$SPY 📉 Drops over the Weekend!
The long weekend just past and low and behold look what we are seeing on the $SP500… price is dropping. Last week we spotted the “Bait ‘N Switch” move that the banks made on the 2H chart and this was the exact turning point for the markets. It goes back to what we say that no matter what if you are on the side of the banks you never have to worry how the markets will trade over the weekend or holidays.
The interesting thing here that I will point out is how well the markets are moving during this holiday. Many traders will come back to trading tomorrow surprised with the drop we are seeing today. This is a common theme in the markets that you will notice if you pay attention to these things and we do.
The BIG move took place on Friday and we covered it in much detail with level 3 students. Obviously the excuse as to why the markets are moving this way is because of the Ukraine and Russia debacle. Now I’ve been following along somewhat with what is happening there and all I can say is I find it so convenient how we went from focusing on a virus to focusing on the potential for war. All I know is that the markets were setting up to make this move regardless of what was happening in the world during this weekend.
Let this be another lesson we add to the many we’ve seen before where we witness the markets setting up to make a move only to be followed through during the weekend and it being reported that it was as a result of world ordeals.
In other news, we added a new stock on the Watchlist/Trade Ideas and this one is $ARKK. It is an ETF that has been getting pummeled. The chart looks great for a continued move lower and we detailed our targets in the write up below. If you want to know more about Cathie Wood the lady behind the ETF, you can click the biography above. For some reason everyone is talking about her these days.
We also did a great LIVE session this past week where we talked about many of the stocks on our watchlist as well as looked at Gold and Oil If you haven’t seen it click the image below.
That’s it for me this week traders. I hope you enjoyed some time with your families as I did with mine. I am very blessed to have many people I love all around me. They give me the strength to continue working each and every day and to keep my spirits up regardless of the madness taking place in our world.
See you in the week!