$SPY downside possibility and strategy
Today was Fed Day and it looks like the Fed will kick the can again.
But likely only for the next two months. JP only needs a "decent" employment report to start tapering. It seems very likely to happen on the next Fed Day...so remember the Taper Tantrum of 2013 and be prepared.
I don't trade off moving averages...but it can be helpful in seeing market structure. Recently we bounced off the 100 day moving average...and topped at the 50 today...then stalled. Tomorrow will give more clarity on the short term.
For traders like myself...price action will tell me what to do.
However, I also have a long term investment portfolio which I have been adjusting for the past month. Namely...I have been raising cash...taking profits off the table, and the only purchases I have made for the long term will do ok in a liquidity event.
The SPY chart doesn't look good...however I can no longer underestimate the "Buy the Dip" crowd.
If it tanks....I'll be ready and looking to buy with both fists at SPY 4100.
But likely only for the next two months. JP only needs a "decent" employment report to start tapering. It seems very likely to happen on the next Fed Day...so remember the Taper Tantrum of 2013 and be prepared.
I don't trade off moving averages...but it can be helpful in seeing market structure. Recently we bounced off the 100 day moving average...and topped at the 50 today...then stalled. Tomorrow will give more clarity on the short term.
For traders like myself...price action will tell me what to do.
However, I also have a long term investment portfolio which I have been adjusting for the past month. Namely...I have been raising cash...taking profits off the table, and the only purchases I have made for the long term will do ok in a liquidity event.
The SPY chart doesn't look good...however I can no longer underestimate the "Buy the Dip" crowd.
If it tanks....I'll be ready and looking to buy with both fists at SPY 4100.
Nota
If you need a narrative....people will be front running the Fed taper.
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