Familiar Territory

Morning Scoop

Yesterday was definitely a good day not to trade. Unless you were betting to the downside. After what felt like an eternity, the market made a move, let’s take a dive into what’s going on around the markets!


SPY futures daily chart
60 minute view

• Yesterday, we observed a bear flag on the 60 minute chart, which broke down and resulted in lower levels this morning.

• Now, we as traders must zoom out and look at the bigger picture, including the longer-term view on the daily chart.

• Currently, there is an area that has been touched multiple times, and traders should look for good risk-to-reward opportunities from this point.

• Although there is a possibility that these levels may eventually break, this is a good spot to take a chance.

Trade Ideas

Monthly Chart

• AEHR after 25 years.. has finally revisited the price where it IPO’ed at. talk about a late bloomer.

• Joking aside this makes for some really bullish opportunities. We have ‘clear skies’ meaning there is no previous price action at these levels. Which means nothing is holding it back.

• If these highs hold, we’ll continue to monitor this for good risk to reward areas to take chances.

• keep in mind the market has been down and choppy while this just made new highs? Pretty bullish to me.

Wrap up

That’s all for today friends, traveling to Charleston today and finally relaxing for tomorrow. I’ll keep monitoring the markets and will follow up tomorrow! Happy trading.

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