It’s been a while since I’ve written a blog post since I do the daily videos now.
But I had sometime today to look over the charts and gather my thoughts, and I wish to share with you the levels I will be preparing to accumulate again.
Keep in mind, this does not mean the price has to retest this level this coming week; it may not retest it anytime soon, but in the event it does, I will be there.
I will be initiating long-term positions first before getting into any exotics (options and leveraged ETFs), as I want to give myself enough time for the market to fluctuate and to deal with possible shenanigans.
The levels are highlighted as you can see in the charts below.
So, in the event the price breaches the level, I will proceed with my initiation process first and then I will be preparing to either buy more if it continues to decline or hold if it bounces up or sideways. So how much I will be accumulating will be based on how the price dances around the highlighted area.
I wouldn’t go too aggressive at the top of the highlighted-level, I would use that level as kind of ‘testing the water’ type of phase. But as the price pulls back deeper, that’s when I would be looking to accumulate some more.
S&P 500 ETF (SPY)
- 325 – 300
- I actually don’t think we will hit 300 on SPY, but if it does, I guarantee you that it won’t be easy buying as the fear will be at it’s highest
NASDAQ 100 ETF (QQQ)
- 265 – 240
- I actually don’t think we will hit 240 (pre-covid peak) on QQQ, but if it does, what a gift!
Dow Jones ETF (DIA)
- 270 – 250
- I actually don’t think we will hit 250 on DIA, but I will be greedy when others are fearful
*Side notes: I will be accumulating various assets and trading instruments including individual equities, not just index ETFs. Your patience will be tested as the market may not bounce straight-up after hitting any of the depicted levels.
