TURNMIRE TRADING NEWS MINUTE
Interest Rates… And Bitcoin Bottoms?
On yesterday’s post-close 30 Minutes of Awesome, Jeffry told us that typically, the day before a big Fed announcement the market doesn’t move much.
But yesterday was anything but typical as the market slumped almost 1.5%.
He told us that if the SPX bounces roughly between the 5020 and 5040 level, it could be a setup for a pop higher somewhere in the 5147 to 5200 range.
This morning, while Jeffry was sitting in jury duty, the SPX bounced firmly off of 5015.78 and has been heading higher.
Some might say that Jeffry missed the mark — after all, he called the bounce zone as being between 5020 and 5040.
But remember what Jeffry always tells us: We can’t think of key levels as firm “lines in the sand.”
As he always reminds us, the Fibonacci tool he uses to find his key levels are standard tools that are available to anyone — even the big institutions who can move the market.
So do you think they’re going to always bounce at exactly the right level?
No, they might try to front run the market and sell off early. Or maybe they want to fake out the market and buy after it looks like it’s left the target zone.
It’s a key lesson that Jeffry repeats often — and it could be what’s at play today.
So for the SPX, keep an eye on that key level — or as Jeffry likes to call it “fuzzy zone.”
Here’s how the SPX looks as of press time. Keep an eye on roughly that 5015 level. A drop below that could invalidate the pattern Jeffry told us about.
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