Market Milestones: Whoa Oh, Livin' On A Prayer

[Image] Good morning ! Happy Friday traders! While fireworks exploded in every city across America this week, the stock market did the exact opposite. Well I guess the exact opposite of explode would be implode which means to collapse or be crushed due to an external force and the market certainly didn’t do that either. Although there are a lot of permabears who are hoping for that and calling for a myriad of external crushing forces including inflation, recession, war, debt crisis, global liquidity crisis and more. Recession and sticky inflation are two things that I have discussed at length and I do think they will have implications in the future. However, current price action is bullish, and the dip buyers continue to aggressively buy every dip, at least on the big tech names and that is all that matters. Until that changes, the trend is your friend. The markets did not do much during this shortened holiday week. SPY is up 0.37% since last Thursdays close when we last looked at the market. The past week did bring us two pretty neat island reversals though. One last Friday and the other this Thursday. The gaps from last Friday’s bullish island reversal filled yesterday and SPY closed with a strong bullish hammer candle showing that buyers were eager to step in at the gap fill. That hammer should not get taken out any time soon or we are likely headed to $430.00 again, and possibly $420.00. This is especially true if SPY is unable to fill the overhead gap at $441.00 before breaking down. SPY 1 Hour Chart [Image]( Whoa, we’re half way there… It is July 7th, 2023. That means that we are just over halfway through the year. You can either look at it as a year half empty, or a year half full. Either way is technically right, but only one will help you improve. Let’s face it, there is nothing special about January 1st, except some psychological do-over line in our minds. Why not make that July 7th? This week can be used as a checkpoint to reflect on what has gone well and what needs improvement. What goals have you reached and what do you need to do to reach the rest of your yearly goals. Take some time this week to sit alone in silence and write your 2023 thoughts out. Write out the big wins you had in trading and in life and write out your losses and shortcomings too. Create a plan and a pathway towards maximizing the second half of 2023. How can you reach your full potential and make every day count? Is there something hard you can do every single day that will drive you forward and harden your mind and body? Come up with at least 2 big goals and 2 small habits that will help you accomplish those goals in the next 6 months. For example, if you want to run a 5k for the first time, your habit could be to get 15 minutes of running or walking in every day. Another example is if your goal is to finish the year a profitable trader, your habit could be to spend 1 hour every single day studying price action and back trading. Let’s make the second half of this year count. Whether you crushed the first half of 2023 or you treaded water, barely making it though, it’s time to finish strong. There will be no coasting to success. Only hard work, grit, drive, consistency and determination will get you where you want to go. Get after it. ETF of the Week Our ETF’s of this week are all about Tesla Inc (TSLA). They are Direxion Daily TSLA Bear 1X Shares (TSLS) and Direxion Daily TSLA Bull 1.5X Shares (TSLL). The Bear ETF gives you a way to get short exposure without having to be short stock. The Bull ETF gives leveraged 1.5X exposure to any TSLA moves in case TSLA is just not volatile enough for you. TSLA has been on an absolute rampage during 2023 and is up 170% from the lows. TSLA could see $315.00 for its next bullish target. This upside move would be about 13% higher from current levels making TSLL upside potential approximately 20%. There are several gaps below on TSLA so watch for dips and retests to come in to get the best risk reward possible. There are risks and downsides to these types of ETFs so be sure to do your own research. You can learn more about TSLS and TSLL [here](. TSLL [Image]( Enjoy your weekend, Yates Craig, RLT & TPN Market Analyst Disclosure: You are responsible for your own trading decisions. ALWAYS, do your own research before investing in any of the above securities. This is not a solicitation to buy/sell ETFs or securities. NEVER invest money in ETFs or stocks that you can't afford to lose. You can lose all of your capital by trading any securities mentioned. These ETFs/securities are very volatile and gain and lose value quickly. We reserve the right to freely trade in any mentioned ETFs or securities. We are not compensated by any mentioned companies. We trade ETFs and securities based on our opinion of intrinsic/possible future value only. We are not registered investment advisors, so always do your own research before buying any securities. Unable to view? Read it [online]( If you no longer wish to receive mail from us, you can [unsubscribe]( Sent from: Real Life Trading in Nashville TN 37221