On Monday in the S&P 500 we saw buyers continuing to support this market. However, you do not want to see this market going below the low of Monday's price action and ideally you wanted to close above 4320.
When it comes to day trading the most important part of any strategy is understanding what type of market environment we are in. Are the bulls or bears currently in control of the E-mini S&P 500 ES1!, E-mini Nasdaq NQ1!, E-mini Russell 2000 RTY1! and Interest Rates? In this video I share my thoughts on who is in control and where I think the next critical areas...
In my earlier article, " Proving Your Trading System with Backtesting ", I outlined the HOWs and WHYs of backtesting. Does your trading system work under all conditions? Under what conditions might it *not* work? Can you remove those instances from your plan? Under what conditions might you *improve* your win rate? In another article, " The Unexamined Trader ",...
8. 2. 22 I'm looking for the ES To start moving lower the small stop. The market news is Bearish, Walmart and PB Have bearish news, and there are indications that we are entering into a recession with higher interest rates, and probably lower employment this is a very dangerous time for the markets.
I see a lot of talk on whether the S&P is in a bull or bear market and IMHO, neither the bulls or the bears have control right now. I think this is a 2-way tape frustrating a lot of bulls and bears. In this video I share my simple process for assessing how we are in a 2-way market, not a bull or bear market and how I am using Anchored VWAP's to keep me out of...
The smaller bodies in the daily Japanese candle charts for the S&P 500 is concerning and implies a loss of momentum. To indicate buyers commitment to this up move would be a close above 4350 By the close of Wednesday.
The closing price action on Friday in the S&P 500 would be classified as a confident close because it closed at its high without any major pullback. The next issue is can the buyers that created this confident close return to the market on Sunday night 5 o'clock Chicago time as Asia begins its trading day Monday morning and Asia. You want to see this market...
Plan for Today
As stated my pivot will be that bulge area 4230/4235.
Above I believe we retest the 4260. Break above targets —> 4275 / 4300.
Below I believe we see 4210. Break below targets —> 4193 / 4180. Break below 4180 targets 4151.
For SPY divide by 10
Good morning Traders...
We FINALLY broke 4180, and reached the 4250 area! It's been the move we had been looking for last week and this week.
Now the market will likely pull back and try to push again through 4250 and HOLD. If we can do that, I would imagine we see 4500 eventually (not immediately). This move is going to take some time because the market has to...
So to recap the video, above 4227 and trends may regain upward momentum they lost. Below 4214 and more bearish momentum may continue. Not sure I'd want to get into anything in between both of those positions at this time.
On the Micro Level;
5m is in a downtrend
15m is in an uptrend
On the Med Macro Level;
30m to the 3h is in an Uptrend that can be tracked with...
On Thursday the S&P 500 made new highs. However, those new highs were made on what I consider selling. This is an indication of weakness going into Friday session. Consumer sentiment report may determine the confidence of buyers going into this weekend. This price structure indicates to be cautious from the long side going into Friday's action.
So I had said if we got some massive push up that could be what messes up our formation of the bearish price reversal. Behold, we had a massive push up that ended giving us a higher high on the 1h and 2h instead of a lower high.
I point out in the video, but my biggest surprised yesterday is that we had that huge push in 5 minutes, and then basically nothing the...
I am looking for an update on Thursday which would be an indication that buyers are still supporting this market after the up move on Wednesday. However, I'm not looking for the same size of move to the side like we saw on Wednesday. An ideal close for Thursdays price action would be a close above 4260.
Good morning Traders,
CPI numbers came out this morning and pushed the market abo ve the 4180 area that we have had our eyes on for most of the last two weeks.
4170-4180 becomes a key area for the open, as I'd like to see the market supported there by the buyers. If not, we are likely to see 4120, and probably pretty quick.