SPY/QQQ Plan Your Trade - SPY Seeking Support for Base/Bottom
Here is a quick video highlighting the News Event-driven price action today.
My SPY Cycle Patterns don't predict or operate off news cycles. They are based mostly on Fibonacci/Gann research/cycles.
Today's price action is a great example of when patterns fail to predict price trends accurately. But one has to understand that today's price movement is like throwing a huge rock into a tiny pond—it makes big waves.
That is how traders are interpreting the TSLA news today.
Even though the previous quarters were slightly worse than Q2:2024, traders anticipated any negative news that would push the markets downward (it appears).
My analysis has not changed. I'm looking at the price and thinking, "Boy, this is going to be an incredible bullish reversion setup for skilled traders."
In order words, when the selling pressure stalls/stops, prepare for a big rally above $556-557 on the SPY as a reversion move.
Earnings are sometimes challenging to trade through. Big news can throw some big price swings as data hits.
Buckle up. It will be interesting to see how the price reacts through this week's and next week's end.
Based on my SPY Cycle Patterns, I'm still preparing for a bullish rally phase.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
My SPY Cycle Patterns don't predict or operate off news cycles. They are based mostly on Fibonacci/Gann research/cycles.
Today's price action is a great example of when patterns fail to predict price trends accurately. But one has to understand that today's price movement is like throwing a huge rock into a tiny pond—it makes big waves.
That is how traders are interpreting the TSLA news today.
Even though the previous quarters were slightly worse than Q2:2024, traders anticipated any negative news that would push the markets downward (it appears).
My analysis has not changed. I'm looking at the price and thinking, "Boy, this is going to be an incredible bullish reversion setup for skilled traders."
In order words, when the selling pressure stalls/stops, prepare for a big rally above $556-557 on the SPY as a reversion move.
Earnings are sometimes challenging to trade through. Big news can throw some big price swings as data hits.
Buckle up. It will be interesting to see how the price reacts through this week's and next week's end.
Based on my SPY Cycle Patterns, I'm still preparing for a bullish rally phase.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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