SPY/QQQ Plan Your Trade For 9-24 : Counter-Trend Breakaway

24 Eyl

Today's counter-trend Breakaway pattern suggests the markets will attempt to move downward (counter to the current Bullish trend) and attempt to find support.

I believe the downward price move in the SPY will target the 565-566 level for a low today - setting up a solid reversal rally phase going into the rest of the week.

We didn't see much downward trending yesterday - so, today could be the day the markets attempt to flush downward a bit.

I'm still urging traders not to overreact to this minor downward price move (potentially today). My analysis suggests the SPY is still on a path to target 595-605 before Oct 10th or so.

Gold/Silver will likely move downward today - setting up a nice base before the next rally phase higher. The strengthening US Dollar will continue to put pressure on Gold/Silver - but I don't believe the US Dollar will rally above 102 at this point.

BTCUSD appears to be rolling over into a consolidation phase. I believe we could see 60k to 62k before the end of this week as a base/bottom.

Now if not the time to be foolish. Just sit back, time your entries, and prepare for the next rally phase in the markets.

Get some.

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