Top 5 Weekly Trade Ideas #3 - Mag 7 Support
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The mag 7 bounced at 2,225 once again while SPY hit $585 this morning so that was pretty good. It may be headed back to the top of the range from here, but the best move will come if it breaks below 2,225 or reclaims 2,300.
Rangebound for now, but will be very important for bulls to watch if it tries 2,225 again and breaks. Seems fine otherwise, but also has a gap fill shortly above that could act as resistance.
Rangebound for now, but will be very important for bulls to watch if it tries 2,225 again and breaks. Seems fine otherwise, but also has a gap fill shortly above that could act as resistance.
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The mag 7 actually closed below support yesterday while SPY held $585. Decent indication of weakness to come. There was a really nice short opportunity on the retest too. This will be very important moving forward, the market will have a hard time rallying if the mag 7 can't reclaim 2,225 and vice versa.
You reap what you sow.
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
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