Market Updates

Market Update 11-01-17

If you’re wondering why your trading might be a little choppy lately — the chart below might have something to do with it.

It’s the SPY and ever since the downside breaks in the middle of September and October it’s been choppy as hell.

I hate trading through the chop and the slop — but here we are.

We have to watch this chart — and look for clues.  It will inform a lot of the other charts we’re trading.

For more on top down trading methods and why they’re important, check out my free ebook Top Down Trading For Beginners.

Here’s the chart —

spy-breaks

The top chart is the daily candlestick chart and the bottom chart is the weekly chart.  You can see the two downside breaks I’m talking about and all of the sideways slop after that.

The bottom chart is the weekly — and although the uptrend is still in tact – it’s time to be cautious.

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