Market Updates

Market Update 06-11-16

Each week I put up my thoughts on the current market direction and any patterns or support/resistance levels I see on the charts. You can read more about how I trade here. You can read about my 3 core trading strategies here. For my take on trading breakouts, read this. For my ideas on market trend analysis, read this.

Happy Saturday everyone! I hope you all had a killer week trading. I caught a few killer moves and a few dogs — but that’s how it goes with trading.

Anyway — let’s move right into the charts —

HOURLY

spy 60 6-11

As you can see the week ended pretty much flat after trading up and then tanking in the last couple days.  A lot of volume coming in on the last our Friday and we’ll see if that gives us any kind of bounce on Monday.

DAILY

spy daily 6-11

Here we can see that Friday drop a little more clearly.  For a minute there I thought we were gonna get new highs in the market as we approached that $213 level but it was not to be.  We’re still in an uptrend on the daily as we’re above the 50 day MA.  Only time will tell if this is a pullback and the start of a down thrust.

WEEKLY

spy weekly 06-11

The weekly chart does an excellent job of showing what a sideways market we’re in.  Is this consolidation or a bigger top?  Gi ahead and guess if you want — that’s not how I trade.  We’ll know once we break to the upside or the downside.

TRENDS

  • Hourly – Sideways
  • Daily – Up
  • Weekly – Sideways

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