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Watch the 2022 Lows – They Are Everything

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SPX futures are -90 handles. On Thursday, the index broke 4073 which meant risk-off and time to get short. Friday gave downside follow-through with a low of 3900. We'll see if the 2022 low of 3810 tries to hold at first kiss into the Fed Wednesday.

This is Day #3 down and the oscillator will be at -60 so it’s hard to press shorts in the morning. For tactical buys, I’d use 5-15-30 minute lows with signals.

I’ll focus on SPY, QQQ, AAPL, AMD, and TSLA. I’m glad we’ve prioritized cash and taken risk down this year. We’ll stay prepared and try and net money short-term. Longer-term, there will be other opportunities.

 

TSLA lost special status months ago. Last week it did a Red Dog Reversal sell around the $749 pivot and hit a low of $683 Friday. It announced a 3 for 1 stock split. That wasn't new news though. I kept some from buying it Friday. We'll see if it shows some relative strength for a cash flow long vs. a 5-15-30 minute low. $655 is support. The 2022 low is $620.57 and is very important. There might be an opportunity there but chances are the stock goes lower this summer.

AMZN gave many a 25% move off the lows heading into the split. Then it gave a sell signal when it broke above $125.61 and failed. Some got short as it lost the $120.63 area. I’d cover some this morning. We'll see how it handles the $101.26 2022 low. I've avoided it the past few days. I will look for a signal today.

AMD got us out around $102 when it showed it's not special in a weak market. See how it handles the $89 area, or if there's a trade vs. a 5-15-30 minute low.

META broke $194 with force to get some out of leftover longs and other short. I’ve avoided it. $169 is the 2022 low of the year to watch today.

Scott's Positions Disclosure:

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