Hey Market Pilots,
We finally got the pullback I was looking for, and then the market decided that whatever the Fed and Jerome Powell said was acceptable, so everything was bought up.
I’ll cover the QQQ later and follow up with the projection I had with it, but for now, the SPY and IWM pulled back to the areas I was looking for. The SPY pretty much tapped H50, but I have a sneaking suspicion that there could still be some odd movement this week as options expire. The IWM went below the Hourly 50 SMA which put it into a Moxie Trampoline setup (one of my most energetic setups) so I am happy with the action.
The markets pulled back Tuesday, which put many names into exactly the kind of moving average setups that I teach, along with so many Trampoline setups on the hourly time frames. Then on Wednesday, the markets continued to be soft for the morning as they waited for the news from the Fed and Powell. I haven’t fully caught up on what was said (pretty much status quo with unchanged interest rates and more bond-buying) but the market appeared to be very happy with the guidance. A flurry of buying volume came in across the board and the markets moved up strongly.
Adding this reaction to the technical setups I have been guiding the Moxie Indicator subscribers into, gave me all the reasons to jump in on several names. Unless something surprises us from left field, my bullish stance has been confirmed and I am eager to see tickers start to get back on track from the February thrashing.
Over and Out,
Your Profit Pilot.
If you are having trouble making money in the market or figuring out how to interpret charts, join me live on Wednesdays at 10:30 CT. I navigate the markets and answer your ticker questions in real-time. If it resonates with you, I would be thrilled to have you on the journey.