«Weekly vs. Daily.»
Since the epic reversal on Oct 13th stopped bears dead in their tracks, we’ve seen a consistent recovery in asset prices. The S&P 500 has rallied 15% off the lows, turning its daily trend higher.
But the weekly time frame is another matter. As smile-inducing as a 15% rebound is, it has yet to turn the weekly trend higher. Indeed, the series of lower pivot highs and lows on the weekly chart remains lower, and we’re still submerged beneath the 50-week moving average.
So here we sit – stuck between a bullish daily and a bearish weekly. What’s a trader to do?
First, realize that the daily chart always turns bullish before the weekly.
Second, rather than guessing ahead of time when the daily uptrend will finally die, focus instead on riding it as long as it lasts. Until we get a break of a support pivot, the trend is up. Breaching moving averages will also help signal the trend strength is waning.
Video Of The Day: Queen’s Court – Semiconductors Stocks Analysis
On today’s Queen’s Court, coaches Emily and Matt analyze semiconductors stocks $SOXX $SMH $AMD as well as the semiconductors industry.
Chart of the Day: USD Index
According to Tom Lee of Fundstrat, the US Dollar just experienced one of its largest 6-day historical declines. Moreover, previous instances of a trend reversal like this usually see more downside in the months and year to come. This is bullish for stocks.
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.
The Coaches Show Replay
If you missed last night’s episode where Coach Tyler Craig discussed Trading an overbought market or would like to watch it again, check it out here.
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.
Cash Flow Condors 8:00 PM EST
In each Cash Flow Condors Mastermind Group session we will be reviewing our Iron Condor trades as well as analyzing the market setup for the upcoming month. Prepare to discover why these monthly meetings are indispensable.
Trade Masters 7:00 PM EST
Every Wednesday at 7 PM EST join us on the Trade Masters where two Coaches go head-to-head to see who can find the best trading setup.
Trading Justice 502: Santa Claus Seasonality
In this episode, Mark and Matt start getting in the Christmas spirit with a discussion on the Santa Claus Rally!
Matt breaks down the origins of the Santa Claus Rally, different time periods it is associated with it, and what the results have historically been. Everything you need to know to sound educated at your upcoming Christmas party!
Listen to this episode in the player below.
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