S&P 500: Taking Our Foot Off The Gas
S&P 500: Taking Our Foot Off The Gas
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Happy Friday!
We want to be brief here so you do not undermine our message this morning.
We saw a very nice rally in many stocks this week and in the overall market.
We were able to call these moves before “the herd” called them on our exclusive paid reports
To make things simple…
We put our foot on the gas! (getting aggressive on the buy-side)
Now…
We are taking our foot off the gas a little. (getting less aggressive)
When we put our hard-earned money to work we do so when we see “GREAT” opportunities and we never settle just for “Good” opportunities.
When reading price action we have to look for:
Higher lows
Higher highs
Right now we have seen the SPY 0.00%↑ put in a “higher low” but, it has failed to make a higher high (which would be over $392.)
Gambling =Anticipating
Trading=Waiting for confirmation
There is a time to speed, there is a time for cruise control, then there is driving in traffic! We have reached "Traffic"
As the SPY 0.00%↑ approaches a congested area of prior resistance we want to sit back and see how it trades around this area.
The good news is, that the SPY is now over the 20-day moving average.
$388-$390 will be a congested area.
As we cannot predict the future, we would anticipate that market makers will try and kill volatility on expiring option contracts today but, if selling pressure comes in things can potentially take a turn for the worse.
Keep it simple, do not over complicate things.
Simple means…If you are losing money then your thesis is wrong so take the position off and move on.
Bottom Line
The bottom line is we have had an AMAZING WEEK for our reports! We have called many massive breakouts before they broke out.
We are playing defense here and do not want to get aggressive.
The market is at a resistance area here and why would we want to buy into resistance after we had such a profitable week?
Let’s be smart today and this weekend we will have a good report to prepare our paid readers for the upcoming week in the markets!
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