Critical Market Signal To Keep An Eye On

Posted by Joe Duffy | Apr 17, 2024 | Joe Duffy's Trading Advantage | 0 |

The attached chart of the SP 500 ETF (SPY) shows the critical level we rest on. Markets have a memory for key levels and we are at one now. I think there *might* be a rally attempt from here, but if there is I think *definitely* any rally is an opportunity to short/ buy puts. AAPL and MSFT have earnings coming up.

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I don’t like playing earnings, but I do think one or both of these is going to be a bit lower than expectations, or issue less than stellar forward guidance. That will likely be the catalyst to take this market in the next downleg. Looking for that bounce to get short this week.

Thanks,

Joe

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Joe Duffy

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