NPP Trades Daily Recap 6.23.22
The Quick Recap:
This week is much better for my P&L than the last two weeks. I have focused primarily on trading SPY this week, forgoing individual names until more stability returns to the market. And so far that has been a good strategy. Though I missed the gap up Monday, members received my SPY buy alert after the early Tuesday morning gap fill at 369. I remain long from that level and I am looking for a run to SPY 395/405 before bears likely grab the ball again. The bullish picture shows up best on the /ES 4-hour chart. As you can see, it has been steadily putting in a series of higher lows as it is building a base just below the 3800 level. If it can break, I think we get a short covering rally all the way to the blue down trend line that I have been targeting for weeks in the zone of 3950/4050. That is what I am positioned for currently, but will adjust if certain levels fall
In the More-Detailed Recap I’ll go over how I plan to hedge my current SPY position to guarantee a profitable trade as well as my stop loss levels in case I’m wrong
The More-Detailed Recap:
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