$SPY - Important Levels to Watch

Sep 24, 2020

SPY-I believe we are forming a wedge/channel formation and, upon breakout, can start buying stocks again. We are 10% from the top of the sell-off and I believe this will attract more people into the market. Additionally we are just above the 100 day moving average and on a horizontal support from last June. I do think we could go lower, as far as 2850, but in the short term I think we actually have higher to go. Between now and the US elections, I believe we could see as much as a 8% swing up, and then 18% down. Keep in mind that volatility is going to be very high so please, use care in getting into and out of your positions. If you're holding for long term, you'll be just fine no matter who wins. Please feel free to ask any questions, once we break this wedge I will start posting some more ideas :) Cheers!

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Sep 29, 2020

Note

AMAZING move off of the bottom :) I think we have just a little bit more to go before another reversal. Watch the NQ1! futures for clues where we go next :)