Up to 4 overnight trades every week? You’ve got to see this!
The market bounced back on Monday.
But now we have something else to worry about: the government shutdown.
While shutdowns are usually boring, non-events, traders are worried this time could be different. This shutdown might prompt rating agencies to rethink the condition of U.S. credit.
And that could lead to a pullback.
Here’s SPY:
SPY is close to a breakout level. A positive resolution to the government snafu could lead to new highs.
Looking at sentiment, we see less optimism. The Fear & Greed Index is down from last week. We’ve gone from bullish and Greedy to nervous and Neutral.
But CrowdStrike (CRWD) has been charging upward to a possible breakout level in recent weeks.
Here’s the chart for CRWD:
It had a very bullish September before taking a slight breather last week.
But it started the week strongly and could resume its climb, especially if the government mess is cleaned up.
A break above $517.98 could lead to a big explosion.
We’ll keep an eye on it.
Happy trading,
Scott
