SPY - BE CAREFUL SHORTING
Hello Traders,
First official publish today!
Let's take a look at the SPY on the 4 HR chart. No fancy charting needed. Our strategy follows simple market structure.
BIG question leading into next week...IS THIS THE SELL OFF?!
We're Bullish.
We were expecting some sort of a pullback and it's nice that this "major" sell off took us back to simply retest our last ATH breakout zone. We are buying into this retest where we see a range of support from $331 to $340 area. There could be a further sell off down to those levels coming into next week. Be careful shorting this market. There's a lot of bearish sentiment and that's totally understandable due to covid and election fears. However, US equities still lead the global markets and we believe that more foreign money will pour into the US stock market this year to make positive yield as the rest of the global market underperforms.
WATCH OIL THIS WEEK!
We saw a bit of a continued sell off on oil this friday. This could potentially bring us closer to the lower support areas and put us in a grim environment during the early trading days this coming week.
Take your profits on short term trades and never chase these moves until a full confirmation. Other than that, trading volume should pick up next week and we'll have to observe how the market comes back after labor day.
Have a nice weekend!
*NOT A FINANCIAL ADVICE, THIS IS JUST OUR PERSPECTIVE AND WE DO NOT RECOMMEND ANY TRADES WE PUBLISH ON OUR CHANNEL. YOU WILL LOSE MONEY.
First official publish today!
Let's take a look at the SPY on the 4 HR chart. No fancy charting needed. Our strategy follows simple market structure.
BIG question leading into next week...IS THIS THE SELL OFF?!
We're Bullish.
We were expecting some sort of a pullback and it's nice that this "major" sell off took us back to simply retest our last ATH breakout zone. We are buying into this retest where we see a range of support from $331 to $340 area. There could be a further sell off down to those levels coming into next week. Be careful shorting this market. There's a lot of bearish sentiment and that's totally understandable due to covid and election fears. However, US equities still lead the global markets and we believe that more foreign money will pour into the US stock market this year to make positive yield as the rest of the global market underperforms.
WATCH OIL THIS WEEK!
We saw a bit of a continued sell off on oil this friday. This could potentially bring us closer to the lower support areas and put us in a grim environment during the early trading days this coming week.
Take your profits on short term trades and never chase these moves until a full confirmation. Other than that, trading volume should pick up next week and we'll have to observe how the market comes back after labor day.
Have a nice weekend!
*NOT A FINANCIAL ADVICE, THIS IS JUST OUR PERSPECTIVE AND WE DO NOT RECOMMEND ANY TRADES WE PUBLISH ON OUR CHANNEL. YOU WILL LOSE MONEY.
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