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Wed, Feb 9, 2022 02:01 PM
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What the heck does it mean? To view this email as a web page, go Hey There! After Friday?s late se
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What the heck does it mean? To view this email as a web page, go [here.](
Hey There! After Friday’s late sell off, we started off Monday pretty nicely! It wasn’t great, but it was steady… and in this market, sometimes steady is good. We had an afternoon push higher that was looking strong all the way up to the final hour, only to erase the day’s gains and end in the red. Most people would look at Monday as a whole and label it a pretty flat day. But there were a few things I noticed. We’ve been tracking the SPY over the past few months for clues as to where the market could go. We know that the $450 was our support area, and it looks like that has flipped into resistance: You can see here that we broke back above the SMA’s with super strong momentum (which is a very nice bullish signal) only to slow down right at $450! Strength was there to hold and then push above that resistance, but that didn’t last very long. You’ll notice on the chart that when support failed the price dropped down and touched the SMA’s before bouncing. Again, that’s a bullish signal! But now we are being squeezed in between those SMA’s and that $450 level. This is where large breakouts can occur! So even though we saw a pretty calm day, it almost felt too calm… There is a “Law of the Market” that says the market is always moving from a place of low volatility to high volatility, and I would guess we’ll see proof of that soon. (Especially with earnings landmines all over the place) So those are the levels that I want you to keep an eye on. Speaking of earnings landmines: Keep your eyes peeled for your chance to sign up for my free class on trading earnings gaps next week. I would love to see you there! Happy Trading, Markay [Manage Your Email Preferences]( [Unsubscribe]( This email was sent by: InvestPub
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