SPY: Targets week of April 17
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I will kick off the weekend with just a breakdown of the probability assessment and targets for next week (in the chart).
This week was a news packed week and it kind of de-railed how I thought it would play out. But that's okay, it was still a really good week (mind you NVDA was 90% of my trades, BRK.B 5% and SPY/MSFT/RTX 5%). Did have a nasty stop out on RTX which was annoying. But it and 1 failed day trade attempt on SPY were my only stop outs, so I will take it.
Thankfully next week is less news heavy and so I really hope this just does what its supposed to.
We are incredibly overbought (approaching the low probability zone on the bell curve levels on the 1 hour). However, what I am generally looking for is for the VIX to come down to the 16, maybe even 15$ range at this point. This generally marks an aggressive spike area.
Running the probability stuff on a few things, a lot are mixed but SPY is pretty convincing. I will try to make a point at some point this weekend to maybe do a video or something going over the prob assessments on various things.
But SPY's is in the chart. Overall its bullish but caution is needed due to its fairly overbought status.
I remain neutral with a bullish undertone until we take out 417.
The only position I am in is BA. I bought shares at various points today with an average cost basis of around 198.92.
Have a great weekend! Hopefully the weather where you are is as great as it is here! Finally some spring :-).
This week was a news packed week and it kind of de-railed how I thought it would play out. But that's okay, it was still a really good week (mind you NVDA was 90% of my trades, BRK.B 5% and SPY/MSFT/RTX 5%). Did have a nasty stop out on RTX which was annoying. But it and 1 failed day trade attempt on SPY were my only stop outs, so I will take it.
Thankfully next week is less news heavy and so I really hope this just does what its supposed to.
We are incredibly overbought (approaching the low probability zone on the bell curve levels on the 1 hour). However, what I am generally looking for is for the VIX to come down to the 16, maybe even 15$ range at this point. This generally marks an aggressive spike area.
Running the probability stuff on a few things, a lot are mixed but SPY is pretty convincing. I will try to make a point at some point this weekend to maybe do a video or something going over the prob assessments on various things.
But SPY's is in the chart. Overall its bullish but caution is needed due to its fairly overbought status.
I remain neutral with a bullish undertone until we take out 417.
The only position I am in is BA. I bought shares at various points today with an average cost basis of around 198.92.
Have a great weekend! Hopefully the weather where you are is as great as it is here! Finally some spring :-).
Nota
Reference and 100% both taken out today. Looking for a bit of a continuation up and then a pullback down.Nota
I haven't really updated as still pretty sick.But we keep catapulting off the reference target which is good.
We have still yet to concur that 417 target but it seems bound and determined to attack it this week.
I did a short swing into today but I don't advise shorting at this point because it seems to be on a mission to attack that target.
I remain generally bullish.
Safe trades everyone!
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