Spy is definitely under some pressure and if it struggles to reclaim and hold above 416 it can retest the lows. If it falls under 410 it is likely to drop to the 408-405 range, in my opinion. This set up is dependent on the current local lows holding as near-term support and a play to the upside to close the 4hr gaps. Feel free to comment and like if you agree and if you disagree, please share your perspective. Happy trading 🍸
It's looking promising. Although when Powell talks all bets are off. Seems the economy is doing decent. If the white house and the feds would let it be without adding additional inflationary actions consistently this market would be doing much better. Most companies are waiting on the winter holidays. Will the gap between consumers and producers slow back so much it hurts their tops lines or won't it? To be determined
Entrenched
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@ToreyC4, I agree, anytime Powell is set to speak markets can turn on a dime. i agree if inflationary pressure had not risen so sharply, we would probably be at all-time highs already. Another question is will companies roll back prices once the supply side gets back to normal or just keep everything the same and rake in huge profits is another thing that runs through my mind
BamaGapster
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@Entrenched, I'm not sure how many times I've seen companies roll back prices. So far I've seen more companies attempt at bulk selling for a sale price in a sense. On another note, student debt is another inflation measure yet to factored in to the market.
Entrenched
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@ToreyC4, yes, i'm curious how the student dect issue will affect inflation. it seems like the natural move of those institutions would be to raise prices to offset the loss
aamaro2022
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420
Entrenched
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@aamaro2022, yes, looks doable for sure, the gap is at 421 🍻. i made a video about it. check out the link above. i go into more detail