Monday, June 6th Market Preview
What happened?
- Friday saw some fireworks with Elon Musk's comments about the economy and Tesla looking to downsize their salaried staff by 10%. That set the stage for a red day.
- The market dropped to key levels on both the QQQ (305) and SPY (410) and held them extremely well.
What to Expect?
- No Fed events scheduled for Monday and honestly nothing really major until Friday's CPI data.
- AMZN has completed its 20-1 split with the new price being present on Monday.
- Fed Speakers are in a quiet period this week since FOMC is next week.
What Do I Think?
- As red as Friday was, there was something that stuck with me all weekend. We had a wild week last week of unforeseen landmines with Dimon's hurricane comments, Brainard's comments on not slowing rate hikes, Fink's comments, MSFT lowering guidance, EU inflation, OPEC+ increasing supply, QT fears, Musk's "super bad" economic outlook comments and still pushed through it all. Incredible strength.
- The play for me is to lean bullish for the week until Thursday. So we need to stick to levels and unless some unforeseen landmine comes out and wrecks our support levels.
- We are still following the March 18th to 28th trend. With CPI data coming on Friday, I expect that to be the end of this rally. However, until then, I am not seeing any sort of major landmines this week.
Levels I am Watching (same as yesterday)
Mentions: SPY
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Bones Tradez
Created By: | Bones |
Created: | Mar 2, 2022 |
Total Followers: | 27 |
Twitter: | @BonesTradez |
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Options Trader - Not Financial Advise