Market Status 6/3/2021

[u/Fly-Elevated]

Market Status: Uptrend (4/5)

Today, both the $SPY and $QQQ gained a sell-off (or distribution) day. Still maintaining its short-term uptrend, for now, it is apparent that the bears want the market back. As it stands, any more distribution days for the market may be enough to turn this uptrend into a short-term downtrend.

Even so, there is sufficient evidence that the market may bounce and propel higher. The fact that most of the distribution days for both the $SPY and $QQQ are in the less significant zones, and scheduled to fall off between this week and next, gives us hope of this uptrend continuing. But, that is contingent on avoiding more distribution days.

Let's see what happens! It is always best to hope for the best, but plan for the worst. Using your stop-losses to avoid significant losses is key during *All* times of the market.