Did Fed Powell Signal a Crash for Stocks?

Good afternoon, traders, and welcome to this special recap for all things SPY and penny stocks! Markets saw a strong push to the upside today and finally broke into a higher high as SPY broke last Thursday’s high of $445 area. Next up on the chart for me is $450 then $459.  But did Fed Powell just send a signal to bearish traders? [Fed Powell signaled more potential rate hikes ahead](, causing SPY to drop into the low $433 level but it appears to me, SPY is back on track and could be pushing yearly highs soon. So sorry Fed Powell, but I’m not buying that bear move just yet! Matter of fact, I really like the SPY “W” pattern I’m seeing here which is typically more bullish than bearish. Notice the left side of the “W” pattern starting around $459, which would now be the right hand side target, assuming we move higher. In the “W” pattern, the signal line is the midpoint around $445, once broken above, that starts the right hand side line higher. I’ll be looking for calls off this pattern. In stock news today, [the courts overruled the SEC in favor of Grayscale]( for a potential Bitcoin ETF, this sent stocks like MARA, RIOT, BTBT, and HIVE screaming higher. I believe this could be a nice short term catalyst for these types of stocks. Market Navigator Short Term Outlook With the SPY pushing up over $445 today and working on the right hand side of the “W” pattern shown above, I’ll be watching closely for any dips in markets to buy calls for this continuation pattern to press up and over $450. Tomorrow morning we have [ADP reports and GDP data which can be seen here](. I love being able to SEE these big data pieces before they drop live, it helps me to shape my trade plans, just like I did on this SPY trade below. In this trade, I was able to use the Jackson Hole upcoming data to play SPY puts in anticipation of Fed Powell sharing more insight on future rate hikes. (trading is hard, results not guaranteed) Atomic Trades Focus Penny Stocks Penny stocks are HOT right now and with the news on Bitcoin as shared above, I am bullish BTBT and RIOT. BTBT is coming off a solid base around $2.25 and I love the chart pattern back up toward the 20 SMA around $3 to $3.15 area. BTBT started the year around $.50 cents and hit over $4 dollars, so I know this can be a big runner and with that news, I think this could be a great opportunity for BTBT to catch another heater. RIOT is the same pattern. After falling from $20 just a few months ago it seems like we have a solid base around $10 with range to $13s or $14s in the short term. RIOT also has a near [17% short interest so a “short squeeze” is always on the table here](. I just love those “short squeeze” ideas, like MULN the other day. When they get squeeze they can really pop strong! (trading is hard, results not guaranteed) One thing is for certain, markets are HOT again and whether it’s SPY or penny stocks, I feel the fun is just getting started! For more information on options trading, here’s my #1 morning SPY options trading service [take a look inside right here](. If penny stocks are your thing, then my end of the day “power hour” live stock scan and trade alerts is for you! [Click here for more details](. Thanks for reading and cheers to your success, P.S. Feel you have credits or need a few questions answered? Give Jeff Brown a call at 1-800-585-4488 or email him at [jbrown@ragingbull.com](mailto:/jbrown@ragingbull.com) RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 [Manage your email subscriptions.]( DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website, application or other service ("Services"), please review our full disclaimer located at [(. 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