My peeps! Happy Sunday! How is life — and how is your life in the markets? My own trading is going so-so, but that’s okay. Flat periods are bound to happen and they are always followed by winning streaks. But really, none of that matters. What matters is creating and following a trading plan that tells you what to do in all situations.
Right? Can I get a “Word-Up?”
Anyway, what do you say we take a look at the market and see where we’re at? I mean, what else are you going to do on Sunday outside of drink endless mimosas and pretend that tomorrow isn’t Monday?
So, without wasting any more time, let’s take a look at the market charts.
Here you can see that in the last couple weeks we have kind of fallen off a cliff after we dropped out of that very obvious rising price channel. Right now it looks like the bulls are trying to regain control as they BARELY scraped above the 50 hour MA.
Will they be able to make that happen? Or are they drinking an endless stream of mimosas to numb the pain? I guess we will find out tomorrow.
On the daily you can see we crashed through the 50 day moving average with some pretty serious volume coming in to the downside. That’s not good news for the bulls. Friday saw the emergence of a small rally. Will that continue? Once again, we’ll have to wait and see.
The weekly chart is the only chart with any semblance of bullishness left to it as the weekly trend is clearly up and the 50 week MA is still in tact. How long that holds remains to be seen. But don’t you worry, I’ll keep watching and I’ll let you know if there are any important developments.
For now, here are the ever important trend stats.
- Hourly: Up
- Daily: Down
- Weekly: Up
Now get back to those mimosas! Monday isn’t for another 23 hours!
Until next time…