Jan 19 • 📚 Education
Weekly Market Update: What You Need to Know!
Let's break down this week's market action in simple terms and help you spot potential opportunities!
📊 Market Quick Take: Friday brought some interesting action with the "Trump pump" effect as traders positioned for Inauguration Day. Here's what you need to know:
SPY Levels to Watch:
- Resistance: $599.70 (like a ceiling)
- Support: $593 (like a floor)
- Trading Tip: Above the ceiling we have broken out of the downtrend. Below the floor we are back in the downward channel SPY has been in for weeks.
QQQ Levels:
- Upper Level: $527.92
- Lower Level: $517
- Learning Opportunity: Same story as SPY!
🎯 TUESDAY IS KEY!
Mark your calendars! Tuesday could be a game-changer. We're watching to see if the market:
a) Breaks higher (bullish) OR
b) Falls back into recent trading ranges
📅 Important Events This Week:
Thursday:
- Jobless Data (shows us how the economy is doing)
- Trading Tip: Watch how the market reacts in the first 30 minutes after this news
Friday:
- Housing Market Data (tells us about consumer confidence)
- Perfect opportunity to practice news-based trading!
BONUS: Big companies start reporting earnings! Great time to learn how earnings affect stock prices.
🔍 Sector Watch:
Energy Sector (XLE):
- 16 days straight above its 5-day moving average
- Great example of strong trend momentum
- Learning Point: This is what a strong move looks like!
Financial Sector (XLF):
- Shows promising upward movement
- Watch Tuesday's close for confirmation
- Perfect for practicing spotting breakaway gaps!
💡 Educational Corner:
Want to understand these market moves better? Don't forget to:
3. Practice spotting these patterns on your own.
Remember: Success in trading comes from education first, action second. Use this information to learn and observe - don't rush into trades!
❓ Questions about anything mentioned here? Drop them in the comments! Our community is here to help each other grow.
🔥 Ready to take your trading to the next level? Check out our Pro tier for daily actionable trade ideas and live trading sessions!
✌️- Derek
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Weekly Market Update: What You Need to Know!
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