Hey,
Hey, Evolvers … Long time, no talk!
As I mentioned on Friday, I was away from my screens for the past two days, celebrating Rosh Hashanah with my family.
In my absence, the stock market has been teetering on the edge of some critical technical indicators…
On Tuesday, the S&P 500 ETF Trust (NYSEARCA: SPY) traded below its 200-day weekly moving average for the first time since the historic pandemic selloff of February 2020.
The index was also red six days in a row leading into this morning — another event that hasn't happened since 2020.
This all sounds bad, and while that's true from a technical standpoint, we've still gotta be prepared for anything.
The market has a nasty tendency to do what traders are expecting least. And with the SPY as oversold as it currently is, the possibility of a brief rally is definitely on the table.
That said, I tend to lean bearish and the current market backdrop isn't doing much to make me change my mind.
At the time of writing (early Wednesday morning), I'm still holding puts on the ProShares Bitcoin Strategy ETF (NYSEARCA: BITO), but I've cut my position in half. (I'll break the entire trade down after I close the position out.)
In the meantime, we're at a key pivot point for the major indexes, and I'm seeing some contrary signals.
With that in mind, I'd like to lay out both sides of the argument for you today. That way, you can make your own informed decisions and develop a game plan that works for you.
Keep reading and I'll show you the four important signals — both bullish and bearish — to consider during this critical week for the markets.
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