Ahoy there Trader! ⚓️
It’s Phil…
It’s been a wild 24 hours, thanks to the Fed’s rate cut surprise. The SPX dropped like a stone—2.9%, to be exact—breaking through its range lows with gusto. Meanwhile, the Dow is making history with its longest losing streak in nearly 50 years! Let’s break down the action and plan for the road ahead.
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The Fed’s decision to cut interest rates while signaling fewer future cuts left the markets reeling. SPX tumbled 2.9%, breaking below the range lows we’ve been watching, and surpassed its first breakout target.
The Dow, already on shaky ground, marked its 10th consecutive losing session—the worst streak since 1974.
What’s Next?
- Overreaction Potential: These sharp, wide-ranging moves are often emotional responses and may stabilize soon.
- Opportunities Ahead: The breakout below range lows was significant, but patience is key to identifying whether this trend will reverse or continue.
For now, I’m holding back on new trades as I wrap up my trip to Poland. With fresh analysis and potential setups, I’ll be ready to act by Friday.
Fun Fact:
Fun Fact: The Dow’s longest losing streak lasted 14 days back in 1941, during the early stages of the U.S. involvement in World War II. Despite the slump, the market recovered and delivered strong long-term growth in the post-war years.
It’s a good reminder that even the most dramatic market downturns often pave the way for future opportunities. Timing, patience, and discipline are key when navigating these stormy waters.
Happy trading,
Phil
Less Brain More Gain
…and may your trades be smoother than a cashmere codpiece