Tackle Today: S&P 500 Kisses the 200-day Moving Average
August 17, 2022
«A pullback here is poetic.»
Traders,
Coach Tyler here. The extended nature of the market has suggested a pullback was drawing near. But prices kept rising regardless. What was overbought has become even more overbought. And yet, on Tuesday, the S&P 500 finally kissed the 200-day moving average. It’s a target zone that bulls have been gunning for since we broke the 50-day moving average in mid-July. While few thought we’d tag it so quickly, the fact is we’re here.
And so far, the initial touch has been rejected. Tuesday’s high stopped dead at the 200-day, nearly to the penny. The weakness continues in early morning trading Wednesday, leaving many to wonder if it is the beginning of the next downswing. If it is, it’s a good thing. Even the most bullish of markets need a breather. A pause or dip here would create new trading opportunities with more attractive risk/reward characteristics.
Bring it on, I say.
Video Of The Day: Gino’s Gems – What is Bullish Percent Index? #tradinghacks
In today’s Gino’s Gems, Coach Gino Poore explains what is Bullish Percent Index.
Chart of the Day: S&P 500 ($SPY)
The S&P 500 ETF (SPY) finally touched the 200-day. If bears fail here, well, they truly have lost control.
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 Replay
If you missed last night’s episode where Coaches Tyler Craig and Frank Martin talked about Moving Average crossover system or would like to watch it again, check it out here.
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.
Cash Flow Condors 8:00 PM EST
In each Cash Flow Condors Mastermind Group session we will be reviewing our Iron Condor trades as well as analyzing the market setup for the upcoming month. Prepare to discover why these monthly meetings are indispensable.
Trade Masters 7:00 PM EST
Every Wednesday at 7 PM EST join us on the Trade Masters where two Coaches go head-to-head to see who can find the best trading setup.
Trading Justice 489: Interview with Michael Lynch
In this episode of the Trading Justice Podcast, Coach Tim brings another amazing interview with Michael Lynch, a Certified Financial Planner with nearly twenty years of experience working with American families to craft plans that fund their dreams, educate their children, and finance their retirement.
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