The S&P500 futures (SPX/SPY) are higher overnight, regaining its highs this morning after NFP data was not as bad as projected. While the numbers to reflect the U.S. economy has shed over 20 million nonfarm jobs in April.
Nonfarm payrolls fell 20.5 million from March — compared with a forecast of a drop of 21 million — according to Labor Department data Friday, as government-mandated shutdowns and the prospect of slumping consumer activity forced firms to lay off workers in droves. forexpros.com
SPY > Sector > Industry Groups > Stocks
We continue to trade day-to-day, with short term swings taking profits at the open. Then we begin looking for “ABCD Pattern” setups to repeat the process after the opening range is complete. At the same time, we are watching the SPY, QQQ, and IWM, in addition to the sectors showing relative strength to give us the best opportunities in this environment.
SPY Daily
SPY is holding above the 290 level (2900 S&P500) discussed all week. This is support. In addition, to stay in a bullish mode, we need to see price action remain above the 9/21d. A loss of the 9ema would be a warning, and a close below the 21d a sell, go to cash signal, in our trading account.
Given the expected move for the week, published on Sunday’s to members watchlist, remains inside the bell curve with 293.64 first target.
Retirement account assets are balanced. We have approximately 48% US/International equities, 40% fixed assets, including AGG, and 12% alternative investments, like real estate.
Changes our retirement weighting would change if gamma shifts to negative, so tune in every day and check your member’s BLOG for updates. And, remember to join us in the trading room for our LIVESTREAM broadcastduring market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.