NPP Trades 6.14.22
The Quick Recap:
It’s turned into one of those weeks where I’m no longer trying make your weekly profit goal and I’m just trying to lose the least amount possible.
I came into the week with some longs I accumulated expecting a breakout to the upside after the 8-day market consolidation above the 21ema. And after the failure, it’s been one stopped trade after another. But all traders have weeks like this and this is one of mine.
The SPY had it’s 5th red day in a row and finally hit my 372 Head & Shoulders target that I’ve been posting for months. So now what? Well we are very oversold and could bounce at any moment. However, we are in a bear market and could just as easily slip through 372 and head lower. At some point though, we will get a monster relief rally that will bring some pain to bears at least in the short-term. Below is a SPY chart with price levels for where I’m expecting the rally to go and where it could start from
The More Detailed Recap:
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