SPY: First week of June
Hey everyone,
Posting an idea. I will be away next week, God willing, on a ship 🚢, in the Bahamas 🌴, so figured I would post now, because I will pretty radio silence for next week and haven't decided whether I will make an effort to track the market while on the sea or not. Probably not from the looks of the probs, so let's get into expectations next week.
Daily probability on Monday is bullish, which works well for the bull flag SPY left off on.
The TPs are in the chart. Biggest concern you have is we fell below overhead trend resistance at approximately 530. So watch this area.
Probability on the week indicates inside. You may get away with buying the dip, shorting the rip next week as a result. Most critical I would argue being that 530 trend resistance.
Reference target is at 528.12. We open above, we will sell down to this point. We open below, we will buy up to this point. 80 ish % of the time.
Inside week makes sense with the following week containing NVDA stock split and FOMC.
Be weary of NVDA stock split, this is a bearish event for most stocks and it was for NVDA's last split as well. I got burned on that the last time😩.
FOMC I have no expectations.
Going into the following month (July) we will have new 3-month levels and new 6-month levels with the high prob target, so curious about that.
In terms of TP expectations for next week, 530 is what I expect.
Safe trades everyone and catch you in 1 week!
Posting an idea. I will be away next week, God willing, on a ship 🚢, in the Bahamas 🌴, so figured I would post now, because I will pretty radio silence for next week and haven't decided whether I will make an effort to track the market while on the sea or not. Probably not from the looks of the probs, so let's get into expectations next week.
Daily probability on Monday is bullish, which works well for the bull flag SPY left off on.
The TPs are in the chart. Biggest concern you have is we fell below overhead trend resistance at approximately 530. So watch this area.
Probability on the week indicates inside. You may get away with buying the dip, shorting the rip next week as a result. Most critical I would argue being that 530 trend resistance.
Reference target is at 528.12. We open above, we will sell down to this point. We open below, we will buy up to this point. 80 ish % of the time.
Inside week makes sense with the following week containing NVDA stock split and FOMC.
Be weary of NVDA stock split, this is a bearish event for most stocks and it was for NVDA's last split as well. I got burned on that the last time😩.
FOMC I have no expectations.
Going into the following month (July) we will have new 3-month levels and new 6-month levels with the high prob target, so curious about that.
In terms of TP expectations for next week, 530 is what I expect.
Safe trades everyone and catch you in 1 week!
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