Bears in Control for the First Time in a Long Time? My plan for 5/4/23

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Market Recap: For the first time in a long time I can say: Bears are in control. At today’s close we are trading below the 50sma on both the 1hr and 30min SPX charts and for as long as this remains true, the bears are in control. For almost all of march and April, bulls have remained strong and the “buy the dip” theme has been present. But now for as long as we are trading below the 50sma’s, things may look a bit different. The rest of this week will be very important, with emphasis on tomorrow’s session. It is not uncommon for FOMC day to give a move in one direction, then completely reverse the following day. Later on in the post I will talk about how I plan on trading tomorrow.

My Trading:

(Note: All trades mentioned below were alerted live in the Kane Capital discord where we are currently offering a 7-Day FREE Trial. For live trading alerts you can head over to kane-capital.com)