Dow, Russell, Nasdaq, and S&P look to me as though they have broken, or are in the process of breaking a major resistance trendline.
This tells me that a lot of strength is about to come back into the market. This is exactly how it happened on the March recovery, from my perspective.
Will it happen again?
Dow has been the strongest index, has the cleanest support, and showing the best crystallized formations (imo). Since I started making this price has been climbing, and if I would have taken the trade I would have been looking at profits nearly the whole ride up to this point.
Markets were getting slaughtered this morning, so it was a good time to be selling....
Price is looking like it's responding better to bull sentiment at the moment, but there was a massive selloff on high volume, followed by a responsive move on relative low volume. Now price is back at the area of the moveout. I feel like this is a bull trap, and I think Dow is about to get slaughtered.
This might not happen. But, wouldn't it be cool if it did?
In this "How To" video, we take a look at how to use multi time frame analysis with the MTP Scripts to uncover possible trade setups.
We realize that using 15/3 min is usually a shorter time frame than most posts on TradingView, but we wanted to show that TradingView can be used on shorter time frame charts, so we are including this example on the YM. As you can...