Coach Mark Here

The last couple of weeks for experienced traders have been one of sneaking in bearish plays and for investors to utilize covered calls and hedging techniques to mitigate market pain. Now it gets interesting.

Short-term support levels have started to form in various places in the market. The most notable of these is on the Nasdaq which is downright interesting. Support is a powerful concept in trading and a particularly powerful concept in times of volatility. When support forms and holds during volatility it tends to set the stage for a rally. That could be what we are seeing right now.

Today’s jobs report came in hot but the market is not buying the story. A similar tale to last October in similar fear-based conditions when the market did not buy the story of a hot inflationary report.

There is many a slip between a cup and a lip but I personally am intrigued by that support build on the Nasdaq. It is getting interesting for sure.

Have a fantastic weekend!

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Chart of the Day: Gold Futures (/GC)

Support builds are tricky things and while we are early in the process, various markets are certainly attempting to put up a fight in their attempt to build support levels. A hot jobs report was an excuse to continue the selloff in gold but that is not occurring so far today. Will be very interesting to see what occurs from here.

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Today’s line up

Traders Lounge 11 AM EST

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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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