Stocks are mostly flat ahead of Tuesday’s open, and the big question facing us right now should we be waiting for a pullback, or should we buy right now?
If we look at the bigger trendline, the S&P 500 (SPY) didn’t break above it after a strong open before petering out on Monday. And the market is not likely to go higher until we break this level.
That’s why I said people should avoid going aggressively long Monday when we knew a nice pop was coming at the open.
The Magnificent Seven (MAGS) is in the exact same boat, trading just below its trendline. So we’re facing some major resistance right now…
The market did hit a one-week high Monday, but that’s nothing and those kind of moves can fade very, very quickly.
We have some important data coming today with the JOLTS and ISM Services Index numbers coming at 10 a.m. ET — I would not put on any positions until after these fairly important reports.
The long bond (TLT), meanwhile, is breaking down, which will continue putting pressure on the market. That’s good for gold…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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P.S. I JUST Finished My Final Analysis…
And at exactly 1 p.m. ET today, Jan. 7, you’ll get access to this little-known stock that’s flashing a rare VWAP signal dating back to Election Day.
With Trump’s inauguration just days away, most traders are sitting on the sidelines — uncertain about what this new presidency will mean for their portfolio in 2025.
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Here’s what makes this so interesting…
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This VWAP strategy is designed to work whether the stock moves up OR down.
I’ll walk you through my analysis and everything at 1 o’clock…
You’ll see exactly why this particular stock caught my attention, and more importantly, how you could take advantage of this setup before Jan. 20.
Naturally, we cannot promise future returns or against losses, but….
