SPY/QQQ Plan Your Trade For July 3 - Early Consolidation

Jul 3

Good morning,

This continued video series highlights my SPY Cycle Patterns and attempts to teach you how to read these patterns and the price charts to plan your trades throughout the day.

Remember, I'm only looking for the best opportunities for trading profits. I plan to avoid any CHOP or sideways price action as it is not my style to scalp in and out of trades every 10 minutes.

I expect the upward price trend to continue, but it will happen later in the trading day (after Noon ET).

I expect the SPY/QQQ to consolidate in the early portion of the trading day - moving sideways and possibly pulling downward after yesterday's strong rally.

I believe that the price must attempt to consolidate into the channels related to momentum; then, the price may try to resume another momentum move higher.

So, I'm going to be patiently waiting out the first 2.5 hours of the trading day, looking for opportunities to buy into lower prices near 11-12 Noon ET, and expecting the markets to move into a momentum trend higher.

What I do may be different from what you decide to do as a trader. I'm just trying to help you see and plan for opportunities throughout the day.

Remember, Friday should be a very large price range day with a Momentum Rally pattern. It is not uncommon for that pattern's momentum to bleed into the end of today's trading day.

It should be a good day for traders.

Get some.