9 Minute Read

Tackle Today: Stocks test support

October 22, 2020

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A technical battle line has been drawn

Traders,

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.

#TeamTackle


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