SPY/QQQ Plan Your Trade For 9-12 : BreakAway Pattern
Much like yesterday's pattern, today is a Breakaway pattern for the SPY.
I believe today's price move will be more muted than yesterday's big rally off the 540 lows.
Combining the 830 jobs data with price expectations is difficult. I believe jobs data will be relatively soft, and traders will interpret that as the Fed may decrease rates before the end of this year. But I believe traders will be wrong, and the markets will flatten out this afternoon (after some morning volatility).
Ultimately, the Fed is very confident that it will leave rates where they are unless something breaks. And because of that, I believe traders are trying to WISH the Fed into making a move.
Because of this dynamic, I believe hedge assets will continue to melt upward and we will move into a fairly consolidated price period between now and the Nov 5 election.
Overall, I believe most of today's price action will take place before Noon ET. Buckle up and prepare to take the afternoon off if my research is correct.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
I believe today's price move will be more muted than yesterday's big rally off the 540 lows.
Combining the 830 jobs data with price expectations is difficult. I believe jobs data will be relatively soft, and traders will interpret that as the Fed may decrease rates before the end of this year. But I believe traders will be wrong, and the markets will flatten out this afternoon (after some morning volatility).
Ultimately, the Fed is very confident that it will leave rates where they are unless something breaks. And because of that, I believe traders are trying to WISH the Fed into making a move.
Because of this dynamic, I believe hedge assets will continue to melt upward and we will move into a fairly consolidated price period between now and the Nov 5 election.
Overall, I believe most of today's price action will take place before Noon ET. Buckle up and prepare to take the afternoon off if my research is correct.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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