After a selloff this morning, the $SPX closed impressively today to finish up 0.23% at 1208. Although we did not move over 1210, I still found today’s action bullish enough to go long $GLW into the closing bell. I also made another trading video concerning the $GLW chart pattern, which you can view here. However, I still have a very healthy cash position due to the fact that it is earnings season and we are in a short term neutral consolidating range right now. A sustained move above 1210 tomorrow could easily change that. As the chart below shows, we had another successful test of the 20 day moving average today around 1190.
Despite the many interesting individual setups that I am seeing, it is crucial to be cognizant of the broad market direction. When in a neutral range, many traders often lose a lot of money incorrectly predicting the next big move. I believe the better risk/reward strategy is to let the market choose its direction first before making bold bets either way. As I have said before, at least seven out of ten stocks move in concert with the broad market, which is a big reason why I have been posting an updated chart of the $SPX for you on a daily basis.
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I work for rjrt and I haven’t seen that particular ad in years. Bravo sir for digging up some history!
I get lucky sometimes.
Good stuff as normal chess. Loving your posts. I think you have earned yourself a tab.
Thanks!
I agree . you are stellar..intelligent no nonsense no ego – much appreciated…I took a nibble on GLW
Very kind, thanks.
As always great stuff
Thanks for reading.
Another clear, concise post. gracias
de nada
Keep presenting your spy analysis. It’s much appreciated.
Once again, good info, thanks!
Great instructional vid on the cup and handle. Thanks.
Thanks guys.