Tackle Today: Of Floors and Ceilings
January 24, 2022
≈ When the Balance of Power Shifts. ≈
Traders,
Our attention turns to support and resistance this week. It’s all to grease your gears for the next in our ongoing series of YouTube trainings. We’re returning to the fertile fields of technical analysis on Monday, January 31st at 8:30 PM EST to highlight the basics of support and resistance.
Spotting these floors and ceilings is critical for reading price charts to forecast movement and manage risk. So over the following five daily messages, we’ll discuss the following:
- What is Support?
- What is Resistance?
- Favorable Odds
- Favorable Asymmetry
- The Role of Memory
The stock market is teaching a lesson of its own this month. Support levels across the land gave way, and we’ve seen a wave of selling. The speed of the plunge brings back memories of the March 2020 meltdown.
Unfortunately, when major floors give way, major damage often results.
🛑 Upcoming Webinar – Technical Analysis 101: The Basics of Support and Resistance with Coach Matt Justice | January 31st, 2022 at 8:30 PM EST on YouTube
Join us to learn more about two simple, but powerful, concepts in Technical Analysis known as Support and Resistance. Support and resistance not only represent various price levels; they also represent supply and demand on a technical price chart. Traders use these levels for a variety of important reasons, and you should spend some time learning more about them to improve your understanding of these powerful concepts.
In this webinar you are going to learn:
✅ What is Support
✅ What is Resistance
✅ Demand as Support
✅ Supply as Resistance
✅ How Traders use Support and Resistance
✅ Pivot Point Analysis in Support and Resistance
✅ Examples of Support and Resistance
Click on the button below to go to YouTube and set a reminder so you won’t miss it when Coach Matt goes LIVE.
Video of the Day: Trading Glossary: What is Support
Support is a price level or price zone where traders and investors are willing to buy a security, thereby creating demand at that price level, causing the price to stop falling and start rising.
Chart of the Day: Bitcoin Bites the Dust (/BTC)
Rising rates rattled the market on Monday, causing the S&P 500 to crack the 50-day moving average. Pull out your correction playbook because the short-term in many areas is now down.
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.
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.
S.T.E.P. MasterMind Group 8:30 PM EST
In these MasterMind Groups, you will learn directly from our experienced coaches exactly how to apply the S.T.E.P. Swing Trading System discipline in the current market conditions.
Weekend Reports
Watch the Stock, Options, Commodity, and Forex Reports to help you prepare for the week.
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