9 Minute Read

Tackle Today: Stocks test support

October 22, 2020

By | No Comments

A technical battle line has been drawn


Markets are mixed in trading Thursday in a wait and see approach.  The technical battles that have developed over the last few weeks have been fascinating to watch.  On the S&P 500 for example, intraday support has been tested several days in a row, but as of now it has held.  Will support continue to hold?  Much of that will depend on the catalysts, or lack thereof, over the next few days regarding earnings reports and fiscal stimulus.

The key for many traders will be to read the charts and build plans around support holding – or not.  If support holds on the broad market and you get upward confirmation, there should be good bullish opportunities in the short term.  If it fails, in the face of uncertainty, and prices break down, you could see bullish chart patterns move to neutral quickly.

What is your plan if support holds? What is your plan if it does not?  Much of trading comes down to planning.  You must know what you are going to do in either scenario, so that you can adjust quickly and manage your portfolio accordingly.  Take some time today to plan your course of action.


Chart of the Day

Bitcoin Weekly Candlestick Chart

Bitcoin has been running this week on technical strength and positive news. The breakout on the weekly chart followed breakouts on the daily chart over the last few weeks.

Video of the day

Adding Seasonality to Your Stock Analysis

If you missed last night’s webinar, catch the replay here.  Coach Noah teaches how to add seasonality to your stock analysis. 

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 Matt and Tim can deliver.

Tackle Trading: Financial Freedom is a Journey. Sign up now for a 15-day free trial.

Financial freedom is a journey

The Tackle Today series is brought to you by Tackle Trading.

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.

# Sign up now for a 15-DAY FREE TRIAL #

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.

Chart Modal

Tackle Trading