Market Milestones: Is This It?

[Image] Good morning ! Could this be it? Is this all the retest we get before blasting off to new highs? When we last chatted on the morning of Friday the 17th, we discussed the possibility of bears finally awakening from their 2023 winter slumber. That Thursday we finally had a gap and go that followed through to the downside. Well if the bears were excited last Thursday, this Tuesday’s gap should have gotten them out in sleuths. Thats what you call a bunch of bears, look it up, I did. This Tuesday’s gap on QQQ and SPY was a beautiful gap down on the weekly chart out of two weeks of indecision and a gap and go on the daily. That is enough for even the most meager of bear cubs to take notice, stand on their hind legs and rawr a little. However, Wednesday and Thursday had very little follow through and Thursday closed with a bear hammer. The main question on everyone's mind is, are we retesting the double top neckline only to head lower once again, or was that it? Let’s look at some levels on SPY that matter for now. First of all, from the bullish perspective, we did pull back 5.2% during the month of February, which is a decent little pullback for SPY. We are sitting right on the 10 and 20 Monthly EMAs and bouncing off of the 10, 20, and 50 Weekly EMAs. The SPY almost retest the MOAT and the 100 and 200 Daily MAs around $390. It’s safe to say if we break Thursday’s hammer, the $390 level will be our next stop and should be a decent area to exit some shorts and take a stab at some longs. [Image]( [SPY Monthly Chart]( [SPY Weekly Chart]( ETF of the Week Our ETF of the week this week is iShares Self-Driving EV and Tech ETF (IDRV). You can learn more about this ETF [here](. IDRV like so many charts out there is working on putting in a beautiful double bottom. Last weeks XSD came beautifully into the buy zone, not we will see if it bounces. IDRV is currently sitting at the double bottom neckline, near its long term moving averages and just put in a bearish hammer. This chart could be played trying to buy off of the 100Dsma or playing a breakoutof Thursdays hammer. This current dip could be a beautiful ABC of a wave 4 before we push up higer into the 44.45 level which is the 100Wsma. [Image]( Trade with a PLAN! Sincerely, The Traders Plan Team support@thetradersplan.com 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