Hey Market Pilot,
Well last week was certainly an eventful week, wasn’t it?
The consumer price index (CPI), Federal Open Market Committee (FOMC) members being hawkish, Russia, and I am sure there was more. I always find it fascinating how technicals can line up with the news events of the time, and last week was one of those.
Despite all the crazy world events, the patterns in the market held up beautifully and we were not sucked in on the long side before the trap door opened. I had been expecting the S&P 500 (SPY) to run into resistance not just because of an overhead moving average, but because it was also a confluence of many different resistance metrics. I had even been calling for it a few days ahead of time and then we watched it unfold.
So far so good on this and we even had, unfortunately, bad news help push the markets in our direction. I am sure there will be some back and forth this coming week as the Fed (FOMC) is having an emergency closed-door meeting.
Stay strapped into your seats, this wild ride has only just begun.
Your Profit Pilot, TG
P.S. Right now is Simpler Trading’s Valentine’s Day sale! Check out our store for 20% off select items. Use code “THANKS” at checkout!
