SPY/QQQ Plan Your Trade 8-27 - Inside Breakaway Pattern
The SPY continues to slide into a sideways melt-up type of trend. Today's Inside Breakaway pattern suggests the SPY will attempt to move away from this consolidation range.
Although I don't expect a huge breakaway today, I do expect the SPY to attempt to move up into the 563+ area, setting up for a bigger move on Thursday and a pullback on Friday.
Gold is pulling back reasonably hard. The 2530-2535 level would be an excellent area to consider buying or adding to any open position. The 2510-2515 level is the Make-Or-Break level for Gold (that would also be our stop level).
I still believe Gold will make another move higher - but I don't think Gold will build enough momentum to rally out of the current range until next week.
Bitcoin has pulled back into the APEX range (see the chart). We need to see it hold up near this Apex range - or it could risk falling below 57k again.
Overall, I see all of these charts (SPY/QQQ/Gold/Bitcoin) stalling and attempting to base ahead of next week. Next week, I believe prices will be more volatile and try to trend upward.
As I've been warning, this week, the markets needed to pause a bit. Now is the perfect time to position yourself for the next big move.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
Although I don't expect a huge breakaway today, I do expect the SPY to attempt to move up into the 563+ area, setting up for a bigger move on Thursday and a pullback on Friday.
Gold is pulling back reasonably hard. The 2530-2535 level would be an excellent area to consider buying or adding to any open position. The 2510-2515 level is the Make-Or-Break level for Gold (that would also be our stop level).
I still believe Gold will make another move higher - but I don't think Gold will build enough momentum to rally out of the current range until next week.
Bitcoin has pulled back into the APEX range (see the chart). We need to see it hold up near this Apex range - or it could risk falling below 57k again.
Overall, I see all of these charts (SPY/QQQ/Gold/Bitcoin) stalling and attempting to base ahead of next week. Next week, I believe prices will be more volatile and try to trend upward.
As I've been warning, this week, the markets needed to pause a bit. Now is the perfect time to position yourself for the next big move.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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