Morning Scoop
What a wild few trading days! The market has been moving in a fittingly erratic manner – straight down, and then all of a sudden, yesterday, straight up. It’s been challenging to keep up, and if you don’t have a plan that you stick to, this environment will chop you out! So remember to protect your capital – it’s your one job in this market.
Markets
📰 News
AMZN was up big after market yesterday after they reported earnings but as of now they are down 3% pre market.
📈📉 S&P 500 Futures Update
This could be a case of a bear trap. We saw a move below the support zone over the past few days, which is what we discussed. Breaking this support could have turned it into resistance, but instead, it turned right around and shot up, reclaiming $4100. Now, the bull case is back in play.
🔮 Forecast
It’s Friday, so it’s possible that today’s trading could be slower, especially after yesterday’s big run-up. I’ll be observing the price action closely to see how it reacts. Ideally, I’d like to see an area where the price settles and stabilizes. If the market conditions are favorable, I’ll be looking for a potential continuation trade.
Wrap-up
Not sure what to expect right now. We’re sitting on a shelf again, and it broke that shelf before we reclaimed it. This market can make you go nuts, and it’s trying to keep doing that right now. I’ll be extra picky today. I want to go long, as that’s the direction I’m leaning right now, but I’ll have to wait for the open to see how price will react. I’ll give it 15-30 minutes, then determine whether to be bullish or bearish based on the action. That’s all for this week, folks. Enjoy the weekend!
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