6/22: S&P 500 Key Points, Focus Charts, And More
6/22: S&P 500 Key Points, Focus Charts, And More
Mid Week Commentary On The Stock Market
CONGRATULATIONS🥳🥳🥳🥳
We called $REV at $3.50 Monday and it hit $9.82 today!
We called $CLVS at $1.21 on Monday and it hit $2.39!
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We put out a report Monday and Tuesday morning this week.
We were very bullish going into the market open on Tuesday and the S&P 500 ripped as high as over 100 points for the day.
The key here is we said that over $3,750 was a good intraday confirmation for bulls BUT BUT BUT $3,800 is the breakout level potentially for the short squeeze to begin and that added confirmation for bulls and technicians!
The market failed to get near $3,800 and now we are seeing a sideways channel, range-bound trading which is healthy for charts.
Looking at the S&P 500 futures above you can see the range/channel it is trading in.
If we breakout over $3,800 it could be a very significant level because that means price action will be over the 9ema.
For those that do not know, the 9EMA is one of the best indications for momentum on the daily chart!
The same goes to the downside though…a break below $3700 could spark a potential next leg lower in this downtrend. The trend is your friend and it is expected to go lower because the trend is to the downside.
If the price does get above $3,800 it could catch a lot of shorts off guard and spark a momentum move to the 20SMA. We need to be open-minded to all scenarios and trade what is in front of us.
Wait for confirmation instead of anticipating!
Anticipating is gambling, waiting for confirmation is trading!
The Reality Is….
Most stocks trade in accordance with the S&P 500. When the S&P 500 is green, most stocks are green. When the S&P 500 is red, most stocks are red.
The Good News Is….
We do have stocks that are worth watching EVEN with the market in a day trading environment!