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 —
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.
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.
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.
- Hourly – Sideways
- Daily – Up
- Weekly – Sideways