Golden Ticket Trade, S&P 500 And More...

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TOPICS:

1. INTRODUCTION

2. S&P 500 & RUSSELL 2000

3. ANNOUNCEMENT

4. $NMM

5. GOLDEN TICKET TRADE

6. FOLLOW UP/REMINDER

7. BOTTOM LINE

   

INTRODUCTION

Today we saw a bounce in the markets. With Precious Metals and the US Dollar seeing a large decline, US Equities soared today.

We are in a DOWNTREND and trying to nail the bottom in a downtrend is mentally draining. I say this because you could get shaken out many times that when the real, actual move comes you MISS it because you are mentally drained.

We want to sit and wait and trade out of sideways channels.

We do NOT want to trade just because the market is moving. This is what rookies do.

We need to stay patient and wait for our edge.

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S&P 500 & Russell 2000

The Russell 2000 has broken down below a multi-month sideways channel and now has been consolidating and trading (closing weekly price) between around $1990 and $2030.

A break above $2040 would be seen as bullish in our opinion and it is something we want to watch for. The ETF for the Russell 2000 is going to be $IWM.

S&P 500 (/ES or $SPY)

This is a very nice WEEKLY CHART Trendline we are seeing on the S&P 500. This is very controlled and needs to be on watch for a possible breakout or breakdown.

Below $426 on the SPY is bearish in our opinion

Above $432 on the SPY could lead to a demand surge

Keep in mind we have the FED speaking next week. This should cause very large volatility.

These are 2 charts to keep an eye on for breakdowns or breakouts.

Towards the close on 3/9/22 we saw SPY Calls getting sold for March 14th which is next week. This is a big bearish bet given the calls were in the money by a wide margin.