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

Join The Discussion

Trade Pocket Pivots Like an O’Neil Disciple
How To Make A Lot Of Money With A Small Trading Account
Trend Trading Vs. Counter Trend Trading, Which One Is Better?
How The Biggest Retail Traders Got Rich
Russell 2000 (IWM) in Trouble…?

The markets have been rallying for quite some time — have...

Market Update 03-19-17

Happy Sunday everyone! I hope you all had a killer week...

Market Update 01-29-17

Well, January is coming to a close, the Dow topped 20,000...

Market Update 11-01-17

If you’re wondering why your trading might be a little choppy...

Get the Ebook today - Breakouts For BeginnersDownload
+ +