SPY GAMEPLAN FOR JUNE 2,2022
Based on today's economic news:
ISM Manufacturing (Apr) 56.1 vs 54.5 Expected
JOLTS Job Openings (Apr) 11.4M vs 11.35M Expected
The market was up the first 30 minutes of the session, and then after the news, it got rejected on resistance and then bounced back from the support of 407. Also, keep in mind that vix is on a support level of 25.50. If 25 breaks market will go up. If not, SPY will make new lows.
Two Scenario for tomorrow:
-Break below 407 can lead to 398-400
-Break above 413 to 416( I don't think so, but I can be wrong as well)
Based on today's economic news:
ISM Manufacturing (Apr) 56.1 vs 54.5 Expected
JOLTS Job Openings (Apr) 11.4M vs 11.35M Expected
The market was up the first 30 minutes of the session, and then after the news, it got rejected on resistance and then bounced back from the support of 407. Also, keep in mind that vix is on a support level of 25.50. If 25 breaks market will go up. If not, SPY will make new lows.
Two Scenario for tomorrow:
-Break below 407 can lead to 398-400
-Break above 413 to 416( I don't think so, but I can be wrong as well)
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