SPY ETF Gameplan This Month

The US and China are meeting this week to hopefully iron out a trade deal. There's a chance that Trump and Xi could finalize plans later this month.

Here's The Gameplan

For now the market has thrown off some short term excess so it looks ready to continue its uptrend.

It's not super clear but the slow action likely means there's upside.

Based on the slow action right now, my guess is that the market should probably hold or continue higher into the end of the month in hopes of a trade deal. Then if/when there's a trade deal later in the month we expect a pop.

From there we need to watch action.  If the market follows through in the days to follow or even holds up the next day or two it can go higher.

If you see the market doesn't pop on good news or goes down then you have a big market short building; good news - bad action. That would be an early sign of "sell the news."

There's no way to precisely predict the moves but we can watch how the market absorbs that news and use it to decide if the uptrend is still in tact.

I was pretty impressed last week that despite news that China and the US were far apart the market held up above 270.

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