by HSeldon2020
The S&P futures market opens in about an hour and will give a pretty good indication if the selling pressure has abated or plans to continue.
Key here is patience. Buyer and Sellers are both going to be looking for signs of a definitive direction before committing.
This means that gaps up can be reversed and gaps down could potentially look to tested the SMA 50 (if that is breached in a meaningful way – look out below).
The temptation might be to rush in and go long MRNA or short the market. If we gap up you might want to jump in and go long NVDA or AAPL.
Wait.
Yes, you may miss a big move. But this is a dangerous environment right now, one that will be filled with both bull and bear traps. Do not find yourself getting caught in one.
There will be plenty of opportunities throughout the day – your best bet is to wait for at least thirty minutes before making a play. Do not let FOMO drive your trading!
I will be watching the S&P futures market and will give my thoughts if I see anything noteworthy.
Otherwise – I will see you on the battlefield tomorrow morning!
Best, H.S.