The System Gave the SELL Signal. Can Bears Gain Control? My Plan for 4/21/23

Note: This newsletter is FREE for all members of the Kane Capital discord. Head to kane-capital.com to try our 7-Day Free Trial.

Market Recap: For the first time since April 12th, bears started to gain control below the 50sma on the 1hr SPX chart and The System gave the SELL signal. The hard mid-day sell was short lived however as the common theme of bulls stepping in and buying the dip presented itself once again. Bears have finally gotten a technical breakdown below the 1hr 50sma and although notable, I will want to see key levels of support taken out before jumping to the conclusion that bears are gaining short term control of the market. Tomorrow’s price action will be very telling and should paint a nice picture going into next week.

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)

No trades for me today! There were however a couple good setups that presented themselves, the first of which being the false breakdown below 4148 support. The second really nice setup came late in the day with the false breakdown of 4143 previous low of day. These two setups are pictured below. ALSO low of day today was right at Monthly Hedge Pressure on Rocket Scooter. I love having those levels available to me during the trading day.

Trading Plan for 4/13/23: