From the Desk of Kimmy Sokoloff

This is the third Friday in a row that we’ve had a melt-up.

We closed the gaps on the indices, and away we went.

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From the Desk of Kimmy Sokoloff

Currently, $SPY is in a trading range between 391.20 and 386.

We can base more before the next move occurs.

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From the Desk of Kimmy Sokoloff

It was very whippy price action today in individual names.

We saw a lot of stop outs in the morning, then some recovery later on.

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From the Desk of Kimmy Sokoloff

As of this morning we filled a gap on $SPY at 390.65.

If we continue to stay below 390, there’s potential to see 386. 

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From the Desk of Kimmy Sokoloff

The market took a breather today. $SPY hit 400 and backed off again.

We broke below the 200-day moving average and the eight-day moving average at 393.10. 

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From the Desk of Kimmy Sokoloff

We’re hovering around the $SPX 4,000 level, and we consolidated nicely yesterday.

Time will tell if this market needs a rest or we continue higher sooner versus later.

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From the Desk of Kimmy Sokoloff

The market consolidated most of the day.

$SPY tested its 200-day moving average a few times down at 396.90 and managed to hold. 

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From the Desk of Kimmy Sokoloff

The $SPX closed above its 200-day moving average on Friday.

The indices might need consolidation if the market’s going to trend higher.

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