S&P500 ON IT'S WAY TO TEST ALL TIME HIGH!Hey Traders so we are back in action checking out the Stock Indexes again.
From now on my main focus will only be the indexes I feel they are the best markets to trade for trend followers like me. Although I may occasionally make a post about other markets the indexes are my main area of study so with that being said lets dive in!
So Govt Shutdown? Seasonally Strength? Inflation Fears? Interest Rates Cuts/Hikes?
I say if you read all the headlines you will find your self in a whirlwind of ideas of how you could trade this market. But imo forget the headlines and go to what we can trust in my opinion is the charts!
For me I believe trade what I see not what we think, not what we hear, only focus on what we see the charts always have been and always will be at least for me the best guide on how to sail these uncharted waters so what do we actually see?
Well I se a strong uprtrend in place since April and I also see the market has rejected the 6690 level 3 times that tells me without any indicators needed what so ever that the market does not want to move lower than that level for now.
Support and Resistance is all you need imo to see whats happening every trading day tells a story follow the story and you will hopefully get on the right side of the market.
So therefore scenarios for today are...
Bullish- this is market is a buy imo on a pullback to the trendline around 6813. Try to put a stop somewhere out of harms way but give the market breathing room around 6760 ish looks safe. Also November seasonally is a strong month normally for stocks. If the Shutdown ends the market could celebrate and the move could be epic!
Bearish- stay in hibernation for the winter. 😁
No seriously the odds and the probabilites are really against the bears here. I would wait for January where normally market Seasonally weakens till march. Watch for maybe a top or break below support and a break below the trendline on a daily close to be sure. Then consider selling a rally.
Commitment of Traders- no report at this time due to govnt shutdown.
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
RISK DISCLOSURE
TRADING IN THE FUTURES AND FOREX MARKET INVOLVES SIGNIFICANT RISK. ALWAYS CONSULT A FINANCIAL ADVISOR AS HIGH RISK ASSET CLASSES MAY NOT BE SUITABLE FOR ALL INVESTORS. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY ASSETS. ALL IDEAS ARE MADE FOR EDUCATIONAL PURPOSES. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING.
