Hey Guys,
The market came down yesterday after my email. It popped up a bit overnight from there and the S&P 500 is around 4,340 right now.
Right now, SPY (which corresponds to the S&P 500) is in a classic set up of my trading strategy.
You can see the price driving up through the Upper Keltner line and then the price takes a breather and comes down. Our entry would be at the blue moving average line.
Back tests suggest that the odds might be more likely for the price to go up than down in a price pattern like this. Let's see if that's what happens this time around. It would certainly be nice to see the market go up since I have so many positions open right now.
I haven't taken any new trades yet today. None have triggered, but even if they had, I have almost no available buying power in my main account or double down account. I can take up to two trades today in my options account, though, and SPY is one of the tickers on the watch list. We'll see if that order gets filled at any point today.
If you have any questions or feedback, I'd love to hear from you.