Hello Everyone,
Down day for the major indices after the opening probe formed another lower high which was in line with my annotations on the SPX chart. The afternoon session produced some wild gyrations and one very objective wedge setup just above 4280 support. After the wedge bounce stalled near VWAP - it came down again to test 4280 (slightly lower low) but support held with a sharp spike higher into the close. On the SPX/QQQ intraday charts, I see a bull flag formation with downtrend line overhead (strong resistance). Tomorrow Chairman Powell speaks and will likely decide the fate.
Administrative Note: I'm still in recovery mode from vocal cord surgery so will keep newsletter as brief as possible with focus on the indices.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more. Big moves tend to occur first and last hour and overnight sessions.
Please take a moment to look at the trade ideas.
