Dead cat bounce or new rally šŸ˜¾

The next critical level for SPY

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 šŸ‡ŗšŸ‡ø State of the Union šŸ‡ŗšŸ‡ø

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Happy Thursday, everyone!

Yesterday was a sea of red, and today isnā€™t looking much better (at least yet).

I warned you last week about the SPY death line at $445. I knew if that didnā€™t hold, weā€™d see quite a bit more downside.

(Remember this chart I shared with you a couple of days ago?)

Well, that broke on Tuesday, and what happened?

Another big drop on the index, exactly like I said.

Folks, Iā€™m giving you this advice for FREEā€”insights from over 20 years of market experience.

Bullseye Trades subscribers get much more, so join the community right now.

The selling started, and it hasnā€™t stopped. Any hopes of a rally yesterday ended when the Fed released the FOMC meeting minutes.

Looks like rate cuts are off the table, more hikes are on the way, and commercial real estate is in trouble.

As I write this, Iā€™m looking at a bounce I discussed in my Bullseye Unlimited subscriber email this morning.

You wonā€™t find hardly anyone else talking about this, but weā€™re sitting at -100 on the following chart, and I am sure youā€™re asking yourself, ā€œSo what?ā€

This is one of those weird osciallators I follow pretty closely. When it speaks, you need to listen.

You see, every time (but once) in the past four years weā€™ve hit this level, weā€™ve seen a 4% rally in SPY over the next 30 days.

Plus SPY and QQQ are heavily oversold and sitting just at the 50-day EMA. Itā€™s been a key level of support since late March.

We got a pop this morning so letā€™s see if this plays out.

So itā€™s time for our end-of-week trade review.

Hereā€™s how my Bullseye Trades worked out that I laid out for my members on Monday this week (before the market opened).

šŸ—ŗļø Here Was the Plan

META crushed earnings, then fell.

Itā€™s a powerhouse stock with lots of big money interest. Unless the whole market falls (which is always possible), it was oversold and ready for a bounce.

So I sent out the following alert to my Bullseye Trades subscribers outlining my outlook on the stock.

Included was the complete gameplan for how I would trade it, including the SPECIFIC OPTION I was looking at.

So what happened with this trade?

šŸ•µļø Hereā€™s What Happened

I got filled at my target price on Tuesday and sent out the following alert to Bullseye Trades subscribers.

Seeing META dip a bit more, I decided to add to the position as per my plan.

Subscribers know immediately when I place or close trades.

Ok, hereā€™s where the plan changed.

My stop was a close below $295, and yesterdayā€™s close was at $294.29. However, the market drop yesterday was on news, not technicals.

META was only slightly below my stop loss and sitting just above its 50-day EMA. This is a major level of support and institutional buying.

So I opted to stay in the trade.

Iā€™m looking for a continuation of this morningā€™s bounce to push the trade into profit.

Weā€™ll see how that works out. Iā€™m optimistic.

But if things get too bearish, Iā€™ll just take a small loss. No worries at all, itā€™s just part of trading.

Iā€™ve had so many winners recently, this wonā€™t make a dent. And another opportunity is coming MONDAY next week!

šŸšØ Critical Lessons

Have a plan, but be flexible. Like the old military quote says:

ā€œNo plan survives first contact with the enemyā€

Always leave open the possibility of modifying your plan based on new developments.

Iā€™m NOT saying to trade emotionally - thatā€™s suicide. However, Iā€™ve been for so many years Iā€™m comfortable making adjustments.

And youā€™ll get there too.

Join Bullseye Trades now and start getting the options education that will take you to the next level.

Youā€™ll get my complete game plan every Monday, unlimited access to our training library, the trading ebook ā€œHow to Become an Alpha Hunter,ā€ and alerts on trades I make sent directly to your Raging Bull app.

All backed by my IronClad 30-Day Satisfaction promise.

šŸ‘‰Tomorrow, letā€™s dig into how exactly how I set up a trading game plan.

Before I ever buy a stock, I always have a game plan in place for what Iā€™ll do if it doesnā€™t work out.

Itā€™s a crucial part of being a successful trader, and I have learned a lot about who to do this so I donā€™t panic when trades donā€™t go my way.

To your success,

P.S. Remember to join me @ 1pm EST today for my special ā€œState of the Union.ā€ There is a lot going on in the market right now, and you need to learn what to look out for.  Click here to join 100ā€™s of us @ 1pm EST today!

šŸ“²You can even join on your mobile phoneā€¦ no download needed!

 

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