SPY/QQQ Plan Your Trade For 9-20 : Breaking Up/Down Pattern

2 days agoAfter watching yesterday's rally phase (which I believe was a relief rally driven mostly by foreign markets), I believe today's price move will be somewhat muted.

Yes, today's pattern is a Breaking (UP/DN) pattern, which suggests we may see some type of volatility event today. But overall, I believe yesterday's big price move was a volatility event, and today, the markets will struggle to identify a trend. I believe price will struggle for direction/trend today, and because of that, I'm urging traders to move assets away from the markets heading into this weekend.

I think it is better to move assets into CASH and prepare for trading next week. There is no reason to attempt to pick a position or trade heading into this weekend when we really don't know how the global markets will react to news or conflict events worldwide.

So, the best option today is to try to identify a few early trades, then move your assets into mostly cash and wait it out (till Monday).

I don't expect the markets to do anything besides consolidate below yesterday's highs.

Gold made the move up to 2635-2640 today - perfect. Pull profits today and wait for the next move.

BTCUSD is a bit higher today, but I believe it will pause - just like almost everything else today.

The global markets are still digesting the rate cut. We'll see what happens early next week - but today will probably be a stalling/pause in trend.

Get some.

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