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Where I see SPY Going by Friday

Where I see SPY Going by Friday

Using this theory for my hottest trade ideas

Jeff Williams
March 14, 2024

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Good afternoon gang,

Markets have been just FIRE lately! So methodical on the way up, bouncing right off the 20 SMA on any bigger pullback since early November. Take a look at the chart below to see this beautiful uptrend. Notice those bounces off that 20 SMA line in blue. Love that support!

The VIX has been in the $13 range for a while meaning there isn’t much fear out there right now, helping markets remain bullish!

Take a look at the $VIX chart below. See in November how the VIX bottomed out and since then the SPY has rallied (see above chart.) As long as that VIX stays low, for me, I’ll remain bullish in markets.

Today the SPY, QQQ and IWM are all pulling back as PPI data came in a bit higher than expected and while MOST people are thinking FLUSH, I think differently.

So, where do I see SPY going to close the week and how will I be trading it?

The last time CPI data came in hotter than expected was a few weeks ago. SPY flushed that day but then rallied the next 3 days gaining about $10+ in value. While I’m not sure if that happens again, I remain bullish as stated above as long as SPY stays above that blue 20 SMA.

I’d like to see a bit of a rally here into the close with a push back to $517s or so by Friday close. Ambitious I know but until history proves me wrong, I’m sticking with it.

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Alright, I’m bullish on markets going into the close of the week. How about you?

Watch me live trade it in Market Navigator service here, starting right now.

Cheers!

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