seems like plenty of bulls sniffin the bait

Buy or add to longs on the breakout above that 60-min downtrend line on QQQ as well as the nearby resistance levels on SPY.

Although I didn’t read the entire transcript of the FOMC Minutes, I did listen to the bullet points they covered on CNBC & I struggled to find a signal dovish (i.e.- bullish for the stock market) takeaway. However, the market has built on the earlier gains since the 2 pm release which tells me that the supply-demand dynamics continue to shift from bearish to bullish as bad news is being shrugged off by the market.

One day, or even just one hour, certainly doesn’t make a trend but as of now, the stock indices & nearly all market-leading stocks remain somewhat comfortably above their lows from 3-weeks ago. As such, I remain long & have added more long exposure today (semis, META, /NQ, etc..)

thanks Randy, How could we capture the move up if thats it. Also is a initial move opposite likely?

YW. We’re likely to see the market perk up one way or the other following the release of the FOMC Minutes so I wanted to get those levels out in advance since things could move fast. Also, watch for a solid break above the 382 resistance on the SPY 60-minute chart & then the 393-397 resistance, if 382 is taken out.