TRADE PLAN for Thursday 📈
Ping pong market.. $S&P 500(.SPX)$ and $Invesco QQQ(QQQ)$ stuck in a 5 month range... We should see a resolve from this AFTER FOMC. As long as $SPX can hold 7700 and $Invesco QQQ(QQQ)$ forms a new base above 716 we should see a push back higher by the 1st week of November. Until then, tread lightly and preserve cash....
We saw negative reactions to $Tesla Motors(TSLA)$ $IBM(IBM)$ $Lam Research(LRCX)$ earnings today and the Chip/AI stocks are all gapping lower now. Until we see $Micron Technology(MU)$ $SanDisk Corp.(SNDK)$ $Advanced Micro Devices(AMD)$ $NEBIUS(NBIS)$ lead the market again, I'd be careful sizing up in this environment.
$Invesco QQQ(QQQ)$ will enter it's 6th month of consolidation in November but I doubt it stays in this range. Get ready for a BIG move soon in the next 2 weeks.
Good luck tmrw everyone!! 🫡
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