I Called That Drop. What’s Next…

Posted by Joe Duffy | May 24, 2024 | Joe Duffy's Trading Advantage | 0 |

The cycles I highlighted the last few days appear to have rolled over as anticipated. The recent high would act as a point where I am wrong, however from the entry point on Monday there was very little adverse heat before today’s move lower. Lots of potential here for very little risk.

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The two stocks I highlighted ARKK and LVS are both substantially lower, and gave a large window to get in on the short side early in the week. The attached chart shows the Volume Point of Control below 5000 in the SPX. That is a reasonable target for June. I will adjust that if needed as the market is a constant river of new information, but for now I expect sub 5000 by June.

Thanks,

Joe

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Joe Duffy

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