Tackle Today: Stocks Bounce
July 7, 2022
«Did you heed the price pivots?»
Traders,
Last week’s message, Where the Charts Stand Now, outlined the importance of heeding price pivots.
Their relationships tell you more about who’s in control than anything else. If you’re a bull, I have good news. The series of lower pivot lows that defined the S&P 500 downtrend has officially ended. With today’s rally, we’ve formed a higher pivot low, demanding an upgrade in your bias.
Price followers must be less bearish (or more bullish) than they were a week ago. The next bias shift will occur if we break the old resistance level and form a higher pivot high. Mark $393 on SPY. If we push above it, it will be only the third time this year that a resistance pivot has failed.
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Video Of The Day: Trading Concept Check: Support Zone vs Support Pivot
Support Zones are an important concept for traders and learning to identify the formation of a new support pivot can be an excellent buying opportunity for anyone looking to cash in on the upward movement in price that follows the formation of a new support zone pivot.
Chart of the Day: S&P 500 ($SPY)
Bulls are putting up a fight. Root for a breakout, and the Market Gods will smile upon you.
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