«Friday’s rally shows promise.»
Traders,
The evidence is stacking up. The technicals are turning. Talk of a bottoming pattern is making the rounds. You needn’t be in the dark. Look at a chart of the S&P 500, and you’ll see what all the fuss is about. Bulls are making a stand. We’re still in the early innings, and there’s always a chance of failure – but the price action doesn’t lie. Buyers have a foothold.
① We successfully retested the June low.
② We saw capitulation and a monster 5% reversal following the Oct 13th CPI release.
③ The follow-through saw SPY rally nearly to its old pivot high, piercing the 20-day moving average in the process.
④ With Friday’s surge, we’ve now made a higher pivot low.
⑤ The volume crescendo on Oct 13th and Oct 21st mark important accumulation signals.
Together, these developments have SPY sporting a potential double-bottom pattern. The next step is to break and hold above resistance. Let’s see how markets react to this morning’s up gap.
🔵 Webinar Tonight! › Technical Analysis 101: The Art of the Reversal with Coach Matt Justice at 7:00 PM EST on YouTube
In this webinar, Coach Matt Justice is going to take a deep dive into how price trends reverse. You will learn everything you need to know about how to spot, analyze, and trade the various reversal patterns that end (and begin!) trends:
✅ What are Continuation Patterns
✅ What are Reversal Patterns
✅ Three types of reversal patterns: V Patterns, W Patterns, Head & Shoulders Patterns
✅ Understanding the Reversal
FREE MATERIAL
✅ Read the blog here.
✅ Get the FREE e-book here.
Video of the Day – Trading Concept Check: How to trade the trend
There are three types of price trends: Up Trend, Down Trend, and Sideways Trend. Traders learn to improve their odds of winning by trading with the trend, buying during uptrends, and short selling during downtrends.
Chart of the Day: S&P 500 ($SPY)
With a base in place, we’re now ready for liftoff.
Today’s line up
Traders Lounge 11 AM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
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.
S.T.E.P. MasterMind Group 7:00 PM EST
In these MasterMind Groups, you will learn directly from our experienced coaches exactly how to apply the S.T.E.P. Swing Trading System discipline in the current market conditions.
Weekend Reports
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