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August Expiration
Bears have had several opportunities to step in and shift the trend but haven’t been able to do it. If that’s the case again tomorrow, we may see SPX move into the psychological value of 4300.
The Daily Timeframe & FOMC
The uptrend in price and macroeconomic trends point the way to the upside. Regression to the Mean aka Buy the Dip is the game plan.
FOMC minutes time again
In this video, we look at today’s FOMC minutes and the whiplash market reaction. We have been getting huge daily swings in both directions which makes it very hard to get on the right side of a trade. This market is a grinder and will take out shorts as well as longs so we must be careful. We look at levels and where we might go in this video as well as upcoming events to be aware of.
Patience, Grasshopper
Sideways grind at these levels but I do have a plan. It requires neutral for now with patience and a plan to strike when the opportunity arises. Levels in tonight’s mid-week market update.
Unpopular opinion — I don’t trust this rally
All “Dark pool signal” prints that pointed to the upside have been hit from $410 to $431 & I am not seeing anymore, suggesting price may go higher from here. Without large Dark pool buying, I think this may be the end of the road for the rally.
Scanning for Daytrades
The process of scanning for daytrades has a top-down approach that has worked for me for decades. It all starts with the index and goes from there. In this example, I show how the NASDAQ, Consumer Discretionary and TSLA are connected for daytrade scanning.
How the Divergent Bar indicator clued me into a Bounce…
In this video I talk about the Divergent Bar indicator, and how a Bullish Divergent Bar on the 1 hour chart on SPX allowed me a nice intraday profit today, and I also walk through how a monthly Bullish Divergent Bar that printed in May helped identify a potential bounce back up towards 4300 in SPX.
Two Critical Levels
We’ve been on the buy side of the market for a while now, but Tuesday will bring a critical level for these two symbols.
Shifting Gears
I think it’s time for me to shift from overdrive to neutral. I don’t see a clear sell signal just yet but I am definitely looking around for signs because the structure left behind during this big run up has a lot of places that could stand to be repaired.
A Very Helpful Skew
In this video I discuss a few data points that allow me to be long once again. Even though it may not be as easy to call a low, it’s important to know that this market is a traders market and even though we aren’t searching for perfection, we can still come up with a pretty good case of expecting higher highs into September. Let’s discuss.
