NPP Trades Daily Recap 6.1.22
The Quick Recap:
It’s the start of June which marks the beginning of QT. And I think the markets sold off today as a reflex to that reality. However, the SPY held a very critical level at 407/405, right at its 21ema and .236 fib retrace from low of May to the recent high. If bulls can buy this dip and hold those levels tomorrow, this rally could still have legs to the low 420’s in SPY. If we lose that key 405 level, it opens the door for a deeper pullback with a possible retest o that 390 level. So a keep an eye out fo 405 if we get there and see how the market reacts. Above this week’s high of 416.50, and that is confirmation for the move higher to 420ish. Notes on chart below
The More Detailed Recap:
(Paid subscribers, below is an update on all current positions with charts as well as new ideas. Enjoy!)