NPP Trades Daily Recap 6.28.22
The Quick Recap:
Today’s sell-off put more upside into some serious question. The SPY sold all the way down to that all-important 380 level, nearly filling the gap from Friday. Now the bulls or in a do-or-die situation. If we close the week below 380, I think we head down next week to the 350 level, which just so happens to be the .50 fib retrace from the March 2020 lows to the highs. However, if the bulls can defend 380 and close above it this week, I am still of the mind that we get a bigger rally to 405ish. The PCE inflation print is Thursday morning and likely decides the direction.
I am long SPY from 369 (with a hedge that is in the green) so I have some room to play with. But if we get a daily close below 380 at any time, i’ll be taking profit on that trade.
Here’s the SPY chart with notes.
I’ve also initiated 4 swing positions this week. I’ll go over those for paid members in the More-Detailed Recap
The More Detailed Recap:
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