Trading the Charts for Wednesday, June 20th
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Good morning and Happy Wednesday,
Powell speaks today in front of Congress, I’d expect him to sound slightly hawkish and focus on Core CPI still being too high along with tightening credit markets but that the labor market remains strong and economy/consumer is still in good shape and resilient.
Equity futures flat…
Yields mostly flat although the 10Y yield finally starting to fall…
Markets still expecting another FOMC hike in July (5 weeks away)…
SPY lost 440 (I stopped using SPX because it won’t show volumes, price by volume and VWAPs) by found support at the 9d ema, if can’t hold the 10d ema then I’d be looking at 431.49 for possible support.
RSP with a big gap down yesterday, down -1.34% vs SPY down -0.52% so we’re back to megacaps holding up better than the other 490 stocks in the S&P, RSP found support at the 146.27 pivot
QQQ down -0.14% yesterday because megacap tech holding up well, nice bounce yesterday off 7d ema, I have no idea if we pullback to 10d ema or try to take out that 372.14 high
QQQE also looking worse than the market cap weighted QQQ but did find support at the 9d ema.
IWM was getting killed yesterday morning but did have a nice bounce off that VWAP from one of the recent gap ups, still finished down -0.44% but much better than the -1.21% from earlier in the day.
IWO also down yesterday but slightly better than IWM, closed down -0.32% but big bounce off the morning lows, bouncing off the VWAP from June 1st candle (not shown).
ARKK with a big bounce off the 10d ema, that’s when I covered my short/hedge but then put it back on before the close. I’ll continue to do this most days, I’ll take off my hedges if they’re trying to bounce but put them right back on if they (ie ARKK) take out the lows of the day. Right now I’m 40-45% hedged overnight with ARKK and IWM.
Below the paywall is my current trading portfolio and watchlist with charts, entry points, stop losses, etc. (PS: my investment portfolio is different and only available to my Stocktwits subscribers and my Substack deep dive subscribers)
Please note that I have changed the links/URLs for my webcasts as well as my portfolio spreadsheet — I have to do this at the beginning of every month so former subscribers no longer have access to the content that is exclusive for paid subscribers.