Stock market gift giving season
were entering the Santa rally
I think the new 80 day cycle is in, but is just advertising lower prices here for dip buyers. As far as I can tell, they are here and can be expected to hold their positions. If Im wrong, it is a small stop of less than 2%
It hasn’t broken the weekly low, so a stop can be placed at SPY 0.00 $393.00 with a buy at 400.00 and a target of minimum $410.00 on momentum movement expected to the upside thru the new year.
The 7 points is enough risk to test this buy channel thats forming.
I dont think price is going to break the bottom trendline on the daily chart.
*not financial advice
The stop was there for a reason, but may actually be turning into an entry. It was a good trade but since has turned into a rout that could be participated in. When youre swing trading, watch intraday for opportunities to offset losses. Using $UVXY long can pad the loss on days like this. One last thing, if affecting entry on the open of today, the entry was 395 not 400. If buying overnight, which isnt advised on stocks, then 400 was used. Buying 395 was a discount. Its too bad but it was a good trade. Now, I must ask if this is the last move down. But that is a job for Tomorrow and thereafter. I do believe there will be more buying into the beginning of an 80 day cycle. Perhaps this is the last move down and it can continue higher.