Dan Passarelli, CEO - Market Taker Mentoring

⇐click the image to view the video and then watch fullscreen to see the charts 

Dan Passarelli, CEO - Market Taker Mentoring

⇐click the image to view the video and then watch fullscreen to see the charts 

One thing that I do in my role of helping lead the Market Taker Community is give my thoughts on the market; like I do in these videos every day and I do that for everyone in the community's benefit.

But in order for me to get an idea of what the market might do, I need to know what the market is thinking and the market is made up of individuals like you, right?

I don't know if you've seen this before, but we created one of the things that I think will help our community better than almost anything we've come up with. It is our Trader Sentiment Survey.

If you would do me a favor and go to the link right below this video. And if you haven't filled out this Trader Sentiment survey yet, please do so today because it closes tomorrow at 11:00 P.m. Central. That's midnight Eastern time.

Go and fill out this survey. We're going to ask you some questions just about who you are in the community, how long you've been trading, how much time you spend trading every day. And we're going to ask you questions like what's your preferred broker? What do you use for technical analysis? And then the most important part of this are the market questions like: what are the chances that the S & P 500 will close at or above 4000 on December 31 of this year?

Wouldn't you like to know what a smart community like the Market Taker family thinks will happen? Wouldn't that be great guidance?

So we need as many people to answer this as possible and then we are going to share the results with you and that's going to be super valuable.

"So, hey, do me a favor, do the community a favor and do yourself a favor and please go fill out this survey and give us about a week or so to parse all the information and we're going to share it with you!"

Take the Q4 2022 Trader Sentiment Survey today!

Closes Friday, 9/16/22 at Midnight Eastern Time/11pm Central Time: https://www.surveymonkey.com/r/tradersexclusive

Dan Passarelli, CEO - Market Taker Mentoring

⇐click the image to view the video and then watch fullscreen to see the charts 

Dan Passarelli, CEO - Market Taker Mentoring

⇐click the image to view the video and then watch fullscreen to see the charts 

Dan Passarelli, CEO - Market Taker Mentoring

⇐click the image to view the video and then watch fullscreen to see the charts 

Dan Passarelli, CEO - Market Taker Mentoring

⇐click the image to view the video and then watch fullscreen to see the charts (and the transcript below will be illustrated!)

The market just blew the doors off it today. The S&P 500 was up one and a half percent. Every major sector in the market was up quite a bit. Utilities is only up about  0.4%.

Everything else is up close to 1% or more or a lot more. And the most important thing is that the 50 day moving average for the S&P 500 was permeated today. We talked a little bit about this in the last video, the 50 day moving average is one of those key moving averages where when the stocks are below it, it's resistance and when stocks are above it, it supports and once it's crossed it becomes the other. And so today what happened is the SPY was below the 50 day moving average so it was resistance and today across above it. So what's likely to happen is we can get some follow through to the upside.

Now the 20 day moving average is sitting pretty close to where we close. 20 day moving average very commonly sees follow through. And so if on Monday we break through that it's pretty likely that we're going to see follow through to the upside. Dan mentioned in the last video, we do have CPI and PPI coming out next week and that's going to be some real fundamental information that's going to override anything we could be looking at technically. 

In eleven days we have the September Fed meeting. Now we had a few Fed governors speaking today and they said some things that were positives for the economy and some things that were negative. Some of them are leading us to believe that they would be raising interest rates another 75 basis points at that next meeting. That's pretty widely believed at this point. We won't be surprised if we see a couple more good updates. But then when the inflation information comes out next week, market could go up or down. But it's really all about that next Fed meeting. And as interest rates go up, we could be looking at a 'buy the rumor sell the news' sort of scenario.

"If a lot of the market is expecting a 75 basis point hike and the market continues higher  we would be pulling back pretty well. Now just one more thing. What I'm looking towards doing myself (if the market does end up heading a bit higher) is looking for some opportunities to buy some puts as a hedge against longer term investments. Now if you look at the FIX, it's still 22.85 here after Friday's close, which is still a fairly high level, and it's likely to be staying high until after PPI and CPI, and especially until and after the Fed announcement next week. But if I can buy put in a higher market with a lower implied volatility, I think that's going to do."

Hope that helps.