of my millionaire students have used [this exact pattern]( To reap trading profits of $36,125… $68,214… and even $681k all in a single day. And I KNOW it could potentially do the same for YOU! [>> Watch This Short Presentation Now <<]( [Alternate text] 66 West Flagler Street STE 900 Miami, Florida 33130 United States [Click Here To Unsubscribe]( All content in this newsletter is intended for educational and informational purposes only. The material in this newsletter is not to be construed as (i) a recommendation to buy or sell stocks, (ii) investment advice, or (iii) a representation that the investments being discussed are suitable or appropriate for any person. No representation is being made that following Evolved Trader Daily strategies will guarantee a particular outcome or result in profits. The price and value of stocks may fluctuate depending upon various market factors, and, as such, the strategies used by Evolved Trader Daily to adjust for those fluctuations may change without notice. There are significant risks associated with trading stocks and you must be aware of those risks, and willing to accept them, in order to invest in these markets. Past performance of any trading system or methodology is not indicative of future results. You should always conduct your own analysis before making investments. You should not trade with money you cannot afford to lose and there is a risk that trading stocks will result in a complete loss of your investment. Trading stocks, particularly penny stocks, is not suitable for everyone and requires hard work, due diligence, capital, and substantial time to monitor the market and timely execute trades.