SPY/QQQ Plan Your Trade For 7-24 - Harami~Temp Bottom

7月24日Good morning all,

Boy, my friendly group of traders was reviewing the TSLA and GOOG data last night for any signs of weakness or strength.

The earnings data did not settle well with traders, and the markets were a bit lower this morning. But, simultaneously, I'm trying to tell my followers to let the dust settle after yesterday's data.

I was taught "it is a market of stocks - not a stock market". Don't think of it as a single unit - it is multiple (thousands) of stocks competing for your investment dollar.

And, as I'm still reading the data, I believe the US stock market is healthy and efficient in terms of earning power and future expectations.

Because of my expectations, I'm urging my followers to consider something somewhat unique. Today's SPY Cycle Patterns should be a Harami pattern, but tomorrow's is a Temp-Bottom.

I suspect the Temp-Bottom pattern may blend in with the Harami pattern today - setting up a very clean type of double-bottom or price base for the SPY/QQQ.

My data suggests we are moving into a reflation/recovery phase (higher), but the news/data (earnings) has shifted price action to the downside. The base/bottom is playing out today and tomorrow as the price attempts to find/bounce off support.

We'll see how today plays out. Please pay attention to my warning related to today's downward price trends. There is a lower gap that could get filled on a deeper downward price trend - but I'm looking for new or recent lows to set up a Base/bottom today. Then, I expect solid reflation/upward price trending over the next 5~10+ trading days.