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Momo Market Roundup, 5/03/2022 — $SPY Holding Pattern… $DOCU Morning Rally… $SHOP Downgrades… 

 May 3, 2022

By  spectre_trades

$SPY Holding Pattern

SPY was kinda stuck today… it did not give its usual range as per late.. Still some setups but you need to be patient. The market seems to be waiting on Powell tomorrow… that will tell the tale. Definitely possible to get long or short but on days like this you need to keep your risk tighter. Sometimes it is better to sit out than worry about it. Our team is good at that.

$DOCU Morning Push

DOCU had a nice push up in the AM as it reclaimed our 82 level.. It moved quick taking out 86.. But failed there. This is why we follow a strict process! Options were a bit poor with liquidity so we definitely would have used commons for this!

$SHOP Downgrades

SHOP had PT decreases.. But it was kind of set up for a potential squeeze. It dipped nicely into our 450 level before pushing into 475 and failing. Great risk reward. 450C from 20 to 32!

Two Hour Trader Student Results

Definitely a tougher day when stuck in a range.. we love momentum. It is always ok to come back tomorrow and skip days like this!

spectre_trades


Momentum Trader. Technical Chart Analyst. Always on the hunt for 3x or better reward to risk.

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