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Learn MoreGood Wednesday Morning, MPTraders! March 27, 2027-- Pre-Market Update: Today is the second-to-last trading session for March and Q1, 2024. So far, the end-quarter directional play to the upside-- in the direction of the dominant uptrend-- that I have been expecting has been, shall we say, a bit elusive. Perhaps Friday's forthcoming PCE Inflation Data (8:30 AM ET) and Fed Chair Powell's speech (11:30 AM ET) have placed traders, investors, fund managers, and even the algorithmic programs in the "headlights," frozen stiff until mid-day during the Good Friday market holiday?It does appear that all of the action off of the ES ATH at 5322.
This past week we saw what can count as five up on Silver, Gold and GDX. The pattern is so far fairly clear in regards to that potential five-up. As Avi noted in the last update while we do have a fairly clean potential five up we still need to see a corrective retrace lower followed by a break back over the previous high to confirm that we are ready to begin the larger degree third wave up.
All- I just noticed that I wrote puts on the cal spread this week. That was not the intent it was a call spread. If you are short the put, I'd cover it. Or you can wait for Monday and exercise the long side and it will be a scratch. Sorry that was a pretty bad screw up. Another solution is to roll it to $27 or $26 that express next week. Lastlly if you don't mind keeping the shares, you can sell a call at $28 or hold for the $30 target.
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