Jan 5 • 💬 General
Let's Plan for the Week Ahead!
This past week, SPY and QQQ stayed in a range with support and resistance levels holding so far. For now, I maintain a neutral bias until we either make a new all time high or we break the current lows on the daily chart. If you're day trading this environment, I recommend being quick to take profits. Swing trades have been playing out fairly decent in this environment but could also take some extra patience if we stay in the range we are in.
Economic data centers around jobs reports this week. Important data that traders and big money will be watching starts Tuesday. Mostly in the premarket. Wednesday brings the FOMC minutes which usually tends to cause some tighter price action as the day goes on.
The main sector on my radar this week is the energy sector. XLE and XOP are both above the 5 SMA for 7 days in a row. Both of these sectors are testing resistance levels as we speak and I'll be curious how price reacts over the next couple of days. Did we bottom a couple of weeks ago or is this just about to be a new "lower high?" Time will tell.
Earnings season starts back up this week so I expect more trade ideas as the week goes on than we've had the last couple of weeks! Glad to be back and excited for the year ahead!
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Let's Plan for the Week Ahead!
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