The market fooled me last week as I thought it had already bottomed, but it didn't. It decided to go hit the 660.08 FP on the SPY after all in one more flush out drop into the Sunday futures. The window for the expected low was March 3rd-5th, but clearly that was off as it has carried into 8th, but I bought plenty of time with my longs I got last week, so while I'm frustrated that I didn't see this coming, and actually catch it, I still am confident that we will see a massive squeeze to 7600+ into April-May.
I'm trying a different trading method by only taking trades with high odds of playing out on the medium term and not focusing that much on the short term. Why? Because the short term moves are too hard to figure out and get right. I'm not sweating this drop as I still have lots of time for the expected rally to play out. In fact, I expect the down move from last night to get fully erased by the end of this week to put in a long bottoming tail candle on the weekly chart. This drop is the fuel needed for the bulls to squeeze the bears for the next couple of months. Don't get sucked into thinking we are crashing as we aren't... we are bottoming.
Have an blessed day.
