Coach Mark here. I was on the Halftime Report with my brother Matt yesterday and he said something that caught my attention. Matt a great technician and he was analyzing the S&P 500 and as he was analyzing it from a bullish perspective, I mentioned that I was interested to see how price action responds if it comes down to the 20-weekly moving average. He immediately said that if it were to do that this week or early next week, he would immediately leave bullish analysis and likely turn bearish.

It struck me that is what great technicians do. They are emotionless when it comes to price action and let the chart do the talking. This is what great traders do.

It is within all of us to become a great trader. It is within all of us to become a great technician. It is within all of us to exercise the discipline to act upon what we see on the chart.

Spending the time to read charts and become a great technician is worth the investment of our time and will pay off for years to come. Have a great weekend everyone and don’t forget to check out Frank and Matt on the Halftime Report…two of the best technicians you will find.

Chart of the Day: S&P 500 (SPY)

While the market fights for direction, don’t forget about theta! This isn’t a bad stock pickers market and it certainly isn’t a bad theta environment currently as the market decides its next move.

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.

Cashflow Club 8:30 PM EST

Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.

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 the coaches at Tackle Trading can deliver.

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