Power Plays Update: Thoughts on the Market
May 24, 2023
By Scott Redler
I just wanted to chime in with a quick update on the market.
SPY failed to hold the important $412.50 area this morning, which is not a good sign for the active bulls.
The recent market move felt methodical with lots of opportunities but now things are getting loose and wide and we could see bigger moves in both directions -- especially down.
We also have some potential catalysts that can shake things up, like Nvidia's (NVDA) earnings today and the ongoing Debt Ceiling updates.
This does not feel like time to be aggressive.
And if SPY breaks today's morning low of $410.15, we could see more downside.
I've already been cleaning up loose longs and names I'm not committed to so I have powder dry.
This is time to take some care and know what you own and why.
Scott Redler Positions Disclosure as of 2023-05-24 at 11.45.33 AM