# Oct. 28th Recap

https://preview.redd.it/tblk7u9msrw91.png?width=1208&format=png&auto=webp&s=6d2a97d05e8fc5c8362e2fc4c41b9b4ca9e7aa16

https://preview.redd.it/c6qno9ymsrw91.png?width=1456&format=png&auto=webp&s=95a86fc556601d0ad3ef0d4ee7b983ab5514aaf2

SPY traded in a nice parallel uptrend channel today.

https://preview.redd.it/dynvz66rsrw91.png?width=1456&format=png&auto=webp&s=b2e5d4f201f1b848b38aaa4883f88bdaf4df9d99

I retired this rectangle a little too early it looks like. BUT I wanted to highlight the unbelievable range we saw on Friday. It really is a scalpers paradise! Lines did hold up pretty good

https://preview.redd.it/xspi6o4xsrw91.png?width=1456&format=png&auto=webp&s=7b434b85661b433c83fbab09c137b849ec432acf

It’s up to the Fed if we continue this rally or not with FOMC this week.

https://preview.redd.it/0ztgukpysrw91.png?width=1456&format=png&auto=webp&s=a70c68f1b99461a85739d0ef73d658e62408527e

# Scalping Review

SPY opened at that 380 range and held (important level to hold as noted in last post). It started its first leg. It came back down to 380.96 at around 8:12 UTC-6 and tested 20 MA and AVWAP. It bounced and continued upward, completing another leg and half or so. For the next hour and half, SPY traded in a large flat top triangle – getting three bounces off the 385.04 line on the scalping chart. SPY broke out of the triangle at 10:15 UTC-6 and backtested twice. The 388.96 full measured move was hit EOD. SPY continued it’s uptrend and traded in a rectangle from 11:10 UTC-6 to 12:32 UTC-6. It broke out and hit 388.96 full measured move EOD. We closed right around 389.34 line on scalping chart.

https://preview.redd.it/v9ly3ug2trw91.png?width=1456&format=png&auto=webp&s=0409d95854dde202d68f8e5c59a5f27637ee2002

I found some time to trade in the AM before I went golfing. I took four trades. I played the second leg of the uptrend.

https://preview.redd.it/znrm6t84trw91.png?width=1456&format=png&auto=webp&s=c14ced6ddbae22d6ce7b8b6aaeb286af96020d9b

I played the breakout of rectangle to half measured move. It took two attempts for me as I was stopped out on the first try.

https://preview.redd.it/9bq6ewx5trw91.png?width=1456&format=png&auto=webp&s=6706ff4f6c88ba3f5c05cb065b29c3d85ff1d3e2

I re-entered on backtest for a tiny scalp back to half measure and called it a day

https://preview.redd.it/87sg7ol7trw91.png?width=1456&format=png&auto=webp&s=aa3a0eada5edc1fad64080d348858ccd64a65e38

https://preview.redd.it/il3qmwa9trw91.png?width=1388&format=png&auto=webp&s=abd8dec69870f70ab73ded1ed330e2ba681ede30

10K this week!

https://preview.redd.it/janhsh3atrw91.png?width=1456&format=png&auto=webp&s=c800f9dc2713719db7e420d73758e20608a67544

# US Market Wrap – Financial Juice

US stocks ended a volatile week with a sizable gain as Apple’s earnings report boosted technology shares and a smattering of economic data suggested the Federal Reserve is making some progress in its battle against inflation.

The S&P 500 and the tech-heavy Nasdaq 100 both posted their longest weekly gains since August. Gains in major technology companies such as Microsoft and Google Parent Alphabet aided both indexes in reversing a two-day decline.

Treasuries fell on Friday, snapping a three-day rally, as hopes of a Fed pivot faded. The dollar rose for the second day in a row.

This week, stocks, bonds, and the dollar swung wildly as investors tried to make sense of conflicting earnings reports and economic data.

Quarterly reports from megacap tech names underscored the impact of the Fed’s tightening regime, and consequently the surging dollar.

Meanwhile, a core measure of US inflation increased in September, strengthening the Fed’s case for another jumbo rate hike next week. However, a contraction in manufacturing and services, as well as lower-than-expected US home sales, indicated that the Fed’s actions were already having an impact on the economy. The release of gross domestic product data on Thursday temporarily allayed fears of a recession.

Economists continue to expect the Fed to raise interest rates by three-quarters of a percentage point next week, for the fourth time in a row. Rates are expected to rise another half point in December, followed by quarter point increases in the next two meetings.

# Economic Calendar

https://preview.redd.it/x1tgij8gtrw91.png?width=1456&format=png&auto=webp&s=2a9c074b1ed54008ac0aac7c74834b78dce5f163

# 🕵️‍♂️ I SPY TA

## Fib. Levels

* Downside targets:
* 384.96
* 377.69
* 368.42
* Upside targets:
* 390.08
* 395.19
* 401.51

https://preview.redd.it/hxsd7uvhtrw91.png?width=1456&format=png&auto=webp&s=2a1ec0dede5da0fba296381758525e7c75cbf9ad

## 65 min. Chart

* Starting to see SPY turn over a little bit – notice the rounding top trying to form. If 390 holds as resistance on Monday, I’ll be looking for 387.32 – 385.00.
* If we gap up to 395 ish and top of resistance, I’ll be looking to fade to 390.
* If we gap down to 385 ish, Ill be looking to see if 385 holds, and play either way – calls to 390 – 395 or puts to 381.50 – 379.16 – 377.00

https://preview.redd.it/a0iwmhpjtrw91.png?width=1456&format=png&auto=webp&s=4f0a9e85b830929d84a0e4ef7b36267a01176f51

## Trend-based Extension

* 1.618 golden ratio puts us at 407.68
* 20 MA currently at 410.35
* If the trend continues, this range is where I’d start looking for a top.

https://preview.redd.it/yd8gdfbltrw91.png?width=1456&format=png&auto=webp&s=2cf2bc85cf2d63ad9ca1004f4260d32a4806d3ad

# Scalping Chart – Best on 2 or 3 min. Timeframe

https://preview.redd.it/9vlrmdzmtrw91.png?width=1242&format=png&auto=webp&s=16657ba3ac7b70f8068ced65dde7995e343d55af

* Lose 389.34 and look for 387.41
* Lose 387.41 and look for 385.03 – 384.21
* Lose 384.21 and look for 382.02
* Lose 382.02 and look for 380.06 – 379.16
* Lose 379.16 and look for 376.69
* Break 391.73 and look for 393.15
* Break 393.15 and look for 394.78 – 395.70
* Break 395.70 and look for 397.64 – 398.83 – 399.67
* Break 399.67 and look for 401.00

https://preview.redd.it/4onvkj9qtrw91.png?width=1456&format=png&auto=webp&s=37d56a3e502a4c4d851348211cf798dc2ab3e948

Notes:

* 15 min RSI: 74.42 (overbought)
* 65 min RSI: 69.78 (overbought)
* 4 hr. RSI: 51.45 (neutral)
* Day RSI: 59.53 (bullish)
* 15 min. MACD bearish divergence printed in AM and is playing out

https://preview.redd.it/8vnanyattrw91.png?width=1456&format=png&auto=webp&s=c53cd364dae9bd724e8cba9886a350746e214dee

* Netflow – 1 Day – Puts decreased as calls increased.

https://preview.redd.it/4uf4g25vtrw91.png?width=1456&format=png&auto=webp&s=75b2f043e3c3d27bdd84379610fdeb319dd7fc9f

* Netflow – 5 Day – Calls and puts decreased. Calls more so than puts

https://preview.redd.it/jxoixw8xtrw91.png?width=1456&format=png&auto=webp&s=5a9d0d7d356506e305a34fc03e7ce350d2e56fd5

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