$SPY Back To Selling

SPY was definitely a relief rally… after AMZN and AAPL’s subpar results… selling was back on the menu. It was on the menu in a big way today. Not the kind of results bulls want to see going into the weekend. It popped up into our 426 level for a great risk reward short and downside trend stayed intact all day. If you got short at 426 risking 1 dollar you ended up with a 10 bagger… Hello weekend party.

$AMZN 2020 Lows

AMZN has been really struggling all of 2022… and now we are testing areas not seen since 2020. Not a great sign for the stock. Bezos dropped to world’s third richest person today.. He must be crying somewhere. His loss is our gain as we love strong downside momentum… it moves much quicker than the upside generally. The initial morning pop where it gave back all of the gains in a few minutes was the key entry. Once that happened 150+ point move was on the way. Excellent.

$AAPL Mixed Results

AAPL overall had an earnings beat… but the market was not too keen on their lackluster/lack of guidance and it showed. Initially they had rallied a bit in the overnight session but once the market opened it did not last long. It popped over our 163.5 level.. Briefly… lost it.. And then sell city. It had a nice big gap between levels below which we love. They offer the greatest reward for our minimal risk. From the loss of the level we gained at least 6 points which is nothing to complain about.

Two Hour Trader Student Results

Students on fire today!!

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