09/20/2024

Hey Trader,

As we mentioned earlier this week, the market was ready to pop, and the Fed cutting 50 basis points was just the champagne bottle ready to pop, sending the market flying to all-time highs.

But then came Thursday, serving up something curious—the almighty doji candle. 

Quick summary: a doji means indecision. 

It’s when the bulls and bears are locked in a tug of war, with the wicks representing that struggle, and we end up right back where we started.

This morning, as I write this, the market’s looking to open lower. If we close red today, expect some continued selling into next week. The silver lining? Strong support at the SPY 561 level. So, we’re likely in for a cute little pullback, hit that support, bounce, and then continue our journey higher.

This is NOT a doom-and-gloom note. The breakout we’re seeing is orderly, not the chaotic parabolic frenzy like we saw with stocks like GameStop. 

The bulls have earned this one, but expect some swings that might feel more dramatic than they really are on this climb higher.

There will be plenty of opportunities to trade the rips and dips, so pop on by our daily trading show with your FREE TRIAL right here, and make some moolah with us!

Always be closing,

Olivia Voz