NPP Trades Daily Recap 5.25.22
The Quick Recap:
SPY traded all the up to 399.45 intraday and briefly breached the first downtrend line we’ve been watching. However, it did fall back to it at close and reaction to NVDA and SNOW earnings is weighing a bit on the overall market in the after hours. Looking at RSI positive divergence on the ES 4-hour chart and month-end rebalancing coming in the next few trading sessions, I’m still betting on a bullish resolution for a counter-trend rally to 405 SPY possible all the way to the 420’s. NPP Traders know where my thesis is wrong and where to get out, but that is how I’m currently playing it.
The More-Detailed Recap:
(Subscribers, below is a detailed update on all of my open positions as well as new ideas)