So far, the SPY “death line” seems to be holding up.
Last week I discussed how the level of $445.00 on SPY was all that was standing in the way of another MAJOR drop on the index.
Monday saw the bullish fighting furiously to hold this support.
Lots of trading in a very tight range.
We were above the line, then below, but managed to close on Friday at $445.62. And now that we’re overextended to the downside, we may very well see a short-term bounce.
A bit of a rubber-band snap back.
Since SPY and QQQ tend to move together, I smell opportunity!
This has me a bit bullish on the big-tech high-beta stocks that have gotten hammered over the past week.
I’m eyeing some potential winning trades off this bounce.
?Numbers I Need:
I laid out the plan in the email that went out to Bullseye Trades subscribers this morning.
Earnings are nearly over, and I doubt anything on the roster will make much of a difference at this point. (at least in the short run)
The only major economic report that I see causing major volatility is the FOMC meeting minutes scheduled for release on Wednesday at 2:00 PM EST.
There’s an 88% consensus of no change at the September meeting. No hikes, no cuts, nothing…
Unless something in the minutes wildly contradicts that, I don’t see much to worry about except a bit of volatility.
It’ll be nice to have a relatively light week on earnings and economic data. Can’t they just shut up and let us trade?
?Most Exciting Action:
I’ve stayed away from big tech for the past couple of weeks.
With most of the technology mega caps so oversold, and weakness on both SPY and QQQ, it was not the time to go long.
We’ve focused on tickers unrelated to the overall market like the restaurant CAVA (CAVA) and the energy sector (ERX)
No one really knows whether this sell-off is over or there’s another leg down.
I noted in the Bullseye Trades email this morning that QQQ looked ready for bounce.
Here’s an excerpt from the actual email I sent (BEFORE the market opened):
Boom…I definitely called that one.
QQQ jumped off the -1.5 Keltner level like a rocket this morning.
Not everything in big tech looks appealing, but Bullseye Trades subscribers got my single best stock to trade for the week.
?Past Alert Update:
I’m hoping this week’s Bullseye Trade nails it, just like the AMGN idea I sent to subscribers on April 3rd.
Before the market opened they received a complete analysis of the idea and my detailed gameplan for trading it.
Here’s the actual email analysis:
Followed by the EXACT option and price targets I wanted.
What happened next was amazing!
*results not typical. Trading is hard.
Don’t miss these opportunities.
When you join Bullseye Trades, you can look forward to my complete trading gameplan every Monday morning, covering my ABSOLUTE BEST TRADE IDEA for the week.
But you’ll get even more…
You’ll also have unlimited access to our training library, trading ebook “How to Become an Alpha Hunter,” and alerts on trades I make sent directly to your Raging Bull app.
Bullseye Trades isn’t just an alert service. It’s a full educational system to hone your trading skills.
Everything you need to help you become a BETTER TRADER!
Remember, I’m still moving this week, so we won’t have the live Alpha Chamber session tomorrow at 11:00 AM EST. Next week will be business as usual.
My god, moving sucks – I can’t wait until it’s over.
Be sure to check back in later this week, and I’ll give you a full update on how this week’s Bullseye trade has worked out.
P.S. If you would like to upgrade to Bullseye Trades or “Bullseye Unlimited”, please reach out to Jeff Brown at [email protected] or call him at 800-585-4488.
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