SPY retesting 380 next week
The CPI released Friday was worse than what I expected, seems also surprised the market. We saw a big drop on Friday, and probably not done yet.
I sold most of my long positions by June 8 since I sensed a drop incoming and was hoping June 11 will be a bounce back day such that I can re-enter for long. But the drop was much bigger than what I was expecting and highly likely not done.
We will likely retest 380 and probably close near 375 one of the next few days. I will consider going long again around next Tuesday and Wednesday time. We might bounce up again to $400, by which time we shall reevaluate again.
I sold most of my long positions by June 8 since I sensed a drop incoming and was hoping June 11 will be a bounce back day such that I can re-enter for long. But the drop was much bigger than what I was expecting and highly likely not done.
We will likely retest 380 and probably close near 375 one of the next few days. I will consider going long again around next Tuesday and Wednesday time. We might bounce up again to $400, by which time we shall reevaluate again.
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