SPY and QQQ positioned just below their declining 50DMA
''Sell in May and Go Away'' , average returns -0.1% since 1928, have often been muted, with higher volatility.
We’ll begin trading for May 1st in the later session, with both $SPDR S&P 500 ETF Trust(SPY)$ and $Invesco QQQ(QQQ)$ positioned just below their declining 50-day moving averages, as the market sits at a broadly extended short-term breadth level.
If you're already positioned long, stay disciplined with your plan—whether that’s scaling out into strength, using trailing MA stops, or a hybrid approach. Market can further extend to expand your unrealized profits, no one can predict.
If you're on the sidelines with a watchlist of setups nearing entry, be aware there's an imminent pre-market risk event on Friday (April’s NFP at 08:30 ET) that is capable of triggering a gap, posing significant risk to fresh positions without profit or time buffer.
Have you developed a personal framework for Situational Awareness in the ownership of your own trading process?
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