It was a wild start to another week of trading. Yesterday SPY was down close to 3%. Let's look at the rest of this week and into next week:
News:
- Commodities are going parabolic
- Ukraine/Russia are creating geopolitical instability which has spilled over into monetary instability
- Today the USA should release news regarding the import of Russian oil
- Tomorrow we have JOLTs and Crude Inventories (both important to the Fed)
- Thursday is Core CPI MoM and Initial Job Claims (both important to the Fed)
- Next week the Fed should announce the first 0.25% rate hike. A surprise dovish announcement could lead to a mid-term market correction.
Charts:
- The 4H chart the SPY quickly touched the .786 extension of the most recent correction before retreating to the supply zone. CCI is overbought. Mid-term it should reach the 1.0 extension at 400, which is a psychological level, and gap level from 4/1/21.
- The 1H chart retested the downward trend line, as well as the base of the channel. CCI is overbought. A short-term pullback could be in the works before heading lower to the 400 level.
- The VIX is showing signs of weakening and could rest the lower channel, which would support the idea of a short-term recovery in SPY and give the bears a better R:R.
News:
- Commodities are going parabolic
- Ukraine/Russia are creating geopolitical instability which has spilled over into monetary instability
- Today the USA should release news regarding the import of Russian oil
- Tomorrow we have JOLTs and Crude Inventories (both important to the Fed)
- Thursday is Core CPI MoM and Initial Job Claims (both important to the Fed)
- Next week the Fed should announce the first 0.25% rate hike. A surprise dovish announcement could lead to a mid-term market correction.
Charts:
- The 4H chart the SPY quickly touched the .786 extension of the most recent correction before retreating to the supply zone. CCI is overbought. Mid-term it should reach the 1.0 extension at 400, which is a psychological level, and gap level from 4/1/21.
- The 1H chart retested the downward trend line, as well as the base of the channel. CCI is overbought. A short-term pullback could be in the works before heading lower to the 400 level.
- The VIX is showing signs of weakening and could rest the lower channel, which would support the idea of a short-term recovery in SPY and give the bears a better R:R.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.