≈ Will it move the market? ≈
Traders,
Stocks are stalling today in the face of short-term resistance and after a 3 day rally up from short term support. Many of the headlines over the next few days will be centered around the first Presidential debate to be held Tuesday night at 9 pm est.
Looking back to 1960, the day after the first debate the stock market rose 7 times and fell 5 times in the next day of trading. Over the next week of trading after the first debate the stock market rose 6 times and fell 6 times. In other words, there is no historical data that suggests the market will move up or down simply because we have a debate.
So, do events like this have market moving implications? Maybe. But as a trader and investor it is hard to factor that into your decision making. Some will say ‘this time is different’. And again, maybe. But what we know for certain is that price action will give us our signals and reads before any pundit will. In times like this, it is nice to be able to focus on the chart, build a trading plan and try the best you can to remove the outside noise.
What will be in focus is resistance on short term charts, near 3400 on the S&P 500 and 11,500 on the Nasdaq 100 as well as intraday trends that have moved higher over the last 3 sessions. Over the last month, there has been a lot of technical battles developing, and that seems to be the situation moving forward until there is a true catalyst.
#TeamTackle
Chart of the Day
Nasdaq 100 ETF QQQ on a Weekly Candlestick Chart
Stocks started off the week bullish, with a rally on Monday. Price action has stalled in early trading Tuesday, but one notable chart is the weekly chart for the Nasdaq 100. After 4 weeks of a Bullish Retracement, the Nasdaq 100 is higher for the first week since August.
Video of the Day
Trading Concept Check: Resistance Zone vs Resistance Pivot
Watch this tutorial from Coach Noah on how to identify Resistance Zones and Resistance Pivots.
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 8:30 PM EST
This is our weekly MasterMind group. Join the coaches tonight, 8:30pm EST to discuss the markets and help you prepare for the week.
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.
Financial freedom is a journey
The Tackle Today series is brought to you by Tackle Trading.
Sign up now and gain unfettered access to all of the quality content and powerful Scouting Reports that our Pro Members enjoy for 15-days absolutely free with no strings attached and let us show you what your trading has been missing.
# Sign up now for a 15-DAY FREE TRIAL #
Legal Disclaimer
Tackle Trading LLC (“Tackle Trading”) is providing this website and any related materials, including newsletters, blog posts, videos, social media postings and any other communications (collectively, the “Materials”) on an “as-is” basis. This means that although Tackle Trading strives to make the information accurate, thorough and current, neither Tackle Trading nor the author(s) of the Materials or the moderators guarantee or warrant the Materials or accept liability for any damage, loss or expense arising from the use of the Materials, whether based in tort, contract, or otherwise. Tackle Trading is providing the Materials for educational purposes only. We are not providing legal, accounting, or financial advisory services, and this is not a solicitation or recommendation to buy or sell any stocks, options, or other financial instruments or investments. Examples that address specific assets, stocks, options or other financial instrument transactions are for illustrative purposes only and are not intended to represent specific trades or transactions that we have conducted. In fact, for the purpose of illustration, we may use examples that are different from or contrary to transactions we have conducted or positions we hold. Furthermore, this website and any information or training herein are not intended as a solicitation for any future relationship, business or otherwise, between the users and the moderators. No express or implied warranties are being made with respect to these services and products. By using the Materials, each user agrees to indemnify and hold Tackle Trading harmless from all losses, expenses and costs, including reasonable attorneys’ fees, arising out of or resulting from user’s use of the Materials. In no event shall Tackle Trading or the author(s) or moderators be liable for any direct, special, consequential or incidental damages arising out of or related to the Materials. If this limitation on damages is not enforceable in some states, the total amount of Tackle Trading’s liability to the user or others shall not exceed the amount paid by the user for such Materials.
All investing and trading in the securities market involves a high degree of risk. Any decisions to place trades in the financial markets, including trading in stocks, options or other financial instruments, is a personal decision that should only be made after conducting thorough independent research, including a personal risk and financial assessment, and prior consultation with the user’s investment, legal, tax and accounting advisers, to determine whether such trading or investment is appropriate for that user.
