What Did I learn about the Market Today?
Big Fed Day tomorrow and the SPY is calmy coming into it”s key moving averages on low volume. We are still in the middle of two inflection points: The upper BB and 200 SMA (The Upper BB has moved higher and above 200 SMA today) as resistance & support zone, or 5 SMA (which crossed over the 50 SMA today). No need to front-run anything. Hopefully, we get a catalyst that moves us out of the 200 SMA and 50 SMA balance range we have been in.
There are usually one or two ‘big plays’ each day. If you identify what the ‘big plays’ are and the key stocks, trading becomes easier. Why? Because you’re getting yourself in the right stocks at the right time. Today, the two ‘big plays’ were 1) The common gap-fade-MACD cross combo we see in the early hour, and 2) There was a second half tactical long entry after MACD cross going into the close.
Personal Reflections
- What Did I Miss? I failed to pull the trigger on the H&S scalp off the 5MA. The large candle through me off.
- What Trade I Did? I had successful trades with AEM, YALA & PLTR
- What Worked Today? Bitcoin and Gold did well. IHS as a BSLO had a great day and it was on my radar.
Today’s SPY Trade Setups and Analysis
- We identified the green and blue bullish algos early in the day. The initial bullish impulse was regaining the yLoD.
- We had a volume candle spike that was faded into a H&S with a nested right shoulder under the 5MA.
- The End of Day trade, clear break of trendline for a EOD SPX lotto.
