≈ Tonight’s the Night! ≈
Traders,
Our final message on support and resistance before tonight’s webinar speaks to the role of memory.
Price charts reflect mass psychology. They reveal the feelings of the masses. Never forget that humans are standing behind buying and selling. Sure, these days, much of the order flow comes from computers and algorithms, but who do you think programmed the robots?
Humans.
Humans have memory, and it helps explain why prices levels gain significance over time. For example, traders remember that a particular price provided support or resistance in the past, and it shapes their behavior when the next test arrives.
If a stock has bounced at $50 multiple times in the past, you better believe traders will remember it. So don’t be surprised if the next test of $50 sees buyers swarm again.
The same applies to resistance. If the last three times price rose to $100 they got rejected, sellers are likely to pounce on the fourth test.
There’s certainly some degree of randomness to the markets. But they will never be completely random. The role of memory is one big reason why.
🛑 Webinar Tonight! Technical Analysis 101: The Basics of Support and Resistance with Coach Matt Justice | January 31st, 2022 at 8:30 PM EST on YouTube
Join us to learn more about two simple, but powerful, concepts in Technical Analysis known as Support and Resistance. Support and resistance not only represent various price levels; they also represent supply and demand on a technical price chart. Traders use these levels for a variety of important reasons, and you should spend some time learning more about them to improve your understanding of these powerful concepts.
In this webinar you are going to learn:
✅ What is Support
✅ What is Resistance
✅ Demand as Support
✅ Supply as Resistance
✅ How Traders use Support and Resistance
✅ Pivot Point Analysis in Support and Resistance
✅ Examples of Support and Resistance
Click on the button below to go to YouTube and set a reminder so you won’t miss it when Coach Matt goes LIVE.
Video of the Day: Technical Analysis 101: The Basics of Support and Resistance
In this webinar you are going to learn:
✅ What is Support
✅ What is Resistance
✅ Demand as Support
✅ Supply as Resistance
✅ How Traders use Support and Resistance
✅ Pivot Point Analysis in Support and Resistance
✅ Examples of Support and Resistance
Chart of the Day: Nasdaq Stocks down 50%
Just how ugly is it out there? More Nasdaq stocks have been cut in half than during the pandemic crash. You have to go back to 2008 to see as much carnage.
Today’s line up
Traders Lounge 11 AM EST
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Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only Matt and Tim can deliver.
Weekend Reports
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