Dear Reader,
The SPDR S&P 500 ETF (SPY), our benchmark for gauging the overall stock market, opened near all-time highs this morning and has been sliding lower all day.
You might think this is a sign of bearishness, but nearly everything we track here at Patterns &Profits is looking bullish at the moment.
And how we get to our long-term target of 580 is coming into focus…
Just this morning, we opened all the way up at the 563 level, just a hair below the July 16 highs.
So the July 16 high has become resistance – and I expect SPY to continue to bump up against that level for a bit…
But with the latest comments from Federal Reserve Chair Jerome Powell, who said that there was “ample room” to adjust policy, a rate cut (or two) before the end of the year is a foregone conclusion.
And I think we’re going to hit our target sooner than expected.
In this week’s Five Points video, I’ll walk you through everything you need to know to track stocks, bonds, commodities, currencies, and crypto!
Just click below to get started!
Good trading,
Tom Gentile
America’s Pattern Trader