The story in the market continues to be a technical one. This is something we have highlight all week from the podcast at the start of the week through the Halftime Reports during the week. Falling moving averages acting as resistance coming down to rising moving averages acting as support. It is where we found ourselves at the start of the week. It is where we find ourselves at the end of the week. It is a classic pinch pattern (more on that in the chart below). Until bulls can put in a support level and break this trend a little extra caution is warranted out there as technical battles take a life of their own.

Economic data came in today for inflation was a little hot and Michigan inflation expectations a little cool balancing each other out. We head into a little stretch with fewer headline events as we move past earnings season and the big economic events of the month putting extra emphasis on the technicals in the short-term.

We break down this very fascinating technical battle in the Halftime Report today so be sure to check it out at 12:30 PM EST. Have a great weekend!

---

---

Chart of the Day: S&P 500

A moving average pinch occurs when you have moving averages acting as both support and resistance. This is what is occurring right now in the broad markets. Falling short-term moving averages (5, 9emas) are acting as resistance and longer-term moving averages (9-weekly, 50-day moving averages) are acting as support. Eventually one side will win but pinches are tricky and can be explosive in one direction or another once the technical battle resolves itself.

---

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.

---

Financial freedom is a journey

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.

---

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.